- Ultragenyx Pharmaceutical ( NASDAQ: RARE ) said it sold 30% of its royalty interest from Kyowa Kirin ( OTCPK:KYKOF ) on their drug Crysvita in the U.S. and Canada to Canadian public pension fund OMERS for $500M.
- OMERS' right to receive royalty payments is based on net sales of the drug beginning in April 2023 and total payments are capped at 1.45 times the purchase price, Ultragenyx said in a July 14 press release.
- "This non-dilutive financing bolsters Ultragenyx’s balance sheet, funds the ongoing commercialization of multiple approved medicines and the advancement of our diverse clinical pipeline," said Ultragenyx CFO Mardi Dier.
- Crysvita is approved in the U.S. and Canada to treat X-linked hypophosphatemia (XLH) and FGF23-related hypophosphatemia in tumor induced osteomalacia (softening of bones).
- XLH is an inherited disorder characterized by low levels of phosphate in the blood, leading to soft and weak bones.
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Ultragenyx sells part of North American royalties on Crysvita to OMERS for $500M