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Ultragenyx sells Crysvita royalty to Royalty Pharma for $320 million
By Marisa Wong
Los Angeles, Dec. 18 – Ultragenyx Pharmaceutical Inc. announced it has sold to Royalty Pharma for $320 million a royalty right due to Ultragenyx from Kyowa Kirin Co., Ltd for the net sales of Crysvita (burosumab) in the European Union, the United Kingdom and Switzerland.
The agreement will automatically expire in the event aggregate royalty payments received by Royalty Pharma are equal to or greater than 1.9 times the purchase price prior to Dec. 31, 2030 or in the event aggregate royalty payments are equal to or greater than 2.5 times the purchase price if the prior threshold is not met by the end of 2030, according to a press release.
Once the threshold amount has been met, the E.U., U.K. and Switzerland royalty payments will revert back to Ultragenyx.
“This non-dilutive royalty financing provides Ultragenyx with capital to support our strong launches of Crysvita in North America and Latin America and Mespevii worldwide, as well as the advancement of our clinical and translational research programs,” Shalini Sharp, chief financial officer of Ultragenyx, said in the release.
Perella Weinberg Partners LP and J. Wood Capital Advisors LLC acted as financial advisers on the transaction.
Crysvita is used for the treatment of X-linked hypophosphatemia (XLH) with radiographic evidence of bone disease in children one year of age and older and adolescents with growing skeletons, and an application for the expanded use in adults with XLH is currently under review by the European Medicines Agency.
Ultragenyx is a Novato, Calif.-based biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases.
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