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Prostate cancer drug royalty rights sell for $1.14B
Modern Healthcare

New York-based Royalty Pharma has paid $1.14 billion to acquire a portion of the royalties for future sales of Xtandi, a prostate cancer drug.The University of California at Los Angeles researchers who were working at the university at the time the chemical compound was developed there, and the not-for-profit Howard Hughes Medical Institute will receive a cash payment and more based on future Xtandi sales.

Royalty Pharma is an investment firm that acquires royalty interests and assumes the future risks and rewards of ownership. CEO Pablo Legorreta said the company’s mission is to “make the life sciences research and development ecosystem more efficient and productive, and to accelerate research through innovative transactions.”