NEW YORK, May 4 /PRNewswire/ -- Royalty Pharma and New York University
announced today that NYU has sold a portion of NYU's worldwide royalty
interest in Remicade(R) to Royalty Pharma. NYU received $650 million in
cash up-front plus additional payments should yearly sales of Remicade(R)
exceed certain agreed sales hurdles. NYU retains the portion of the
Remicade(R) royalty interest payable to the NYU researchers who are
responsible for the development of Remicade(R).
(Logo: http://www.newscom.com/cgi-bin/prnh/20061026/RPLOGO )
Robert Berne, NYU's Senior Vice President for Health, said, "We are
very pleased to have reached this agreement with Royalty Pharma.
Remicade(R) is not only a clear example of the importance and quality of
the research conducted by NYU's scholars, it is also a significant source
of support for the School of Medicine's and University's academic and
research enterprise. Remicade(R) is a prime example of how bench research
can be translated to provide benefits to millions of patients."
"Royalty Pharma is pleased to add Remicade(R) to our existing portfolio
of leading biopharmaceutical royalty interests. This product complements
our other high-quality royalty interests, including the royalty we hold in,
Humira(R), another leading anti-TNF therapy," said Pablo Legorreta, Chief
Executive Officer of Royalty Pharma. "We are pleased to continue our role
as a partner to leading universities, research institutions, hospitals, and
biopharmaceutical companies. By monetizing royalties for sellers such as
NYU, we are helping these institutions to continue their core mission of
research and education."
Remicade(R) is an anti-inflammatory agent used in the treatment of
rheumatoid arthritis, Crohn's disease, ankylosing spondylitis, psoriatic
arthritis and other inflammatory diseases. Remicade(R) was the first drug
of its kind on the market, having been launched in the United States in
1998. NYU researchers Jan Vilcek, M.D., Ph.D and Junming Le, Ph.D., in
collaboration with Centocor, developed the monoclonal antibody that is the
basis for Remicade(R) while working in the Department of Microbiology at
the NYU School of Medicine. The underlying intellectual property was
licensed to and developed by Centocor, a wholly-owned subsidiary of Johnson
& Johnson, resulting in a royalty payable to NYU.
About New York University
New York University, located in the heart of Greenwich Village, was
established in 1831 and is one of America's leading research universities
and a member of the selective Association of American Universities. It is
one of the largest private universities, it is a leader in attracting
international students and scholars in the U.S, and it sends more students
to study abroad than any other U.S. college or university. Through its 14
schools and colleges, NYU conducts research and provides education in the
arts and sciences, law, medicine, business, dentistry, education, nursing,
the cinematic and performing arts, music, public administration, social
work, and continuing and professional studies, among other areas.
About NYU Medical Center
NYU Medical Center, one of the nation's premier centers of excellence
in health care, scientific research, and medical education, is located on
30th Street and First Avenue in mid-town Manhattan. The Medical Center
consists of the NYU School of Medicine and NYU Hospitals Center comprised
of Tisch Hospital, the Rusk Institute of Rehabilitation Medicine, and the
NYU Hospital for Joint Diseases. NYU School of Medicine also maintains
formal affiliations with several leading hospitals in Manhattan including
Bellevue Hospital Center and the Veterans Affairs Medical Center.
About Royalty Pharma
Royalty Pharma is the industry leader in acquiring revenue-producing
intellectual property -- principally royalty interests in marketed and late
stage biopharmaceutical products with a market value of over $3.2 billion.
Royalty Pharma currently owns a diversified portfolio of royalty interests
in several high-quality blockbuster biopharmaceutical products, including
Abbott's Humira(R), Amgen's Neupogen(R) and Neulasta(R), Genentech's
Rituxan(R), Gilead's Emtriva(R), Truvada(R) and Atripla(R), and Celgene's
Thalomid(R). The company has a ten year history of providing value to
holders of royalty interests, including its $700 million purchase of the
Humira(R) royalty from AstraZeneca plc, its joint $525 million acquisition
with Gilead Sciences of Emory University's emtricitabine royalty interest
and its acquisitions of approximately 80% of Memorial Sloan Kettering's
U.S. and international royalty interests in Neupogen(R) and Neulasta(R) for
over $400 million. More information on Royalty Pharma is available at
http://www.royaltypharma.com.
Contacts:
New York University Royalty Pharma
John Beckman Pablo Legorreta, Chief
NYU Public Affairs Executive Officer
212-998-6848 Susannah Gray, Executive Vice
john.beckman@nyu.edu President and Chief Financial
Officer
Alexander Kwit, Executive Vice
President and General Counsel
212-883-0200
SOURCE Royalty Pharma
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Related links:
http://www.royaltypharma.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20061026/RPLOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Pablo Legorreta, Chief Executive Officer, or
Susannah Gray, Executive Vice President and Chief Financial
Officer, or Alexander Kwit, Executive Vice President of Royalty
Pharma, +1-212-883-0200; or John Beckman of NYU Public Affairs,
+1-212-998-6848, john.beckman@nyu.edu
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