Biopharmaceutical royalties buyer Royalty Pharma plc (Nasdaq:RPRX) announced on Thursday that it has acquired a synthetic royalty on US sales of Geron Corporation's (NASDAQ: GERN) RYTELO (imetelstat) for USD125m.
RYTELO is an FDA-approved treatment for low- to intermediate-1 risk myelodysplastic syndromes with transfusion-dependent anaemia. Geron is currently enrolling a Phase 3 trial of imetelstat in myelofibrosis patients who are relapsed/refractory to JAK-inhibitors.
This acquisition increases Royalty Pharma's synthetic royalty funding for 2024 to USD925m.
Royalty Pharma will receive tiered royalty payments on RYTELO's US net sales, ranging from 7.75% of annual net sales up to USD500m, and 3.0% of annual net sales between USD500m and USD1bn, to 1.0% of annual net sales over USD1bn. Payments to Royalty Pharma will cease if the aggregate royalties payable through 30 June 2031 reach a multiple of 1.65 its investment, otherwise the royalty payments will continue until Royalty Pharma receives a multiple of 2.0 its investment.
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