Dechert advised Royalty Pharma plc on IP-related matters on the deal. Goodwin Procter LLP advised Royalty Pharma plc, while Mintz advised the Cystic Fibrosis Foundation on the deal.
Royalty Pharma plc closed its agreement to acquire the residual royalty interest in Vertex Pharmaceuticals, Inc.’s cystic fibrosis treatments owned by the Cystic Fibrosis Foundation. The agreement includes an upfront payment of $575 million and a potential milestone payment of $75 million.
Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies.
Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has multiple approved medicines that treat the underlying cause of cystic fibrosis (CF) — a rare, life-threatening genetic disease — and has several ongoing clinical and research programs in CF.
The Dechert team advising Royalty Pharma included intellectual property partner Carl A. Morales, Ph.D. (Picture), associate Blaine M. Hackman, Ph.D. and patent agent Todd K. Macklin, Ph.D.
The Goodwin team was led by Arthur McGivern, Robert Crawford, Jacqueline Mercier, Sarah Stoiberg and Brett Jackson.
The Mintz team that advised the CF Foundation was led by Member and head of the firm’s Royalty Monetization Practice Richard Gervase and included Members Paul Ricotta and Avi Reshtick, and Associate Minhaj Rahman.
Involved fees earner: Blaine Hackman – Dechert; Todd Macklin – Dechert; Carl Morales – Dechert; Robert Crawford – Goodwin Procter; Brett Jackson – Goodwin Procter; Arthur McGivern – Goodwin Procter; Jacqueline Mercier – Goodwin Procter; Sarah Stoiber – Goodwin Procter; Richard Gervase, Jr. – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Minhaj Rahman – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Abraham Reshtick – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Paul Ricotta – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo;