The Life Sciences team guided Royalty Pharma on a $2 billion funding arrangement with Revolution Medicines, consisting of a synthetic royalty of up to $1.25 billion on daraxonrasib and up to $750 million in senior secured debt. These funds will support Revolution Medicines’ plans for global development and commercialization of daraxonrasib and its pipeline programs for patients with RAS-addicted cancers. Daraxonrasib, a RAS(ON) multi-selective inhibitor, is a potential practice-changing medicine in Phase 3 development for RAS mutant pancreatic cancer and non-small cell lung cancer (NSCLC). RAS is one of the most commonly mutated genes in human cancer.
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 non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators.
The royalty transaction was led by Jacqueline Mercier, Robert Crawford Jr., Catherine Magazu and Elliot Horlick. The loan transaction was led by Reid Bagwell, Zhe Yang, Carlos Martinez and Emma Liberman. Patent and IP advice for both transactions was led by Carl Morales, Maria Smith, Miho Kaneko and Kitty Zhang; and Barry Bazian provided bankruptcy and restructuring support for both transactions.
For more information on the deal, please read the press release.