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Covington has a highly sophisticated royalty monetization practice dedicated to helping universities, life sciences companies, and other institutions realize the value of their intellectual property assets. We are widely recognized as a leader in this very specialized field and have advised on royalty monetization transactions with an aggregate value well in excess of $2.5 billion. Monetization of royalty streams can be a very attractive financing option to manage risk and raise capital in order to fund R&D and in-licensing activities, to develop product pipelines and help commercialize new products, and to offset the costs of acquisitions. Covington's deep experience in royalty monetizations has given us an understanding of, and familiarity with, the perspectives and requirements of the participants in this novel and growing market and allows us to help our clients design structures to successfully and efficiently implement these unique and complex transactions.
Representative Matters
- Major Investment Fund – proposed acquisition of a portfolio of royalty streams.
- Major Investment Fund – proposed acquisition of two royalty streams in the secondary market.
- Major University – proposed sale of royalty interest associated with certain vaccines and diagnostic products.
- Major University – sale of a worldwide royalty interest in certain biopharmaceutical products.
- Inventor – securitization of interests in royalties received by a major university as a result of the successful licensing of the Inventor’s compound.
- Fortune 100 Life Sciences Company – sale of a pharmaceutical royalty stream from a biopharmaceutical company.
- Life Sciences Company – proposed acquisition of a pharmaceutical royalty stream from a biopharmaceutical company.
- Fortune 100 Pharmaceutical Company – proposed sale of four separate royalty streams.
- Fortune 100 Health Care Company – creation and proposed sale of a synthetic royalty stream derived from licensing and supply arrangements for a pharmaceutical compound.
- Fortune 100 Pharmaceutical Company – sale of a pharmaceutical royalty stream from a global biopharmaceutical company.
- Northwestern University – sale of a portion of its worldwide royalty interest in Lyrica for $700 million, the largest transaction to date.
- Inventors – sale of interests in royalties received by a major university as a result of the successful licensing (and sublicensing) of the Inventors’ compound.
- Major University – proposed sale of royalty interest associated with internationally marketed vaccines.
- Fortune 100 Life Sciences Company – sale of a pharmaceutical royalty stream from a global manufacturer of health care products.
- Investment Fund – proposed acquisition of a pharmaceutical royalty stream from a nationally recognized hospital.
- Fortune 100 Pharmaceutical Company – proposed acquisition of a minority interest in a pharmaceutical royalty stream from a biopharmaceutical company.
- Emory University – sale of its royalty interest in Emtriva for $540 million, IDD’s Healthcare Deal of the Year in 2005.
- Centre Solutions, a member of the Zurich Financial Services Group – structuring and developing the first pharmaceutical royalty securitization ($130 million senior/subordinated financing) on behalf of a major university.
- Centre Solutions with respect to two financings of, and purchases of equity rights associated with, two different portfolios of specific pharmaceutical royalty streams.
- Centre Solutions in the sale of its interests in a pharmaceutical royalty stream to a leading royalty financier.
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