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Covington is widely recognized as a leader in the highly specialized field of pharmaceutical royalty monetizations, structured both as sales directly to investors and as financings through special purpose vehicles. We have been involved in the royalty monetization market from its early stages and have advised on royalty monetization transactions with an aggregate value in excess of $3 billion. We advise all of the principal participants in these transactions, including major universities, financial investors, individual inventors and life sciences companies. 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 design structures to successfully and efficiently implement these unique and complex transactions.
Representative Matters
- Northwestern University – series of royalty monetizations, including its sale of a portion of its worldwide royalty interests in Lyrica for $700 million, the largest monetization of a royalty stream for a pharmaceutical product.
- University of Pennsylvania - structured sale of a portion of its worldwide royalty interests in Juxtapid.
- The Kennedy Trust for Rheumatology Research (a UK charitable trust which currently funds a major research institute at Oxford University) – structured sale of a portion of its worldwide royalty interests in Remicade and Simponi, the first royalty monetization by a non-profit institution outside the United States.
- Duke University – sale of a portion of its worldwide royalty interests in Myozyme and Lumizyme.
- University of Colorado – structured sale of a portion of its worldwide royalty interests relating to certain uses of Botox.
- Major Investment Fund – acquisitions (and proposed acquisitions) of numerous royalty interests, including purchases of royalty interests from pharmaceutical and biotech companies relating to infectious disease products and chronic pain products.
- Inventor – securitization of interests in royalties received by a major university as a result of the successful licensing of the Inventor’s compound; and subsequent sale of such interests in such royalties, the largest stand-alone royalty monetization by an inventor.
- Fortune 100 Pharmaceutical Company – sale of a pharmaceutical royalty stream from a global biopharmaceutical company.
- Group of Inventors – sales of interests in royalties received by a major university as a result of the successful licensing (and sublicensing) of the Inventors’ compound.
- Fortune 100 Life Sciences Company – sales of pharmaceutical royalty streams from a biopharmaceutical company and a global manufacturer of healthcare products.
- Emory University – ground-breaking sale of its royalty interests in Emtriva for $540 million, the first royalty monetization conducted by auction and IDD’s 2005 Healthcare Deal of the Year.
- 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.
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