Royalty Sales & Financings

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Covington has a highly sophisticated royalty finance practice dedicated to helping universities and other institutions realize the value of intellectual property assets, including the acquisition, financing or sale of pharmaceutical royalty streams.

Representative Matters

  • Advising Northwestern University in connection with the sale of a portion of its worldwide royalty interest in Lyrica for $700 million, the largest monetization ever of a royalty stream for a pharmaceutical product.
  • Advising Emory University in connection with its ground-breaking monetization of the royalty rights associated with Emtriva for $540 million, recognized by Investment Dealers’ Digest as the 2005 Healthcare Deal of the Year.
  • Advising a major university in connection with the potential monetization of royalty rights associated with certain vaccines and diagnostic products.
  • Advising a leading health care company with respect to the sale of a pharmaceutical royalty stream from a global manufacturer of health care products.
  • Advising a leading pharmaceutical company with respect to a proposed acquisition of a minority interest in a pharmaceutical royalty stream from a biopharmaceutical company.
  • Advising a group of inventors of a pharmaceutical compound with respect to a monetization of its rights to payments received by a major university as a result of the successful licensing (and sublicensing) of the compound.
  • Assisting Centre Solutions, a member of the Zurich Financial Services Group, with developing and structuring the first pharmaceutical royalty securitization, a $130 million senior/subordinated financing, on behalf of a major university, of the rights associated with the intellectual property at the core of a blockbuster pharmaceutical product.
  • Advising Centre Solutions with respect to two other financings of, and purchases of equity rights associated with, two different portfolios of specific pharmaceutical royalty streams.
  • Advising Centre Solutions in connection with a sale of its interest in a pharmaceutical royalty stream to a leading royalty financier.
  • Advising an investment fund in connection with a proposed acquisition of a pharmaceutical royalty stream.
  • Advising a major UK bank in its $175 million structured financing of certain rights associated with various pharmaceutical products owned by a leading pharmaceutical company.
  • Advising a leading Dutch financial institution, as agent, in a $180 million structured financing of certain intellectual property rights associated with pharmaceutical products owned by a leading life sciences company.

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