Covington Represents MRCT in Royalty Monetization Deal

NEW YORK—Covington advised Medical Research Council Technology, a UK-based independent life science medical research charity, in its sale of a portion of the royalty stream associated with its cancer drug Keytruda® for $150 million (£115.6 million). 

Keytruda® (pembrolizumab), is a new generation treatment which stimulates the body’s immune system to fight cancer.

The Covington team consisted of partners John Gourary and Daniel Pavin, of counsel Morag Peberdy, and associate Rachel Beller.  The team was assisted by Robert Heller (U.S. tax), Guy Dingley (UK tax), Martin Beeler (bankruptcy), and Bruce Bennett and Ronald Hewitt (KYC issues).