Covington Represents Dana-Farber in Royalty Monetization

NEW YORK—Covington advised Dana-Farber Cancer Institute in its monetization of a portion of its interest in royalties related to its Programmed Death Ligand-1 (PD-L1) intellectual property. PD-L1 inhibitors are immuno-oncology drugs used for the treatment of various types of metastatic cancer.

CPPIB Credit Europe S.à r.l., a wholly owned subsidiary of Canada Pension Plan Investment Board, has paid $100 million upfront to acquire a portion of Dana-Farber’s royalty interests and has committed to pay up to $68 million in additional payments, subject to certain conditions.

The Covington corporate team included partner John Gourary and associate Rachel Beller. Advice was also provided by of counsel Martin Beeler (bankruptcy) and partner Robert Heller (tax).