NEW YORK–Covington represented Royalty Pharma in a $100 million royalty purchase and sale agreement in exchange for economic interests in biotechnology company Zealand Pharma A/S’s (Nasdaq: ZEAL) rights related to rusfertide (PTG-300), a potential first-in-class therapy for polycythemia vera, a rare and chronic blood disorder.
Under the terms of the royalty purchase and sale agreement, Zealand Pharma will receive $100 million for the sale of economic interests related to rusfertide, including rights to one percent royalty on potential future global net sales of rusfertide and regulatory and commercial milestones. Royalty Pharma will retain a 0.75% royalty on sales above $1.5 billion, while Zealand Pharma will retain the right to a 0.25% royalty on annual net global sales of rusfertide greater than $1.5 billion.
Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies.
The Covington team advising Royalty Pharma included Peter Schwartz, Julian Wright, and Shawn Thibault.
The purchase and sale agreement closed August 12, 2026.
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