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Rachel Beller’s practice focuses on bank finance transactions, including the negotiation of, and the ongoing compliance under, secured and unsecured domestic and cross-border syndicated term and revolving credit facilities. Ms. Beller has experience in acquisition finance, structured finance and other asset-based transactions. In addition, Ms. Beller has handled several royalty monetization transactions involving the acquisition and financing of pharmaceutical royalty streams.

Royalty Monetization Matters

  • Eisai Co., Ltd., a global pharmaceutical company headquartered in Japan, in its 2019 monetization of its royalty interests in Tazemetostat for up to $330 million, consisting of an up-front payment of $110 million for a certain portion of the royalty interests and up to $220 million in additional payments for the remainder of the royalty interests upon FDA approval of Tazemetostat for certain indications.
  • LifeArc (formerly MRC Technology), a leading UK-based medical research charity, in its 2016 sale of a small proportion of its royalty rights in Keytruda for $150 million (approximately £115 million).
  • University of Newcastle upon Tyne, a UK public research university, in its monetization of a portion of its royalty interests in Rubraca.
  • Cold Spring Harbor Laboratory, a leading not-for-profit research institute founded in 1890 and home to eight Nobel Prize winners, in its structured monetization of a portion of its royalty interests in the first product approved by the FDA for the treatment of a rare genetic disorder.
  • Boston Children’s Hospital, one of the leading pediatric medical centers in the United States, in its monetization of a portion of its royalty interests in Vonvendi.
  • The Walter and Eliza Hall Institute of Medical Research, Australia’s oldest medical research institute, in its monetization of a portion of its royalty interests in Venetoclax for up to U.S.$325 million (A$406 million), consisting of an up-front payment of U.S.$250 million and up to U.S.$75 million of additional payments upon the attainment of certain milestones, the largest royalty monetization by a non-profit institution outside the United States and the United Kingdom.
  • Dana-Farber Cancer Institute, a world leader in cancer research, in two royalty monetizations, including its sale of a portion of its royalty interests in various Programmed Death Ligand-1 (PD-L1) cancer drugs for an up-front payment of $100 million and up to $68 million of additional payments upon the satisfaction of certain conditions.
  • Group of Inventors associated with UCLA in connection with the sale by UCLA of royalty rights in respect of Xtandi for an up-front cash payment of $1.14 billion and potential additional payments based on future Xtandi sales, the largest royalty monetization done by an inventor group.
  • Northwestern University in the sale of a portion of its worldwide royalty interests in Lyrica.

Bank Finance Matters

  • Aristocrat Leisure Limited in its senior secured term loan and revolving credit facility.
  • The Goodyear Tire & Rubber Company in its global debt financings, including first and second lien credit facilities, multiple issuances of high yield bonds, and credit facilities in Europe and Latin America.
  • LIN Media in its senior secured credit facilities.

Pro Bono

  • Representation of Superstorm Sandy victims with respect to their FEMA and flood insurance claims.
  • Advised New York City Housing Authority tenants with respect to their housing issues and legal rights.
  • Provide ongoing corporate, employment and general legal advice to an educational non-profit organization.