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John Gourary
John P. Gourary
Partner
New York +1 212 841 1025 jgourary@cov.com Download V-card

John Gourary leads Covington's Royalty Monetization practice. He has over 30 years of experience in all kinds of bank finance transactions (including syndicated loan transactions, acquisition finance, structured finance, and innovative financings of unusual asset classes). Mr. Gourary has handled transactions in these areas for, among others, Aristocrat Leisure Limited, Athyrium Capital, Canada Pension Plan Investment Board, Dana-Farber Cancer Institute, Duke University, Emory University, LIN Media, Medical Research Council Technology, Northwestern University, OrbiMed, Pfizer, SandRidge Energy, The Kennedy Trust for Rheumatology Research, University of Colorado, University of Pennsylvania, University of Rochester, and Zurich Financial Services.

  • Dana-Farber Cancer Institute, a world leader in cancer research, in its monetization 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.
  • Medical Research Council Technology, a UK-based medical research charity, in the structured sale of a portion of its royalty interests in Keytruda for US$150 million (£115.6 million), the largest royalty monetization by a non-profit institution outside the United States.
  • 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 and the largest single-product royalty monetization. 
  • Northwestern University, and an inventor affiliated with Northwestern University, in a series of royalty monetizations (structured both as sales and as financings through special purpose vehicles), including Northwestern’s 2007 sale of a portion of its worldwide royalty interest in Lyrica for $700 million.
  • University of Pennsylvania in the structured sale of a portion of its worldwide royalty interests in Juxtapid.
  • The Kennedy Trust for Rheumatology Research (a UK charitable trust which currently funds a major research institute at Oxford University) in the structured sale of a portion of its worldwide royalty interests in Remicade and Simponi, the first royalty monetization by a non-profit institution outside the United States.
  • Duke University in the sale of a portion of its worldwide royalty interests in Myozyme and Lumizyme.
  • University of Colorado in the structured sale of a portion of its worldwide royalty interests relating to certain uses of Botox.
  • Emory University in a ground-breaking sale of its royalty interests in Emtriva for $540 million, the first royalty monetization conducted by auction and IDD’s 2005 Healthcare Deal of the Year. 

Representative syndicated loan engagements include:

  • A $1.4 billion senior secured (acquisition) credit facility for Aristocrat Leisure Limited, led by UBS, and a subsequent refinancing of the term loan facility portion thereof.
  • A $2.0 billion senior secured (borrowing base) credit facility for SandRidge Energy, led by Bank of America.
  • A $580 million senior secured credit facility for LIN Media, led by JPMorgan.
  • New York Super Lawyers (2006-2016)
  • Who's Who in America
  • Who's Who in American Law