Pillsbury’s San Diego-based Intellectual Property team, led by partner John Wetherell and special counsel Michelle Mehok, handled the IP due diligence in recent financings/monetizations for REGENXBIO lnc. and Nektar Therapeutics with Healthcare Royalty Management, LLC (HCR).
REGENXBIO, a leading clinical-stage biotechnology company, agreed to settle a portion of its royalties from Novartis Gene Therapies arising from net sales of Zolgensma® to entities managed by the HRC for a gross purchase price of $200 million. This transaction provides immediate, non-dilutive capital to REGENXBIO for continued innovation in the development of potential breakthrough gene therapies for patients and completion of its internal manufacturing capabilities. Read more here.
Biopharmaceutical-company Nektar Therapeutics, agreed to sell to entities managed by HCR its royalties on future sales of ADYNOVATE and MOVANTIK. Under the terms of the new Purchase and Sale Agreement, HCR paid Nektar an aggregate cash payment of $150 million. Nektar intends to use the net proceeds of the transaction towards the funding of clinical trials for its early and late stage immune-oncology programs. Read more here.