Northwestern Sells Drug Royalty Rights For $700M

Law360, New York (December 19, 2007, 12:00 AM EST) -- Northwestern University has sold part of its royalty rights to the pain therapy Lyrica to Royalty Pharma for $700 million in cash, the largest sale of its type yet made.

Researchers at Northwestern first synthesized the chemical compound pregabalin, which is the basis for the drug. The payment will largely end up in Northwestern University's endowment, with a portion reserved for those researchers.

“Essentially, we are converting a potential stream of future royalty revenues from Lyrica into an immediate cash payment,” said Eugene S. Sunshine, Northwestern's...
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