UCLA Sells Royalty Rights Connected with Cancer drug to Royalty Pharma for $1.14 billion

UCLA has sold its royalty interest connected with a leading prostate cancer medication, Xtandi, whose development was based on discoveries by campus researchers to Royalty Pharma for $1.14 billion.
According to the news:

Royalty Pharma has acquired rights to a portion of the future Xtandi royalties co-owned by UCLA, researchers working at the university at the time of the discoveries and a research organization. The transaction includes a cash payment of $1.14 billion and potential additional payments based on future Xtandi sales.
UCLA will use its share of the proceeds — approximately $520 million — to support research programs aimed at generating additional discoveries that lead to medications and other products that serve the public good. UCLA also will support undergraduate scholarships and graduate student fellowships, a campus priority.

UCLA Chancellor Gene Block commented:

Xtandi is the result of a unique collaboration between researchers from various academic units across campus and an outstanding example of basic science leading to a therapy that is bringing extraordinary benefits to prostate cancer patients worldwide.

Royalty Pharma founder and CEO Pablo Legorreta commented: 

We have great admiration for UCLA’s scientists and physicians. Through their discovery of Xtandi, they have improved the lives of hundreds of thousands of prostate cancer patients who suffer from this deadly disease. Royalty Pharma’s mission is to make the life sciences research and development ecosystem more efficient and productive, and to accelerate research through innovative transactions such as this one.

Click here to view the full press release.