Royalty Pharma and Arteaus Therapeutics, a biotechnology development company co-founded by Atlas Venture and OrbiMed, announced today that Arteaus has sold its royalty interest on future global net sales of Eli Lilly and Company’s Emgality, an anti-CGRP antibody for the prevention of migraine, to Royalty Pharma for $260 million.
Emgality was approved by the U.S. Food and Drug Administration on September 27, 2018 and by the European Medicines Agency on November 14, 2018. Emgality is an at-home, once monthly self-injection for the preventative treatment of episodic and chronic migraine in adults.
“Having led the initial clinical proof of concept studies for Emgality, we are thrilled to see its expanding impact on patients suffering from this severely debilitating disease,” said David Grayzel, MD, Co-Founder and Chief Executive Officer of Arteaus and Partner, Atlas Venture. “The commitment of patients, researchers, and our innovative collaboration with Eli Lilly all contributed to accelerate the development of this new approach to migraine treatment.”
“We are delighted to invest in this groundbreaking product for the prevention of migraines. We believe CGRP inhibitors such as Emgality represent a breakthrough for migraine prevention and have the potential to bring relief to millions of patients suffering from this disease and to achieve blockbuster status,” said Pablo Legorreta, Founder & Chief Executive Officer of Royalty Pharma. “Royalty Pharma is excited to expand its portfolio of royalties on innovative CGRP inhibitors,” Mr. Legorreta added.
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Morgan Stanley & Co. LLC acted as sole structuring agent on the monetization.
Wilmer Cutler Pickering Hale and Dorr LLP served as legal advisor to Arteaus. Jones Day and Maiwald served as legal advisors to Royalty Pharma.
Date: April 08, 2019
Source: Royalty Pharma