Here is a moral boosting news for researchers working in the University and academic institute. Royalty Pharma and Northwestern University (in a press release) announced today that Northwestern has sold a portion of its worldwide royalty interest in Lyrica® to Royalty Pharma for $700 million in cash.
A portion of the payment to Northwestern will go to the researchers who were responsible for the chemical compound that serves as the basis for Lyrica®.
“We’re very pleased to have reached this agreement with Royalty Pharma,” said Eugene S. Sunshine, Northwestern’s senior vice president for business and finance. “Beginning with the original research done at Northwestern, the development of Lyrica® has brought relief to thousands of patients worldwide. This exemplifies the type of cutting-edge research that is occurring at Northwestern.”
“We are happy to add this royalty on an important pain therapy to our diversified portfolio of royalties on leading biopharmaceutical products,” said Pablo Legorreta, Chief Executive Officer of Royalty Pharma. “This transaction exemplifies our commitment to providing leading institutions such as Northwestern with funds that will allow them to continue to pursue their academic and research initiatives. We are confident that these funds will result in continued innovations and advances that will better people’s lives.”
Lyrica® is used to treat nerve pain associated with diabetes and shingles and to help manage pain caused by fibromyalgia. It is manufactured by Pfizer, Inc., the world’s largest research-based biomedical and pharmaceutical company. Lyrica® is based on the chemical compound pregabalin, first synthesized at Northwestern. Pregabalin was initially developed by medicinal chemist Richard Bruce Silverman at Northwestern University. The drug was approved in the European Union in 2004. Pregabalin received USFDA approval for use in treating epilepsy, diabetic neuropathy pain and post herpatic neuralgia pain in June 2005, and appeared on the U.S. market in 2005.
The net proceeds from the partial sale of royalty rights will be placed in the University’s endowment, Sunshine said. As part of the endowment, the proceeds will be used in accordance with federal law to help support financial aid for undergraduate and graduate students; startup costs for the University’s research efforts; construction of new buildings and laboratories and improvements to existing facilities; and for other purposes.
“Essentially, we are converting a potential stream of future royalty revenues from Lyrica into an immediate cash payment,” Sunshine explained. “We continue to believe strongly in Lyrica’s potential and Northwestern retains a large portion of those royalty rights, but by doing this, we are diversifying the University’s investments.”
The percentage of the University’s interest in the royalty payments that was sold today is not being disclosed.
A portion of the payment to Northwestern will go to the researchers who were responsible for the chemical compound that serves as the basis for Lyrica®.
“We’re very pleased to have reached this agreement with Royalty Pharma,” said Eugene S. Sunshine, Northwestern’s senior vice president for business and finance. “Beginning with the original research done at Northwestern, the development of Lyrica® has brought relief to thousands of patients worldwide. This exemplifies the type of cutting-edge research that is occurring at Northwestern.”
“We are happy to add this royalty on an important pain therapy to our diversified portfolio of royalties on leading biopharmaceutical products,” said Pablo Legorreta, Chief Executive Officer of Royalty Pharma. “This transaction exemplifies our commitment to providing leading institutions such as Northwestern with funds that will allow them to continue to pursue their academic and research initiatives. We are confident that these funds will result in continued innovations and advances that will better people’s lives.”
Lyrica® is used to treat nerve pain associated with diabetes and shingles and to help manage pain caused by fibromyalgia. It is manufactured by Pfizer, Inc., the world’s largest research-based biomedical and pharmaceutical company. Lyrica® is based on the chemical compound pregabalin, first synthesized at Northwestern. Pregabalin was initially developed by medicinal chemist Richard Bruce Silverman at Northwestern University. The drug was approved in the European Union in 2004. Pregabalin received USFDA approval for use in treating epilepsy, diabetic neuropathy pain and post herpatic neuralgia pain in June 2005, and appeared on the U.S. market in 2005.
The net proceeds from the partial sale of royalty rights will be placed in the University’s endowment, Sunshine said. As part of the endowment, the proceeds will be used in accordance with federal law to help support financial aid for undergraduate and graduate students; startup costs for the University’s research efforts; construction of new buildings and laboratories and improvements to existing facilities; and for other purposes.
“Essentially, we are converting a potential stream of future royalty revenues from Lyrica into an immediate cash payment,” Sunshine explained. “We continue to believe strongly in Lyrica’s potential and Northwestern retains a large portion of those royalty rights, but by doing this, we are diversifying the University’s investments.”
The percentage of the University’s interest in the royalty payments that was sold today is not being disclosed.
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