Cravath’s New York Office Moves to Two Manhattan West
August 15, 2023
On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
The Cravath team is led by partners Daniel J. Cerqueira and David J. Kappos and includes associates Christopher P. Davis, Carys J. Webb, Lavinia M. Borzi and Esther Kang on M&A and intellectual property matters; partner Nicholas A. Dorsey and associate Ori Oren on financing matters; partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Clayton Hackney on tax matters; and practice area attorney Alexander Gerten on financial restructuring and reorganization matters.
Deals & Cases
April 27, 2023
On April 27, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that its wholly‑owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™, the first disease‑modifying treatment for the delay of Stage 3 type 1 diabetes, to Sanofi S.A. (“Sanofi”) for $210 million. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
June 30, 2023
On June 30, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a royalty interest in the worldwide net sales of Orserdu™, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
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