Cravath’s New York Office Moves to Two Manhattan West
February 01, 2024
On February 1, 2024, DRI Healthcare Trust (“the Trust”), a global leader in providing financing to advance innovation in the life sciences industry, announced it has expanded its interest in royalties on the U.S. net sales of Omidria® by amending its existing agreement with Omeros Corporation ("Omeros") for $115 million on closing and up to $55 million in potential sales‑based milestone payments. As a result, the Trust will now receive 100% of Omeros’s royalties on the U.S. net sales of Omidria® through December 31, 2031. Cravath is representing DRI Healthcare Trust in connection with the transaction.
The Cravath team is led by partner Daniel J. Cerqueira and includes foreign associate attorney Moritz Evertz on M&A matters; partners Nicholas A. Dorsey and Matthew M. Kelly and associate Tammuz Huberman on financing matters; partner David J. Kappos and of counsel Kathryn‑Ann Stamm on intellectual property matters; and partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Clayton Hackney on tax matters. Cierra Coury also worked on M&A matters and Matthew L. Ybarra also worked on intellectual property matters.
Deals & Cases
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.
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.
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.
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