Fenwick represented Royalty Pharma (Nasdaq: PRRX), a buyer of biopharmaceutical royalties and funder of innovation across the biopharmaceutical industry, on IP diligence matters relating to its $150 million royalty funding agreement with Ascendis Pharma Bone Diseases A/S, a wholly-owned subsidiary of Ascendis Pharma A/S (collectively, “Ascendis”). Ascendis will market YORVIPATH (palopegteriparatide), a continuous release prodrug of parathyroid hormone (PTH[1-34]) and the first and only FDA approved treatment of hypoparathyroidism in adults. This funding agreement will support YORVIPATH’s launch.
Under the terms of the agreement, Ascendis receives an upfront payment of $150 million in exchange for a 3% royalty on U.S. net sales of YORVIPATH. The royalty payments to Royalty Pharma will cease upon reaching a multiple of 2.0x, or 1.65x if Royalty Pharma receives royalties in that amount by December 31, 2029. More information about the agreement is available in the press release.
The Fenwick team included partner Dr. Carl Morales, associate Dr. Glenn Foulds, and patent agent Dr. Filip Vanevski.