Friday, March 4, 2016
UCLA Gets $1.14 Billion For Rights To Cancer Drug
The University of California, Los Angeles (UCLA) has sold the royalty rights to a prostate cancer medication based on research done at the school, for a cool $1.14 billion, the school said Friday afternoon. According to UCLA, it sold its royalty interest connected with prostate cancer medication Xtandi to Royalty Pharma, which includes cash payments of $1.14 billion and potential, additional payments based on future sales. UCLA said its share of the proceeds is approximately $520M, and will go towards research programs, undergraduate scholarships, and graduate student fellowships. UCLA said it was advised by Goldman Sachs and Gibson Dunn in the deal; Goodwin Procter advised Royalty Pharma. Heyman Biotech LLC and Covington & Burling LLP advised the inventors of the technology, a team led by UCLA Professor of Chemistry and Biochemistry Michael Jung and Dr. Charles Sawyers, a former UCLA Professor of Medicine.