Mar. 31 at 8:26 PM
$EGRX Eagle Pharmaceuticals announces
$69M pact to monetize Bendeka royalties
Eagle Pharmaceuticals announced that it has entered into a royalty purchase agreement with an entity that was provided capital by funds managed by Blue Owl Capital, dated March 31 to sell the royalty interest in annual net sales of Bendeka in the United States for an aggregate purchase price of
$69M before transaction costs. Bendeka is a ready-to-dilute liquid, low-volume and short-time ten-minute infusion formulation of bendamustine. It is approved for the treatment of chronic lymphocytic leukemia and for the treatment of indolent B-cell non-Hodgkin lymphoma that has progressed during or within six months of treatment with rituximab or a rituximab-containing regimen.
Under the terms of the agreement, Eagle will receive
$69M before transaction costs as an upfront payment in exchange for a prespecified amount of Eagle's royalty interest for net sales of Bendeka for the quarter ending December 31, 2024, and 100% of the royalty interest thereafter, up to an aggregate cap of up to 1.3 times the purchase price, depending on when the royalty cap is achieved, after which all future royalty payments from net sales of Bendeka will revert back to Eagle.
