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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Royalty Pharma plc    RPRX   GB00BMVP7Y09

ROYALTY PHARMA PLC

(RPRX)
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Royalty Pharma Acquires Royalty Interest in Cabometyx and Cometriq from GSK

04/01/2021 | 08:25am EDT

By Michael Dabaie

Royalty Pharma PLC said Thursday it acquired a royalty interest in the cabozantinib products Cabometyx and Cometriq from GlaxoSmithKline for an upfront payment of $342 million and up to $50 million in additional payments.

The company said the additional payments are contingent on regulatory approvals of cabozantinib for prostate cancer and lung cancer in the U.S. and Europe.

Cabometyx is approved for the treatment of patients with advanced renal cell carcinoma both as monotherapy and in combination with Bristol Myers Squibb Co.'s Opdivo as a first line treatment. Cabometyx is also approved for hepatocellular carcinoma in patients previously treated with sorafenib. Cometriq is approved for progressive, metastatic medullary thyroid cancer.

Cabometyx and Cometriq are marketed by Exelixis in the U.S., and by their partner Ipsen in regions outside the U.S. and Japan. Cabometyx is marketed in Japan by Exelixis' partner Takeda Pharmaceutical Co.

GSK is entitled to a 3% royalty on worldwide net sales of cabozantinib products as a result of its 2002 collaboration with Exelixis.

Under this transaction's terms, Royalty Pharma said it has purchased royalties on cabozantinib products' net sales in non-U.S. markets through the full term of the royalty and royalties on net sales in the U.S. through September 2026, after which U.S. royalties will remain with GSK.

In 2020, sales of Cabometyx and Cometriq reported by Exelixis and Ipsen were $742 million and EUR289 million ($339 million), respectively, Royalty said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

04-01-21 0824ET

Stocks mentioned in the article
ChangeLast1st jan.
GLAXOSMITHKLINE PLC -0.66% 1288.2 Delayed Quote.-3.31%
ROYALTY PHARMA PLC -2.55% 41.23 Delayed Quote.-17.62%
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Financials (USD)
Sales 2021 1 965 M - -
Net income 2021 1 619 M - -
Net Debt 2021 4 430 M - -
P/E ratio 2021 15,5x
Yield 2021 1,62%
Capitalization 16 003 M 16 003 M -
EV / Sales 2021 10,4x
EV / Sales 2022 9,51x
Nbr of Employees -
Free-Float 38,8%
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 52,00 $
Last Close Price 41,23 $
Spread / Highest target 35,8%
Spread / Average Target 26,1%
Spread / Lowest Target 14,0%
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Managers and Directors
NameTitle
Pablo Gerardo Legorreta Chairman & Chief Executive Officer
Terrance Patrick Coyne Chief Financial Officer & Executive Vice President
James F. Reddoch Chief Scientific Officer
George Lloyd Executive VP-Investments & General Counsel
Errol B. de Souza Independent Director
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