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News & Insights

DRI Healthcare Trust’s Acquisition of a Synthetic Royalty Interest in the Worldwide Sales of Sebetralstat and Equity Investment in KalVista Pharmaceuticals

November 04, 2024

On November 4, 2024, DRI Healthcare Trust (“the Trust”), a global leader in providing financing to advance innovation in the life sciences industry, announced it has acquired a royalty interest in the worldwide net sales of all formulations of sebetralstat, an investigational oral plasma kallikrein inhibitor for the treatment of Hereditary Angioedema, from KalVista Pharmaceuticals ("KalVista") for an aggregate purchase price of up to $179 million, comprised of a $100 million upfront payment, up to $57 million in a sales-based milestone payment and a one-time $22 million optional payment. Additionally, the Trust is making a $5 million investment in KalVista’s common stock in a private placement transaction. Cravath is representing DRI Healthcare Trust in connection with the transaction.

The Cravath team is led by partners Cole DuMond and Daniel J. Cerqueira and includes associates Esther Kang and Cierra Coury on M&A matters; partner David J. Kappos, of counsel Kathryn-Ann Stamm and associate Callum A.F. Sproule on intellectual property matters; partner Nicholas A. Dorsey, of counsel Virginia M. Anderson and associate Fay E. Faught on financing matters; and partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Tristan Baylor on tax matters. Vincent Joralemon also worked on intellectual property matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Intellectual Property
  • Capital Markets
  • Banking and Credit
  • Private Equity
  • Tax
  • Financial Services and Insurance
  • Healthcare and Life Sciences

People

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Name
Cole DuMond
Title
Corporate
Title
Partner
Email
cdumond@cravath.com
Phone
+1-212-474-1216
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    Education

    • J.D., 2016, University of Pennsylvania Law School
      cum laude
    • B.S., 2013, Cornell University

    Admitted In

    • New York
    Photo
    Name
    Daniel J. Cerqueira
    Title
    Corporate
    Title
    Partner
    Email
    dcerqueira@cravath.com
    Phone
    +1-212-474-1156
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      Education

      • J.D., 2013, Harvard Law School
        magna cum laude
      • B.A., 2010, Cornell University
        Phi Beta Kappa

      Admitted In

      • New York
      Photo
      Name
      David J. Kappos
      Title
      Corporate
      Title
      Partner
      Email
      dkappos@cravath.com
      Phone
      +1-212-474-1168
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        Education

        • J.D., 1990, University of California, Berkeley, School of Law
        • B.S., 1983, University of California, Davis
          summa cum laude

        Admitted In

        • New York
        • California
        • District of Columbia
        Photo
        Name
        Nicholas A. Dorsey
        Title
        Corporate
        Title
        Partner
        Email
        ndorsey@cravath.com
        Phone
        +1-212-474-1764
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          Education

          • J.D., 2009, Cornell Law School
            Order of the Coif, summa cum laude
          • M.Acc., 2006, Case Western Reserve University
            summa cum laude
          • B.S., 2006, Case Western Reserve University
            summa cum laude

          Admitted In

          • New York
          Photo
          Name
          Christopher K. Fargo
          Title
          Tax
          Title
          Partner
          Email
          cfargo@cravath.com
          Phone
          +1-212-474-1236
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            Education

            • J.D., 2006, Columbia Law School
              Harlan Fiske Stone; Michael Lynne Scholar
            • B.A., 2003, Boston College
              Honors Program, cum laude

            Admitted In

            • New York
            Photo
            Name
            Kathryn-Ann Stamm
            Title
            Corporate
            Title
            Of Counsel
            Email
            kstamm@cravath.com
            Phone
            +1-212-474-1979
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              Education

              • J.D., 2016, Cornell Law School
              • LL.M., 2016, City University of Hong Kong
              • Master II, 2016, University Paris 1 Panthéon-Sorbonne
              • Master I, 2013, University Paris 1 Panthéon-Sorbonne
              • LL.B., 2013, University Paris 1 Panthéon-Sorbonne
              • LL.B., 2013, King's College London
                First Class Honors.

              Admitted In

              • New York
              Photo
              Name
              Virginia M. Anderson
              Title
              Corporate
              Title
              Of Counsel
              Email
              vanderson@cravath.com
              Phone
              +1-212-474-1006
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                Education

                • J.D., 2016, Fordham University School of Law
                  magna cum laude
                • B.A., 2011, University of Nebraska-Lincoln
                  summa cum laude

                Admitted In

                • New York
                Photo
                Name
                Kiran Sheffrin
                Title
                Tax
                Title
                Of Counsel
                Email
                ksheffrin@cravath.com
                Phone
                +1-212-474-1842
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                  Education

                  • J.D., 2013, Brooklyn Law School
                    magna cum laude
                  • B.A., 2010, Wesleyan University

                  Admitted In

                  • New York

                  Related News & Insights

                  Deals & Cases

                  February 01, 2024

                  DRI Healthcare Trust’s Expansion of its Royalty Entitlement on the U.S. Net Sales of Omidria®

                  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.

                  Deals & Cases

                  August 15, 2023

                  DRI Healthcare Trust’s Acquisition of a Second Royalty Interest in the Worldwide Sales of ORSERDU®

                  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.

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