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News & Insights

DRI Healthcare Trust’s Acquisition of Payment Streams Based on the Cas9 Gene‑Editing Technology for CASGEVY®

October 04, 2024

On October 3, 2024, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, announced that one of its wholly owned subsidiaries acquired a portion of Editas Medicine, Inc.'s payment rights under a non‑exclusive license of Editas' Cas9 gene‑editing technology for CASGEVY®, the only approved gene‑edited cell therapy for sickle cell disease and transfusion‑dependent beta thalassemia, for an upfront purchase price of $57 million. The transaction entitles DRI Healthcare to specific payments based on a sublicensing agreement between Editas and Vertex Pharmaceuticals Incorporated. The payments include a share of the annual license fees that Vertex pays to Editas, which can range from $5 million to $40 million, including certain sales‑based annual license fee increases, and a portion of a $50 million contingent payment to which Editas is eligible under the Vertex sublicensing agreement. Cravath is representing DRI Healthcare in connection with the transaction.

The Cravath team is led by partners Cole DuMond and Daniel J. Cerqueira and includes associates Jason O. Rooindej and Alexander J.A. Burger on M&A matters; partner David J. Kappos, of counsel Kathryn‑Ann Stamm and associate Kenya Rowser on intellectual property matters; partner Nicholas A. Dorsey on financing matters; partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Josh Banafsheha on tax matters; and partner George E. Zobitz and of counsel Alexander Gerten on financial restructuring and reorganization matters. Abby Baskin also worked on M&A matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • IP and Strategic Tech Transactions
  • Capital Markets
  • Banking and Credit
  • Tax
  • Financial Restructuring and Reorganization
  • Private Equity
  • 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
            Name
            George E. Zobitz
            Title
            Corporate
            Title
            Partner
            Email
            jzobitz@cravath.com
            Phone
            +1-212-474-1996
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              Education

              • J.D., 1995, New York University School of Law
                with Honors, cum laude
              • B.A., 1991, Franklin & Marshall College

              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 Pantheon-Sorbonne
                • Master I, 2013, University Paris 1 Pantheon-Sorbonne
                • LL.B., 2013, University Paris 1 Pantheon-Sorbonne
                • LL.B., 2013, King's College London
                  First Class Honors.

                Admitted In

                • New York

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