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.
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