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News & Insights

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

August 15, 2023

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.

The Cravath team is led by partners Daniel J. Cerqueira and David J. Kappos and includes associates Christopher P. Davis, Carys J. Webb, Lavinia M. Borzi and Esther Kang on M&A and intellectual property matters; partner Nicholas A. Dorsey and associate Ori Oren on financing matters; partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Clayton Hackney on tax matters; and practice area attorney Alexander Gerten on financial restructuring and reorganization matters.

Related Practices & Industries

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

People

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
          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
            Photo
            Name
            Alexander Gerten
            Title
            Corporate
            Title
            Of Counsel
            Email
            agerten@cravath.com
            Phone
            +1-212-474-1861
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              Education

              • J.D., 2016, Columbia Law School
                Harlan Fiske Stone Scholar
              • B.S., 2012, University of Wisconsin - Madison
                Graduated with Distinction; Stone Scholarship in Economics

              Admitted In

              • New York

              Related News & Insights

              Deals & Cases

              April 27, 2023

              DRI Healthcare Trust’s Sale of its TZIELD™ Royalty Interest to Sanofi

              On April 27, 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 its wholly‑owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™, the first disease‑modifying treatment for the delay of Stage 3 type 1 diabetes, to Sanofi S.A. (“Sanofi”) for $210 million. Cravath represented DRI Capital Inc. in connection with the transaction.

              Deals & Cases

              June 30, 2023

              DRI Healthcare Trust’s Acquisition of a Royalty Interest in Worldwide Net Sales of Orserdu™

              On June 30, 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 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, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.

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