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news.Royalty Pharma has purchased a second royalty interest from InNexus Biotechnology in an additional product targeting cancer based on InNexus's Dynamic Cross Linking or DXL antibody enhancement technology.
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Under the terms of the agreement, Royalty Pharma exercised its option to purchase a second royalty interest for $2.5 million. Royalty Pharma purchased a first royalty interest from InNexus for $2 million in April 2007 and made an additional at-market equity investment in InNexus in the amount of $1 million ($1.01/share). The total purchase price for the two royalty interests may be increased by up to an additional $30 million for the two products if certain conditions are fulfilled.
Pablo Legorreta, CEO of Royalty Pharma, said: “We are pleased that InNexus has launched its first product based on their DXL technology into preclinical development and look forward to their future products, achievements and successes.”