Under the terms of the agreement, Royalty Pharma will purchase the first royalty interest for $2 million and will hold an option to purchase a royalty interest in a second product for an additional $2 million. In addition, Royalty Pharma will make an at-market equity investment in InNexus in the amount of $1 million. The total purchase price for the royalty interests may be increased by up to $30 million for the two products if certain conditions are fulfilled.
“We believe InNexus’ DXL antibody therapeutics may lead to exciting new product candidates for cancer and other treatments. This is another example of our unique position to collaborate with companies and expand our existing portfolio of royalty interests,” stated Pablo Legorreta, CEO of Royalty Pharma.