AstraZeneca will receive $700 million for the sale, settled in cash. Following this transaction, Royalty Pharma will receive royalty revenue formerly payable to Cambridge Antibody Technology based on all future sales of Humira, developed and marketed by Abbott.
“We believe that Royalty Pharma is in a unique position to collaborate with companies such as AstraZeneca to assist in optimizing the value of their strategic initiatives,” said Pablo Legorreta, CEO of Royalty Pharma. “We are also pleased to expand the reach of our existing royalty portfolio, which includes leading oncology and antiviral products, to include Humira, the fastest growing anti-TNF therapy.”
Royalty Pharma acquires revenue-producing intellectual property, principally royalty interests in marketed and late stage biopharmaceutical products with a market value of over $2 billion.
Humira is used in the treatment of rheumatoid arthritis.