Royalty Pharma, InNexus Biotechnology expand royalty rights agreement
Royalty Pharma
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NEW YORK –Royalty Pharma has purchased a second royalty interest from inNexus Biotechnology Inc. in an additional product targeting cancer based on InNexus' Dynamic Cross Linking (DXL) antibody enhancement technology.
Under the terms of the agreement, Royalty Pharma exercised its option to purchase a second royalty interest for $2.5 million. Royalty Pharma had 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.
"Our partnership with Royalty Pharma has enabled us to launch into preclinical development our first product, DXL625, targeting lymphoma, which we are currently preparing for presentation to the Food & Drug Administration and filing an Investigational New Drug Application," says Jeff Morhet, Chairman and Chief Executive Officer of InNexus.
"We are very excited to be working with Mr. Morhet and purchasing our second royalty interest from InNexus," adds Pablo Legorreta, Chief Executive Officer of Royalty Pharma. "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."
