Ultragenyx Sells One-Third Of Future North American Crysvita Royalties For $500M

Ultragenyx Pharmaceutical Inc RARE announced the sale of 30% of its royalty interest from Kyowa Kirin Co Ltd on the future sales of Crysvita (burosumab) in the U.S. and Canada to OMERS for $500 million.
In Q1 FY22, Crysvita in Ultragenyx territories generated sales of $54.6 million, and EU royalty revenue was $4.8 million.
The company expects 2022 revenue for Crysvita in Ultragenyx territories of $250 million - $260 million.
OMERS' right to receive royalty payments is based on net product sales beginning in April 2023, and total payments are capped at 1.45 times the purchase price.
"In North America, Crysvita has generated more than $1.3 billion net sales in the first four years, making it one of the most successful launches in the rare disease field," said Mardi Dier, Chief Financial Officer of Ultragenyx.
"This non-dilutive financing bolsters Ultragenyx's balance sheet, funds the ongoing commercialization of multiple approved medicines and the advancement of our diverse clinical pipeline," Dier added.
Price Action: RARE shares are up 0.26% at $66 during the market session on the last check Thursday.

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