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- 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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