NEW YORK, April 24 /PRNewswire/ -- The Children's Hospital Foundation, the parent company of The Children's Hospital of Philadelphia(R), and Royalty Pharma announced today that the Foundation has sold its worldwide royalty interest in respect of sales of RotaTeq(R) from and after October 1, 2007, to Royalty Pharma for $182 million in cash.
"With the addition of this royalty on RotaTeq(R), we further our strategy of building a highly diversified portfolio of royalty interests on leading biopharmaceutical products. We are pleased to add the first vaccine to complement our royalties on products that treat a wide range of diseases, including cancer, rheumatoid arthritis and other autoimmune disorders, AIDS/HIV and neuropathic pain," said Pablo Legorreta, Chief Executive Officer of Royalty Pharma. "More important, we are partnering with the world's best research hospitals, universities and biopharmaceutical companies, and providing them with critical sources of financing that they can employ in further research and development endeavors. This will result, hopefully, in continued innovation and therapeutic alternatives for patients."
"CHOP will use this money in the continual pursuit of advancing science to benefit children," said Steven M. Altschuler, MD, President and Chief Executive Officer, The Children's Hospital of Philadelphia(R).
RotaTeq(R) is a live, oral pentavalent vaccine indicated for the
prevention of rotavirus gastroenteritis. RotaTeq(R) was approved by the
United States Food and Drug Administration in February 2006, has been
approved in 70 other countries and has launched in 42 of these countries.
It is marketed by Merck & Co. Inc. RotaTeq(R) was created as a result of
research jointly performed by The Children's Hospital of Philadelphia(R)
and The Wistar Institute, Philadelphia, PA.
|SOURCE Royalty Pharma|
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