TITLE

Secured Single-Drug Notes Take Off

AUTHOR(S)
Abrams, Sandra Lea
PUB. DATE
March 2005
SOURCE
Investment Dealers' Digest;3/7/2005, Vol. 71 Issue 9, p7
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article presents information on the pharma patent royalty securitization deals. One of the biggest recent deals was Morgan Stanley & Co. Inc.'s $170 million 7% note for Alkermes Inc., which was secured by future royalty revenues of Risperdal Consta, an injectable drug used to treat schizophrenia. The single-drug deals, as senior secured notes, are riskier and a sign of just how eager investors are to embrace risk for higher yields. Securitization deals use diversification and insurance or other enhancements to mitigate that risk.
ACCESSION #
16308098

 

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