Emory Drug Deal Turns Heads

Abrams, Sandra Lea
January 2006
Investment Dealers' Digest;1/16/2006, Vol. 72 Issue 2, p56
Trade Publication
The article focuses on the acquisition deal in which Gilead Sciences Inc. and Royalty Pharma AG buy Atlanta, Georgia-based Emory University's royalty rights for a HIV drug in 2005. The deal saw a whopping $525 million for the rights, the largest lump-sum royalty payment to a U.S. university to date. It also marked the first time a university used an investment bank to help it negotiate the terms of a royalty sale. Gilead, a publicly traded biotech firm, joined forces with Royalty, a New York-based buyer of drug royalty rights, to outmaneuver hedge funds and private equity firms to win the rights.


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