Biopharmaceutical firm Royalty Pharma recently announced it has purchased the rights to royalties paid on sales of two pharmaceutical products, Lexiscan and Cubicin.
The transaction, which the company reported cost approximately $487 million, was made with an undisclosed seller.
Royalty Pharma describes itself as an "industry leader" in "acquiring revenue-producing intellectual property." The company has a particular interest in late-stage and marketed biopharmaceutical products.
According to the company, Lexiscan is a pharmacologic stress agent used for radionuclide myocardial perfusion imaging, a method of testing for coronary artery disease in patients who are unable to go through the exercise stress used in other tests.
Cubicin is an antibiotic that is used against methicillin-resistant Staphylococcus aureus, or MRSA. Since its introduction in 2003, the drug has been used by over 1 million patients worldwide. According to Royalty Pharma, Cubicin's introduction is "considered to be one of the most successful antibiotic launches ever."
Royalty Pharma plans to use its new intellectual assets to increase the size of its portfolio and profit from the products' royalties.