Xtandi is the
result of a unique collaboration between researchers from various academic
units across campus and an outstanding example of basic science leading to a
therapy that is bringing extraordinary benefits to prostate cancer patients
worldwide. By selling future royalty
rights to Royalty Pharma, we are strategically supporting one of our essential
missions — funding and generating research with practical applications that
serve the public good. Facilitating equal access to education also is a campus
priority, and we will use a portion of the sale proceeds to support
scholarships and fellowships.
Wow! Talk about a dream deal for UCLA. I am sure that every technology transfer
office in the world and supporter of the Bayh-Dole Act generally will point to
this deal as justifying all of the changes that the Bayh-Dole Act may have
brought to academia. Notably, the press release states that federal funding for research has been declining and, here,
technology transfer is not only helping with more research funding, but also
supporting scholarships and fellowships.
It is hard to argue with $500 million.
The press release
also notes that:
By selling the
royalty interest and prudently investing proceeds, UCLA seeks to provide
stability and minimize risk associated with the volatility of the pharmaceutical
industry marketplace. UCLA will hold its
share of the proceeds in a broadly diversified portfolio managed by the
University of California’s office of the chief investment officer. Based on the
pool’s average annual returns, UCLA anticipates it will receive approximately
$60 million annually until 2027.
Not a bad idea
for sure. I found this statement in the
press release particularly interesting: “UCLA has no role in the marketing or
sale of Xtandi.” Is that UCLA’s way of
stating that they are not responsible for the pricing of the drug (and the
amount of money spent on marketing)? The
other way to look at this is to say that the public may be paying for the
invention twice. But again, would we
have had it or not? I have to say that I
am happy for the good news for UCLA and that there is a successful drug for
treatment of prostate cancer. And, congratulations to Westwood Technology Transfer! (Hat Tip to Technology Transfer Central)
No comments:
Post a Comment