Wednesday 3 May 2023

Purdue Research Foundation receives US $100 Million in Pharma Deal

The Purdue (University) Research Foundation has received US $100 million in a royalty monetization deal.  The Press Release from the Research Foundation states:

WEST LAFAYETTE, Ind. and NEW YORK, April 26, 2023 (GLOBE NEWSWIRE) -- Purdue Research Foundation, a private not-for-profit institute to advance the research of Purdue University, has received more than $100 million from Owl Rock, a division of Blue Owl Capital, for a portion of its royalty interest in Pluvicto (Lutetium 177Lu vipivotide tetraxetan). Purdue Research Foundation secured rights to royalties from Pluvicto as a result of Purdue’s license agreement with Endocyte Corp., which was acquired by Novartis in 2018.

This transaction helps Purdue Research Foundation advance its mission of investing in Purdue University’s innovative technologies and supports the university’s advancement.

Pluvicto is a radioligand therapy indicated to treat patients with metastatic castration-resistant prostate cancer who have failed multiple prior therapies. The therapy is also in development to treat prostate cancer in earlier lines of therapy.

"We feel privileged that the agreement with Blue Owl further strengthens Purdue's ability to support Purdue researchers and alumni through enhanced commercialization programs and funding opportunities,” said Brooke Beier, Senior Vice President of Purdue Innovates. “Purdue University researchers discover and develop innovations improving the world, one of the key aspects of a land-grant university. Pluvicto is one example of successful intellectual property protection, licensing and, ultimately, commercialization that we hope will unlock the potential for many more Purdue technologies to make an impact."

Sandip Agarwala, Managing Director and Global Head of Life Sciences, Blue Owl, said: “We are excited to partner with Purdue Research Foundation to assist it in fulfilling its mission of advancing technologies developed at Purdue University. Royalty transactions are a key component of Blue Owl’s broad and flexible investment strategy in the life sciences, and we see Pluvicto as a paradigm-shifting therapy for the treatment of patients with metastatic castration-resistant prostate cancer with blockbuster potential. We are encouraged to see the FDA expeditiously approving Novartis’ Milburn facility to help get this much-needed therapy to more patients.”

SVB Securities acted as PRF’s exclusive financial advisor, Foley Hoag LLP served as special counsel to PRF, and Ricardo Moran of Schwegman Lundberg & Woessner, P.A., served as IP counsel to PRF for the royalty monetization. Ice Miller LLP and Cooley LLP acted as legal advisors to Blue Owl.

Purdue University President Mung Chiang said the royalty interest agreement with Blue Owl Capital strengthens the university’s global reputation in several ways.

“First, the income will add funds for leading-edge research and development of life-saving pharmaceuticals in units such as Department of Chemistry and Purdue Institute for Cancer Research,” he said. “Second, the agreement underscores the impact of the work of legendary Purdue innovator Philip Low, Purdue University’s Presidential Scholar for Drug Discovery and the Ralph C. Corley Distinguished Professor of Chemistry. The initial research into the precision targeted therapy began in his laboratory. And this latest success of Purdue invention demonstrates the promises of Purdue Innovates, the initiative that Purdue and PRF launched this month to further support Boilermaker inventors and entrepreneurs.”

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