25 Apr 2023
OMERS Administration Corporation acquires 54.5% stake of global royalties on MAVYRET, from Enanta Pharmaceruticals, Inc. for US$200million
On Apr. 25, 2023, Enanta Pharmaceuticals, Inc., a biotech company specializing in small molecule drugs for viral infections, disclosed the sale of 54.5% of its future royalty payments from worldwide sales of MAVYRET®/MAVIRET® to OMERS, one of Canada’s prominent pension plans. Enanta received a purchase price of $200 million. The royalties are for sales from July 2023 to June 2032, capped at 1.42 times the purchase price. Until the cap, Enanta retains 45.5% of all royalties; thereafter, all additional royalties will revert to Enanta.
Jay R. Luly, CEO of Enanta Pharmaceuticals, stated that the partnership with OMERS provides more financial flexibility, underscoring the ongoing importance of MAVYRET®/MAVIRET® for patients. Rob Missere, Head of OMERS Life Sciences, recognized Enanta's leadership in drug discovery, noting the success of MAVYRET®/MAVIRET® in curing chronic hepatitis C virus infection. The drug, a combination of glecaprevir and pibrentasvir, was globally launched in 2017, developed by Enanta in alliance with AbbVie.
Legal advisors for the deal included Foley Hoag LLP and Elmore Patent Law Group, PC for Enanta. OMERS was advised by Davies Ward Phillips & Vineberg LLP, with Ballard Spahr LLP acting as patent counsel.