Royalty Pharma Acquires Full Evrysdi Royalty Rights for $240 Million, Securing 100% Interest in Leading SMA Treatment
核心洞察
Royalty Pharma acquired the final portion of PTC Therapeutics' royalty interest in Evrysdi for $240 million upfront plus up to $60 million in sales-based milestones.
The acquisition gives Royalty Pharma 100% ownership of the tiered 8% to 16% royalty on Roche's Evrysdi, which generated $1.9 billion in 2024 sales.
Evrysdi, an oral treatment for spinal muscular atrophy (搜索), has treated over 21,000 patients worldwide since FDA approval in 2020.
Royalty Pharma plc announced it has acquired the final portion of PTC Therapeutics' remaining royalty interest in Roche's Evrysdi for $240 million upfront and up to $60 million in sales-based milestones. The transaction gives Royalty Pharma complete ownership of the royalty stream from one of the most successful rare disease therapies on the market.
Following the acquisition, Royalty Pharma will own 100% of the tiered royalty structure on Evrysdi, which ranges from 8% to 16% of worldwide net sales. The company's stock rose 1.5% in after-hours trading following the announcement.
Strong Commercial Performance Drives Acquisition
Evrysdi, an orally administered survival motor neuron-2 (搜索) (SMN2 (搜索)) splicing modifier for treating spinal muscular atrophy (搜索), has demonstrated robust commercial success since receiving FDA approval in 2020. The therapy has treated over 21,000 patients worldwide and generated approximately CHF 1.6 billion ($1.9 billion) in global sales in 2024, representing 18% year-over-year growth at constant exchange rates.
Analyst consensus forecasts project Evrysdi sales to reach CHF 2.3 billion ($2.9 billion) by 2030, highlighting the strong long-term growth outlook for the therapy in the rare disease market.
Tiered Royalty Structure Provides Escalating Returns
The royalty structure provides increasing upside as Evrysdi sales grow. Royalty Pharma will receive 8% on annual sales up to $500 million, 11% on sales between $500 million and $1 billion, 14% on sales between $1 billion and $2 billion, and 16% on sales exceeding $2 billion.
The company will begin receiving the increased royalty rates starting in the first quarter of 2026, based on Evrysdi product sales in the fourth quarter of 2025.
Strategic Portfolio Expansion
This acquisition aligns with Royalty Pharma's strategy of expanding its portfolio of high-quality, cash-generating biopharmaceutical royalties. Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and maintains a current portfolio that includes royalties on more than 35 commercial products.
The company's portfolio spans leading therapies including Vertex's Trikafta and Alyftrek, Johnson & Johnson's Tremfya, GSK's Trelegy, Biogen's Tysabri and Spinraza, AbbVie and Johnson & Johnson's Imbruvica, and Gilead's Trodelvy, among others, along with 20 development-stage product candidates.
Goodwin and Maiwald acted as legal advisors to Royalty Pharma in connection with the transaction.