Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Royalty Pharma ( (RPRX) ) has shared an update.
Bristol Myers Squibb has gained FDA approval for KarXT, a new schizophrenia treatment for adults, which will be sold under the name Cobenfy. Following a royalty agreement, Royalty Pharma has made a $100 million payment to PureTech Health, with the potential for $400 million more based on future milestones. They will receive royalties from Cobenfy sales, which are set at 3% until annual sales reach $2 billion, then dropping to 1%. The FDA’s approval has triggered a $25 million milestone payment from Royalty Pharma to PureTech.
For detailed information about RPRX stock, go to TipRanks’ Stock Analysis page.