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.
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