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Massachusetts General Hospital Announces
Sale Regarding ENBREL®
BOSTON - April 18, 2007 - Massachusetts General Hospital
today announced that it has sold to entities managed by Drug Royalty
Corporation Inc. (DRC) its future right to receive royalties on
the sale of the drug ENBREL® outside North America. The sale
involves a one-time payment that entitles DRC to receive royalty
payments on sales of ENBREL® outside North America going forward.
Under the terms of the agreement, Massachusetts General Hospital
received $213 million in net proceeds.
Speaking on behalf of Drug Royalty Corporation, Inc. Paul Kirkconnell,
Managing Director, said: "This is an important transaction
for DRC. It marks a royalty acquisition on the sales of one of the
top-selling prescription products in the world from a world-class
hospital such as MGH." Kirkconnell added, "With access
to significant capital and a long track record in completing royalty
transactions, we take pride in doing business with research-based
institutions such as MGH."
About ENBREL®
ENBREL® (etanercept) is indicated for reducing the signs and
symptoms of rheumatoid arthritis, polyarticular-course juvenile
rheumatoid arthritis, ankylosing spondylitis, psoriatic arthritis
and chronic moderate to severe psoriasis. It was first approved
for rheumatoid arthritis in 1998, and approval for the other indications
followed over the past several years.
About Massachusetts General Hospital
Massachusetts General Hospital, established in 1811, is the original
and largest teaching hospital of Harvard Medical School. The MGH
conducts the largest hospital-based research program in the United
States, with an annual research budget of nearly $500 million and
major research centers in AIDS, cardiovascular research, cancer,
cutaneous biology, medical imaging, neurodegenerative disorders,
transplantation biology and photo medicine. In 1994, MGH and Brigham
and Women's Hospital joined to form Partners HealthCare System,
an integrated health care delivery system comprising the two academic
medical centers, specialty and community hospitals, a network of
physician groups, and nonacute and home health services.
About Drug Royalty Corporation
Drug Royalty Corporation is a privately held investment management
company with approximately $1 billion under management. The firm
deploys its capital by acquiring either existing royalty streams
or revenue interests derived from products in the life sciences
industry from inventors, academic and research institutions or companies.
Drug Royalty can augment capital investments in revenue interests
with equity or mezzanine type debt as part of a complete package.
Drug Royalty currently owns 14 royalty streams and revenue interests
on some of the world's leading pharmaceutical products. The company
has been in business since 1992. For further information contact
Paul Kirkonnell at (416) 863-1865 ext. 236 or pk@drugroyalty.com.
Media Contact: Peggy
Slasman, MGH Public Affairs
Physician Referral Service: 1-800-388-4644
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