GLJ Consulting was pleased to be able to provide advice and project management support throughout this successful $31M monetisation of the University’s interests in Rubraca.
For further details please see the press release below:
Newcastle University to invest cancer drug patent earnings into research and student teaching
Newcastle University, UK has announced the sale of its portion of an ovarian cancer drug which came out of research initiated and developed at the University.
It has sold its portion of the royalty interest in Rubraca® to investor in the life sciences sector, Sagard Healthcare Royalty Partners for part of the $31 million.
Over 20 years, a multi-disciplinary team at Newcastle University in collaboration with Cancer Research Technology Limited discovered and developed Rubraca®, the first-in-class PARP inhibitor rucaparib (Rubraca) for ovarian cancer.
The drug offers a lifeline to women with advanced ovarian cancer, who have received two or more prior chemotherapies and whose tumours have a BRCA gene mutation.
The life-extending drug has been licensed by the European Medicines Agency and approved for ovarian cancer patients with a faulty BRCA gene.
The proceeds will be used by the University to support ongoing development of teaching and learning facilities for students across the Faculties and to facilitate research.
Professor Chris Day, President and Vice-Chancellor of Newcastle University said: “The achievement of the Newcastle University team cannot be underestimated in taking this fundamental research into development and then into market as a cancer treatment.
“The success of this drug development shows how, as a University, we are making a positive impact on the lives of thousands of patients and tackling real world issues in the University.
“This feat now enables us to invest further into research and into the futures of thousands of students in developing teaching and learning facilities.”
Rubraca® was developed under a research collaboration between Cancer Research Technology Limited (formerly known as Cancer Research Campaign Technology Limited), Newcastle University, and Agouron Pharmaceuticals, Inc. (now a wholly-owned subsidiary of Pfizer, Inc.). The commercialization rights were subsequently licensed to Clovis Oncology, Inc., which successfully developed Rubraca through clinical trials.
MTS Health Partners, L.P. served as exclusive structuring and financial advisor and Covington & Burling LLP as transactional counsel to Newcastle University. Ropes & Gray served as transactional counsel to SHRP.
Ovarian cancer – the facts:
Each year, around 7,000 women are diagnosed with ovarian cancer across the UK and one in 50 women will develop the disease at some point in their life.
Around 15% to 20% of women with ovarian cancer will have a BRCA gene mutation, putting them at increased risk of developing other cancers and a 50% risk of passing the faulty gene to their children.
Notes:
Newcastle University, UK
https://www.ncl.ac.uk/press/about/keyfacts/
About Sagard Holdings
Sagard Holdings is a multi-strategy alternative asset manager with professionals located in Montreal, Toronto, New York, Paris and Singapore. Sagard looks to generate attractive returns by matching investment opportunities with flexible capital solutions and pairing entrepreneurs with teams that have deep industry knowledge. We develop long term partnership and empower the growth of our investments through a unique global network of portfolio companies, limited partners, advisors and other valued relationships.
Today, Sagard invests across 4 asset classes; equity, private credit (Sagard Credit Partners), royalties (Sagard Healthcare Royalty Partners), and venture capital (Portag3 Ventures and Diagram).
Sagard Holdings was founded by Power Corporation of Canada in 2005 as a complement to its global investment holdings
ENDS