Karyopharm Therapeutics Inc. is selling certain royalty rights to its blood cancer medicine Xpovio to private equity firm HealthCare Royalty Partners for an upfront payment of $75 million.
Karyopharm is also eligible to receive an additional $75 million upon the achievement of future regulatory and commercial milestones, subject to approval by both parties.
Stamford, Conn.-based HealthCare Royalty Partners will receive a tiered royalty based on worldwide net revenues of Xpovio and any other future products.
Karyopharm got U.S. approval for Xpovio, or selinexor, in July to treat patients with relapsed refractory multiple myeloma who have received at least four previous therapies. The company has priced Xpovio at $22,000 per month in the U.S.
Karyopharm CEO Michael Kauffman said in a Sept. 16 press release that the non-dilutive financing provides the company with immediate and substantial capital to support the ongoing commercialization of Xpovio and further the development of selinexor in other indications.
The Newton, Mass.-based biotechnology company noted that the $75 million along with existing cash and product sales will be sufficient to fund its operations into the middle of 2021.
Morgan Stanley & Co. LLC acted as sole structuring agent, while Goodwin Procter LLP served as special transaction counsel to Karyopharm for the transaction.
