University of Pennsylvania Sells a Portion of its Royalty Interest in Juxtapid® for $55 Million
The University of Pennsylvania announced today that it has sold a portion of its royalty interest in Juxtapid® to an unnamed party for $55 million in cash.
Juxtapid® (generic name Lomitapide) is a once-a-day oral therapy for the treatment of adults with homozygous Familial Hypercholesterolemia (“HoFH”). HoFH is a rare, life-threatening disease characterized by severely elevated cholesterol levels that are poorly responsive to other medications. Juxtapid® was approved by the FDA in December 2012 and is manufactured and sold by Aegerion Pharmaceuticals.
The proceeds will be used by the University to support ongoing medical education and research.
The portion of the royalty interest that was sold is not being disclosed.
MTS Health Partners, LP served as financial advisor and Covington & Burling, LLP served as legal advisor to the University.