TORONTO, Aug. 27 /PRNewswire/ -- Drug Royalty LP 2 (DRC) announced today the purchase of 25% of Enzon Pharmaceuticals, Inc.'s (ENZN) worldwide royalty interest in PEG-INTRON for $92.5M. DRC will also provide a $15M milestone payment in 2012 should certain royalty recognition levels be met. PEG-INTRON (peginterferon alpha-2b), is approved for the treatment of Hepatitis C and is marketed worldwide by Schering-Plough Corporation (SGP).
Speaking on behalf of DRC, Paul Kirkconnell, Managing Director, said: "DRC is very pleased to be working with Enzon Pharmaceuticals. We believe that PEG- INTRON is one of the most advanced medications to treat Hepatitis C on the market today." Kirkconnell added, "With access to significant capital and a long track record in completing royalty transactions, we take pride in meeting the needs of pharmaceutical companies such as Enzon."
PEG-INTRON is a PEG-enhanced version of Schering-Plough's alpha interferon product, INTRON(R) A, which is used both as a monotherapy and in combination with REBETOL(R) (ribavirin) capsules for the treatment of chronic hepatitis C. Under Enzon's license agreement with Schering-Plough, Schering-Plough holds an exclusive worldwide license to PEG-INTRON, and Enzon receives royalties on worldwide sales of PEG-INTRON. Schering-Plough is responsible for all manufacturing, marketing, and development activities for PEG-INTRON. Enzon designed PEG-INTRON to allow for less frequent dosing and to yield greater efficacy, as compared to INTRON A. PEG-INTRON is marketed worldwide by Schering-Plough and its affiliates.
About Drug Royalty Corporation, Inc. (DRC)
Drug Royalty Corporation ("DRC") is a privately held investment management company, focused on the healthcare industry, with over $1 billion under management. DRC currently manages two funds: the Royalty Monetization Fund and the Structured Finance Fund.
Its Royalty Monetization Fund acquires existing roya
|SOURCE Drug Royalty Corporation, Inc.|
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