Schaner & Lubitz, PLLC served as legal counsel to Cystic Fibrosis Foundation Therapeutics, Inc., an affiliate of the Cystic Fibrosis Foundation, in the Foundation’s news-making sale of its Vertex Pharmaceutical product royalty rights to New York-based pharmaceutical investment firm Royalty Pharma.
The historic transaction, as reported on the front page of the New York Times and many other media outlets on November 19, 2014, enables the Foundation to receive immediate cash proceeds of $3.3 Billion and reserves its rights to receive additional monetary compensation if certain Vertex product sales thresholds are achieved in the future.
Schaner & Lubitz, PLLC represents numerous non-profit, charity and philanthropic clients in general and corporate matters. The firm specializes in venture philanthropy transactions, including provision of research funding by disease philanthropies, royalty structuring and monetization, and biotechnology product licensing.
Ken Schaner, the firm’s co-founder, represented the Foundation in its first venture philanthropy transaction with Aurora Biosciences Corporation, now Vertex. Schaner & Lubitz, PLLC continues to assist clients in cutting-edge venture philanthropy funding transactions and other important agreements and disputes impacting tax exempt entities.
For more information regarding this transaction, please visit:
http://www.cff.org/aboutCFFoundation/NewsEvents/2014NewsArchive/11-19-Expansion-of-Research-and-Programs.cfm
http://www.prnewswire.com/news-releases/royalty-pharma-announces-33-billion-royalty-transaction-with-cystic-fibrosis-foundation-therapeutics-283172211.html
http://www.nytimes.com/2014/11/19/business/for-cystic-fibrosis-foundation-venture-yields-windfall-in-hope-and-cash.html?_r=0