OR WAIT null SECS
DRI’s subsidiary has acquired a royalty interest in Oracea (doxycycline) for $46.4 million.
DRI announced on Sept. 30, 2021, that its wholly owned subsidiary, DRI Healthcare Trust, has acquired a royalty interest in Oracea (doxycycline) for a net purchase price of $46.4 million. As part of the transaction, DRI also acquired royalty interests in two additional products. Upon closing, DRI received its first royalties of approximately $3.5 million, which were relative to the sales in the quarter that ended on June 30, 2021.
Doxycycline is an oral prescription medication for inflammatory lesions (papules and pustules) of rosacea in adult patients. Marketed by Galderma Laboratories, sales of Oracea commenced in 2006 once approved by FDA.
"We are very pleased to announce the addition of Oracea to our portfolio," said Behzad Khosrowshahi, CEO of DRI Healthcare Trust, in a company press release. "It has an established commercial track record and is among the top available treatment options for managing papulopustular rosacea, which can have a substantial negative quality of life impact. This transaction is expected to be immediately accretive to the trust and further benefits unitholders through diversification of DRI’s portfolio by therapeutic area and marketer."
Source: DRI Healthcare