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Business Update
Companies to pay $525M to purchase Emory's emtricitabine royalty interest
August 15th, 2005
Gilead Sciences, Inc., (GILD) and Royalty Pharma announced that the companies have entered into an agreement with Emory University providing for the purchase of the royalty interest owed to Emory for emtricitabine, also known as Emtriva. Under the terms of the agreement, Gilead and Royalty Pharma will make a one-time cash payment of $525 million to Emory in exchange for elimination of the emtricitabine royalties due to Emory on worldwide net sales of the product. The transaction, which is subject to customary closing conditions, was expected to close on or before July 29, 2005. Gilead and Royalty Pharma will pay 65% and 35%,...
Source: Pharma Business Week (2005-08-15)
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