Royalty Pharma announces update on Novartis’ Phase 3 topline results for pelacarsen
Novartis' Phase 3 HORIZON outcomes trial for pelacarsen missed its primary endpoint of reducing cardiovascular events in patients with atherosclerotic cardiovascular disease and elevated lipoprotein(a), versus placebo. Royalty Pharma's exposure runs through its January 2023 $500 million funding agreement with Ionis, under which $150 million of value was ascribed to pelacarsen royalties and $350 million to Spinraza royalties.
Key figures
- Guidance
- 2030 Portfolio Receipts target of $4.7 billion or more (reiterated)
- Spinraza royalty share
- 25% of Ionis' Spinraza royalty payments through 2027, rising to 45% in 2028, on up to $1.5 billion in annual sales
- Expected return on funding
- 1.1x
- Ionis funding agreement usd
- 500000000
- Milestone payments to ionis
- none anticipated based on HORIZON results
- Spinraza royalty value ascribed usd
- 350000000
- Pelacarsen royalty value ascribed usd
- 150000000
- Spinraza royalty reversion threshold usd
- 550000000
AI analysis
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