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Business

NYU Sells Part of its Remicade Royalty

May 14, 2007 | APPEARED IN VOLUME 85, ISSUE 20

New York University has sold a portion of its royalty interest in the arthritis drug Remicade to Royalty Pharma, a New York City-based firm that buys revenue-producing intellectual property. NYU will receive $650 million in cash plus additional payments should Remicade, marketed by Johnson & Johnson, exceed certain sales milestones. NYU retains the portion of the royalty payable to the university researchers who developed the monoclonal antibody. Royalty Pharma also has royalty interests in drugs such as Abbott Laboratories' Humira, Amgen's Neupogen, and Genentech's Rituxan.

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