Covington Represents Australian Medical Research Institute in Landmark Royalty Monetization

NEW YORK—Covington advised The Walter and Eliza Hall Institute of Medical Research (WEHI), Australia's oldest medical research institute, in its landmark monetization of a portion of its royalties relating to the cancer drug Venetoclax. The purchaser, a wholly owned subsidiary of Canada Pension Plan Investment Board, paid US$250 million upfront, and agreed to make up to US$75 million in additional payments, subject to the attainment of certain milestones. This royalty monetization is believed to be the largest royalty monetization by a non-profit institution outside the United States.

The Covington team consisted of John Gourary, Rachel Beller, and Jennifer Garnett (corporate), Gary Rubman and Morag Peberdy (IP), and Ansgar Simon (tax).