DRI Healthcare Trust Collects $178M for Ekterly Royalty Exit
Dow Jones08-11
DRI Healthcare Trust has cashed out of its royalty investment in the drug Ekterly, collecting about $178 million.
The Toronto-based healthcare fund on Tuesday said it exercised a contractual option to sell back its royalty rights following Chiesi Group's takeover of KalVista Pharmaceuticals, the developer of Ekterly.
In June, Italian pharmaceutical firm Chiesi Group acquired KalVista Pharmaceuticals, the developer of Ekterly, an oral medication developed for hereditary angioedema, for about $1.9 billion.
The takeover triggered a contractual put option clause, giving DRI Healthcare the right to compel the buyer to repurchase its royalty stake rather than continuing to hold the long-term royalty stream.
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