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Best Practices and Trends in Royalty Monetization

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Originally presented: January 15, 2009

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Learn the ins and outs of royalty monetization

On the heels of Emory’s $540 million monetization of its Emtriva royalty, more royalty stream buyers are in the market and more TTO’s are examining the pros and cons of monetizing the royalties in their portfolios. In the meantime, the structure of monetization deals is changing rapidly — with dozens of models, hybrids, and complex formulas — multiplied by at least as many scenarios and external factors that color each deal.

Expert guidance is imperative to secure the best deal for your organization. That’s why Technology Transfer Tactics Distance Learning Division has partnered with the team that handled the game-changing Emtriva deal in a one-of-a-kind international audioconference event:

Best Practices and Trends in Royalty Monetization

Join Steve Sencer of Emory University, Mike Herman of Royalty Pharma, and John Gourary of Covington & Burling LLP — all of whom were involved in Emory University’s Emtriva deal — for this 90-minute session. Here’s what you’ll learn:

  • The latest royalty monetization market statistics and trends
  • The critical factors to consider in evaluating a monetization deal
  • How to anticipate and handle outside influences and pressures
  • How to evaluate interest in monetization of your royalty stream
  • Inventor involvement and input
  • The roles and duties of external advisors (financial intermediary, valuation consultant, outside counsel)
  • Negotiation strategies and tactics
  • Choosing the right structure:
    – Outright sale
    – Carve-outs, partial monetizations and other structured sales
    – Cash and stock deals
  • Process and timetable for a typical royalty monetization
  • Plus, bring your royalty monetization questions for the interactive Q&A portion of the program!

Your Expert Presenters:

Stephen D. Sencer Sencer is a Deputy General Counsel at Emory University, where he specializes in technology transfer and biotechnology licensing. He was the lead attorney in Emory’s $525 million sale of its Emtriva royalty stream, and has advised on the negotiation of technology licenses, new company formation, and license enforcement. Steve also oversees a team of attorneys responsible for all aspects of university legal work. Recently, Steve has worked with one of the Emtriva co-inventors, to establish, in collaboration with the Republic of South Africa, a Drug Discovery and Biotechnology Business Development Program in South Africa.

Michael Herman is a Senior Vice President of the Royalty Investments group at Royalty Pharma, a company that invests in revenue producing intellectual property in the healthcare sector. Prior to joining the predecessor of Royalty Pharma in 1996, Mr. Herman consulted for several financial concerns, including Apollo Advisors, Société Géneralé, and International Technology Investment Managers, the general partner of the “proof of principle” funds from which came Royalty Pharma. He has spoken at various conferences sponsored by organizations such as Licensing Executive Society, Association of University Technology Managers, World Research Group, Drug Discovery Technology and American Conference Institute.

John Gourary, co-head of Finance at Covington, has worked extensively on pharmaceutical royalty monetizations. John has advised universities, life sciences companies, groups of inventors and investment funds on pharmaceutical royalty monetization transactions with an aggregate value in excess of $2 billion. John advised:

— Northwestern University on the sale of a portion of its worldwide royalty interest in Lyrica for $700 million, the largest pharmaceutical royalty monetization ever;
— Emory University on its ground-breaking monetization of the royalty rights associated with Emtriva for $540 million, recognized by Investment Dealers’ Digest as the 2005 Healthcare Deal of the Year; and
— Zurich Financial Services Group on the first pharmaceutical royalty securitization, a $130 million senior/subordinated financing.

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