CFF Sells Drug Rights for $3.3 Billion

enniob

Administrator
Staff member
Big News today from the Cystic Fibrosis Foundation who just sold its drug royalty rights for $3.3 Billion to Royalty Pharma. The CFF plans to reinvest the money into new research efforts. “These new funds give us a tremendous opportunity to supercharge our efforts to develop lifesaving new therapies and pursue opportunities to find a permanent cure", said Robert J. Beall, chief executive officer of the CFF.

Official press release:
http://www.cff.org/aboutCFFoundatio.../11-19-Expansion-of-Research-and-Programs.cfm

Press coverage:
NYT: http://www.nytimes.com/2014/11/19/b...venture-yields-windfall-in-hope-and-cash.html
WSJ: http://online.wsj.com/articles/cyst...sells-drugs-rights-for-3-3-billion-1416414300
NASDEQ: http://www.nasdaq.com/article/royal...osis-drug-royalties-for-33-bln-20141119-00771

CFF email from Robert J. Beall sent out today:
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Dear Friend,

I have exciting news to share with you about a transformational moment in our shared journey to cure cystic fibrosis.

Today, we announced that our drug development affiliate, Cystic Fibrosis Foundation Therapeutics, has sold its royalty rights to CF treatments developed by Vertex Pharmaceuticals Inc. to Royalty Pharma for $3.3 billion.

The funds from this sale give us a tremendous opportunity to accelerate our mission as never before.

We will expand our efforts to help develop lifesaving new therapies for all people with cystic fibrosis and continue our work to ensure that the best possible care and patient programs are available for people with CF and their families. We will also pursue daring new research that we hope will one day lead to a lifelong cure that targets the disease at its genetic level.

Simply put, these new resources will allow us to “dream big” in ways we never could have imagined.

The sale is a powerful example of our highly successful efforts in venture philanthropy over many years. As you know, we have been pioneers in providing initial investments to pharmaceutical companies to help speed the development of new therapies for people with CF. Funds from any royalties we receive we then reinvest into further research and drug development to advance our mission to find a cure.

We could not have taken this exciting step forward without the support of our incredible community of donors, volunteers, researchers, caregivers and people with CF and their families.

We have a lot of work still to do and the path to a cure is a long one, but we are now even better prepared to embrace the opportunities and meet the challenges that lie ahead.

We look forward to working with you as we take bolder steps to achieve our goal. In every decision we make, people with CF and their families remain at the heart of all we do.

Sincerely,

Robert J. Beall, Ph.D.
President and CEO
Cystic Fibrosis Foundation
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