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Finance Watch: PTC Raises $1bn In Evrysdi Royalty Deal Weeks After Latest Layoffs

Abivax Launches 19th US Biopharma IPO Of 2023

 
• By Mandy Jackson

Public Company Edition: PTC sold more of its Evrysdi royalties to Royalty Pharma for $1bn. Abivax gained $235.8m in an IPO and concurrent private placement, while Cerevel grossed $450m and Nuvalent and Ultragenyx raised $300m each in follow-on offerings, but Freeline is reviewing strategic options.

Finance Watch Public Company
• Source: Alamy

PTC Therapeutics, Inc. will receive $1bn as it expands a deal it did with Royalty Pharma plc in 2020 around royalties from the PTC/Roche Holding AG-partnered spinal muscular atrophy drug Evrysdi (risdiplam). The new influx of cash was revealed on 19 October, less than a month after the company announced a 25% workforce reduction – its second round of job cuts in 2023.

South Plainfield, NJ-based PTC initially received $650m from Royalty Pharma three years ago when it agreed to sell 43% of the royalties Roche pays PTC based on Evrysdi sales. (Also see "Finance Watch: With Four More IPOs, July May Match Or Exceed June’s 14" - Scrip, 24 July, 2020

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