Royalty Pharma plc closed a $240 million transaction to acquire the final 19 % of the Evrysdi royalty stream that it had previously held 81 % of, giving the company 100 % ownership of the tiered royalty paid by Roche on worldwide net sales of the spinal muscular atrophy (SMA) therapy.
Prior to the deal, Royalty Pharma had increased its stake in the Evrysdi royalty from 43 % to 81 % in October 2023. The new agreement removes the remaining 19 % held by PTC Therapeutics, allowing Royalty Pharma to capture the full upside of a drug that generated CHF 1.6 billion ($1.9 billion) in sales in 2024 and is projected to reach CHF 2.3 billion ($2.9 billion) by 2030.
The acquisition aligns with Royalty Pharma’s strategy of acquiring high‑margin, approved‑product royalties. In Q3 2025 the company reported portfolio receipts of $814 million and royalty receipts of $811 million, both up 11 % year‑over‑year, and raised its full‑year 2025 portfolio guidance to $3.2 billion–$3.25 billion. The $240 million upfront payment and up to $60 million in milestone payments reinforce Royalty Pharma’s ability to deploy capital into assets that generate predictable, non‑dilutive cash flows.
PTC Therapeutics chose to monetize its remaining interest to secure immediate cash and potential milestone proceeds, a common strategy for companies that prefer to focus on core development activities rather than long‑term royalty collection. The transaction also provides Roche with a cleaner royalty structure, as the tiered rates—8 % up to $500 million, 11 % between $500 million and $1 billion, 14 % between $1 billion and $2 billion, and 16 % above $2 billion—will now be paid entirely to Royalty Pharma starting in Q1 2026 based on Q4 2025 sales.
With full ownership, Royalty Pharma can now capture the entire upside of Evrysdi’s growth trajectory, which has driven an 18 % year‑over‑year sales increase in 2024. The deal strengthens the company’s position as the largest buyer of biopharmaceutical royalties and enhances its cash‑flow generation from a blockbuster therapy in a growing market for non‑dilutive funding. The transaction is expected to accelerate Royalty Pharma’s portfolio expansion and support its continued focus on high‑margin, approved‑product royalties.
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