Editas Medicine announced on October 3, 2024, the sale of certain future license fees and other payments from its Cas9 license agreement with Vertex Pharmaceuticals to a wholly-owned subsidiary of DRI Healthcare Trust. This transaction provided Editas Medicine with an upfront cash payment of $57 million.
The agreement involves up to 100% of certain future annual license fees, ranging from $5 million to $40 million per year, and a mid-double-digit percentage of a $50 million contingent upfront payment for which Editas Medicine is eligible under the Vertex license agreement. Editas Medicine retains rights to fixed annual license fees for 2024 and a mid-single-digit million-dollar payment tied to Vertex's achievement of certain annual sales milestones.
This non-dilutive capital is intended to enable further pipeline development and support related strategic priorities. The deal leverages Editas Medicine's intellectual property portfolio, which includes a Cas9 patent estate licensed from Harvard University, Broad Institute, MIT, and The Rockefeller University.
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