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JAPAN TECHNOLOGY GROUP | JTG
Purdue Research Foundation gets $100M in royalty monetization deal for prostate cancer therapy
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Purdue University's non-profit tech transfer arm has received a significant boost of over $100 million by selling the royalty stream of a groundbreaking prostate cancer therapy called Pluvicto. Developed at the university, Pluvicto is a radioligand therapy designed to treat metastatic castration-resistant prostate cancer patients who have not responded to previous treatments. The therapy is also being explored for use in earlier stages of prostate cancer.
The Purdue Research Foundation received the $100 million through a royalty interest agreement with investment firm Blue Owl Capital. This agreement is based on Purdue's license agreement with Endocyte Corp., which was acquired by Novartis in 2018. The funds will be utilized by the university to support the development of other potentially life-saving therapies.
Brooke Beier, Senior Vice President of Purdue Innovates, the university's venture arm, expressed gratitude for the agreement, stating that it strengthens Purdue's ability to support researchers and alumni through enhanced commercialization programs and funding opportunities. Beier also highlighted Pluvicto as an example of successful intellectual property protection, licensing, and commercialization, with the hope that it will pave the way for more Purdue technologies to have a positive impact.
Sandip Agarwala, Managing Director and Global Head of Life Sciences at Blue Owl, emphasized the importance of royalty transactions as part of their investment strategy and described Pluvicto as a groundbreaking therapy with blockbuster potential for the treatment of metastatic castration-resistant prostate cancer patients.
Purdue President Mung Chiang highlighted the various benefits of the royalty interest agreement, stating that it will provide funds for cutting-edge research and development of life-saving pharmaceuticals. He also acknowledged the significant contribution of Philip Low, a renowned innovator whose lab initiated the research that led to the development of Pluvicto. Chiang further mentioned Purdue Innovates, an initiative launched to support inventors and entrepreneurs associated with Purdue University, and how this recent success aligns with its objectives.
In summary, Purdue University's tech transfer arm has secured over $100 million by selling the royalty stream of the innovative prostate cancer therapy, Pluvicto. The funds will support the development of future life-saving therapies while reinforcing Purdue's reputation as a leader in research and innovation. The agreement with Blue Owl Capital is seen as a testament to the success of Purdue's intellectual property protection, licensing, and commercialization efforts.
*The above information is provided by the Japan Technology Group (JTG) based on its own compilation, summary, and translation (in the case of news originating overseas) of key news items.
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