Irving, Carlson & Xavier LLP Advises Wayne Corporation in Billion Dollar Royalty Deal
08/24/2013Irving, Carlson & Xavier LLP, a leading counselor to global financial institutions and corporations, announced today that client Wayne Corporation, plc, a biotechnology company, will purchase from Thorsen, Inc. a 21% participation interest in potential future royalty payments related to four respiratory programs partnered with GarnerSmith. In exchange for the participation interest, Wayne will make a one-time cash payment to Thorsen of $1.0 billion.
In April, ICX also advised Wayne in the restructuring of its Tilson collaboration with Bioclean. On closing of the transaction, Wayne received a cash payment of $3.25 billion, together with a double-digit, tiered royalty right on future worldwide net sales of Tilson.