On November 4, DRI Healthcare Trust announced that it acquired the royalty interest in Sebetralstat, a novel investigational candidate for the oral, on-demand treatment of hereditary angioedema from KalVista Pharmaceuticals, Inc.
Sebetralstat is under regulatory review by the FDA with a Prescription Drug User Fee Act goal date of June 17, 2025. KalVista Pharmaceuticals, Inc. is a global pharmaceutical company.
DRI Healthcare Trust is a healthcare royalty investment company based in Toronto. The company is managed by DRI Capital, a Canadian healthcare royalty private equity firm. Since its initial public offering in 2021, DRI has deployed more than $1 billion, acquiring more than 25 royalties on more than 20 drugs, including Eylea, Orserdu, Omidria, Spinraza, Stelara, Vonjo, Zejula and Zytiga.
The transaction is expected to close on November 5, 2024, subject to the satisfaction of customary closing conditions.
Sebetralstat was bought for an aggregate purchase price of up to $179 million, comprising a $100 million upfront payment, up to $57 million in a sales-based milestone payment and a one-time $22 million optional payment. Additionally, DRI is making a $5 million investment in KalVista’s common stock in a private placement transaction.
The transaction entitles DRI to a tiered royalty of 5.00% on net sales up to and including $500 million, 1.10% on net sales above $500 million and up to and including $750 million and 0.25% on net sales above $750 million.
According to data captured in the LevinPro HC database, this acquisition represents the 56th Pharmaceuticals transaction of 2024. It is the seventh Pharmaceuticals acquisition announced in the third quarter of the year.
