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This week BioCryst Pharmaceuticals, Inc. ($BCRX) announced FDA approval of ORLADEYO™ (berotralstat), the first oral and once-daily therapy to prevent seizures in hereditary angioedema patients. To top it all off, the company subsequently announced a $325 million financing together with Royalty Pharma and Athyrium Capital Management.


ORLADEYO™ offers patients with HAE the first orally administered non-steroidal seizure prevention option and represents an important and welcome step in making more treatment options available to physicians and patients. The new capital is intended to launch the product commercially and promote subsequent research. The launch of ORLADEYO™ in the United States and Europe is also an advantage.

The strength and potential of BCX9930

Long-term partners Royalty Pharma and Athyrium Capital Management allow BioCryst to fully invest in the launch of ORLADEYO™ and accelerate the development of BCX9930. The preclinical data of this oral Factor D inhibitor was promising after it showed complete in vitro blockade of both hemolysis of PNH erythrocytes and accumulation of C3 fragments on PNH erythrocytes. The monotherapy of BCX9930 thus demonstrates a high potential to inhibit both intravascular and extravascular hemolysis.

In addition, Athyrium Capital Management provides the following explanation. With a productive R&D capacity, long IP on the products and significant short term commercial opportunities, BioCryst represents the ideal profile Athyrium Capital Management is looking for new investments and partnerships.

It is claimed that the complement system could play an important role in many diseases characterized by an immune component. Think of: asthma, lupus, various forms of arthritis, autoimmune heart disease, multiple sclerosis and inflammatory bowel disease.

How the cake is divided

Royalty Pharma will provide BioCryst with an upfront cash payment of $125 million and will receive royalties of 8.75% on direct annual net sales of ORLADEYO™ up to $350 million, 2.75% on sales between $350 million and $550 million, no royalty on sales over $550 million, and a tiered percentage of sublicense revenue for ORLADEYO™ in certain territories. Royalty Pharma will receive a 1.0% royalty on global net sales of BCX9930, once this is approved.

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By Omar