Plus   Neg

Curis Gets $65.0 Mln Upfront Payment On Sale Of Portion Of Erivedge Royalties

Curis, Inc. (CRIS) announced that it has entered into an agreement with funds managed by Oberland Capital Management, LLC for up to $135.7 million in exchange for selling rights to a portion of royalty revenues on worldwide net sales of Erivedge. Curis received $65.0 million in an upfront cash payment, plus the company is entitled to receive up to an additional $70.7 million in milestone payments. Curis used a portion of the sale proceeds to retire existing debt, with remaining proceeds of approximately $30 million to be used to fund its operations.

James Dentzer, President & CEO of Curis, commented, "We are pleased to announce this agreement with Oberland Capital. We believe this structure provides Curis with substantial non-dilutive capital today, while retaining significant participation in the future upside potential of Erivedge. The proceeds of this transaction further strengthen our cash position as we fund our three lead therapeutic candidates to reach their near term development catalysts and beyond."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Best Buy Co., Inc. is offering paid time off as vaccine benefit to all its employees amid the ongoing vaccinations against coronavirus. The company also announced bonuses to its hourly employees as a gratitude for the resilience shown by them as frontline workers during the crisis. The electronics retailer said it is offering paid time off for any employee who gets a COVID-19 vaccination. Entertainment company Walt Disney Co.'s exclusive streaming service Disney+ has added more content with the addition of the Star brand which launched today on the platform across Australia, New Zealand, Canada, and Europe. Disney+ with Star also launched today in Singapore, the first market to launch with the new general entertainment brand. Off-price retailer TJX Companies, Inc. (TJX) reported Wednesday that profit for the fourth quarter plunged from last year. Both earnings per share and sales for the quarter also missed analysts' expectations. TJX's net income for the quarter plunged to $325.52 million or $0.27 per share from $984.79...
Follow RTT