TORONTO, Oct. 3, 2022 /CNW/ – DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) ("DRI" or "the Trust") today announced that, based on its ongoing review of its royalty entitlement on Natpara (the "Natpara Royalty"), DRI has concluded that the issues that led to the 2019 recall of Natpara in the United States are likely to remain unresolved for the foreseeable future, while royalties on European and Rest of World sales are expected to continue in the near term. There have been no commercial sales of Natpara in the United States since the product’s recall in 2019.
The Natpara Royalty is paid on global sales of Natpara and is subject to an aggregate cap on royalty receipts of US$125.0 million, of which US$85.9 million has been collected by DRI and its predecessor funds as of September 30, 2022. DRI is reviewing its options with respect to the Natpara Royalty. DRI will provide further updates as they become available.
DRI Healthcare Trust is managed by DRI Capital Inc. ("DRI Capital"), the pioneer in global pharmaceutical royalty monetization with a more than 30-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies. Since our founding in 1989, DRI Capital has deployed more than US$2 billion, acquiring more than 60 royalties on 40-plus drugs, including Eylea, Spinraza, Zytiga, Remicade, Keytruda and Stelara. DRI Healthcare Trust’s units are listed and trade on the Toronto Stock Exchange in Canadian dollars under the symbol "DHT.UN" and in U.S. dollars under the symbol "DHT.U". To learn more, visit drihealthcaretrust.com or follow us on LinkedIn.
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking words such as "expect", "continue", "anticipate", "intend", "aim", "plan", "believe", "budget", "estimate", "forecast", "foresee", "close to", "target" or negative versions thereof and similar expressions. Some of the specific forward-looking information in this news release may include, among other things, statements that DRI has concluded that the issues that led to the 2019 recall of Natpara in the United States are likely to remain unresolved for the foreseeable future, while royalties on European and Rest of World sales are expected to continue in the near term. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those that are disclosed in the Trust’s most recent annual information form. The forward-looking information in this news release is based on our assumptions regarding the performance of our royalty interest in Natpara. All forward-looking information in this news release speaks as of the date of this news release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust’s filings with securities regulators, including its latest annual information form and Management’s Discussion and Analysis. These filings are also available at the Trust’s website at drihealthcaretrust.com.
SOURCE DRI Healthcare Trust