Memorial Sloan-Kettering Cancer Center, New York, sold a portion of its royalty interest in two cancer drugs for $142 million in cash, plus additional payments if sales goals are met. The purchaser was Royalty Pharma, a New York-based company that invests in revenue-producing intellectual property. Royalty Pharma previously purchased another portion of Memorial's royalty interest in the two drugs -- Neupogen and Neulasta -- for $263 million in January 2004. At deadline, officials at the cancer center were not available for comment. Memorial said net proceeds will be reinvested in its research programs and facilities. Neupogen is a genetically engineered drug launched in 1991 to protect certain cancer patients against bacterial infection while undergoing chemotherapy. Neulasta is a longer-lasting version launched in 2002. Biotechnology company Amgen, Thousand Oaks, Calif., manufactures both drugs. -- by Cinda Becker
N.Y. hospital sells part interest in two cancer drugs
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