Royalty Pharma and Zenas BioPharma Enter Into Obexelimab Funding Agreement for Up to $300 Million
Royalty Pharma (Nasdaq: RPRX) has entered into a significant funding agreement with Zenas BioPharma for up to $300 million in exchange for royalties on obexelimab sales. The deal includes an upfront payment of $75 million and three additional $75 million payments tied to clinical and regulatory milestones.
The funding will support obexelimab's development and potential commercial launch for IgG4-Related Disease (IgG4-RD) in early 2027. Royalty Pharma will receive a 5.5% royalty on worldwide net sales. The drug is currently in Phase 3 trials for IgG4-RD and Phase 2 trials for Multiple Sclerosis and Systemic Lupus Erythematosus, with key trial results expected around year-end.
Royalty Pharma (Nasdaq: RPRX) ha siglato un importante accordo di finanziamento con Zenas BioPharma fino a 300 milioni di dollari in cambio di royalty sulle vendite di obexelimab. L'intesa prevede un pagamento iniziale di 75 milioni di dollari e tre ulteriori tranche da 75 milioni di dollari legate al raggiungimento di milestone cliniche e regolatorie.
I fondi supporteranno lo sviluppo di obexelimab e il suo possibile lancio commerciale per la IgG4-Related Disease (IgG4-RD) all'inizio del 2027. Royalty Pharma percepirà una royalty del 5,5% sulle vendite nette mondiali. Il farmaco è attualmente in fase 3 per IgG4-RD e in fase 2 per Sclerosi Multipla e Lupus Eritematoso Sistemico, con risultati chiave degli studi attesi verso fine anno.
Royalty Pharma (Nasdaq: RPRX) ha suscrito un importante acuerdo de financiación con Zenas BioPharma por hasta 300 millones de dólares a cambio de royalties sobre las ventas de obexelimab. El acuerdo incluye un pago inicial de 75 millones de dólares y tres pagos adicionales de 75 millones de dólares vinculados a hitos clínicos y regulatorios.
La financiación apoyará el desarrollo de obexelimab y su posible lanzamiento comercial para la IgG4-Related Disease (IgG4-RD) a principios de 2027. Royalty Pharma recibirá una royalty del 5,5% sobre las ventas netas mundiales. El fármaco se encuentra actualmente en ensayos de fase 3 para IgG4-RD y en fase 2 para Esclerosis Múltiple y Lupus Eritematoso Sistémico, con resultados clave previstos hacia final de año.
Royalty Pharma (나스닥: RPRX)가 Zenas BioPharma와 오베셀리맙 판매에 대한 로열티를 대가로 최대 3억 달러 규모의 주요 자금 지원 계약을 체결했습니다. 계약에는 7,500만 달러의 선지급금과 임상 및 규제 마일스톤에 연동된 세 차례의 추가 7,500만 달러 지급이 포함됩니다.
이번 자금은 오베셀리맙의 개발과 IgG4-Related Disease (IgG4-RD)에 대한 상업적 출시(2027년 초 예정)를 지원할 것입니다. Royalty Pharma는 전 세계 순매출에 대해 5.5%의 로열티를 받습니다. 해당 약물은 현재 IgG4-RD에 대해 임상 3상, 다발성경화증 및 전신성 홍반성 루푸스에 대해 임상 2상을 진행 중이며, 핵심 결과는 연말경에 발표될 예정입니다.
Royalty Pharma (Nasdaq : RPRX) a conclu un accord de financement majeur avec Zenas BioPharma portant jusqu'à 300 millions de dollars en échange de redevances sur les ventes d'obexelimab. L'accord comprend un paiement initial de 75 millions de dollars et trois paiements additionnels de 75 millions de dollars liés à des jalons cliniques et réglementaires.
Ce financement soutiendra le développement d'obexelimab et son éventuel lancement commercial pour la IgG4-Related Disease (IgG4-RD) début 2027. Royalty Pharma percevra une redevance de 5,5% sur les ventes nettes mondiales. Le médicament est actuellement en phase 3 pour l'IgG4-RD et en phase 2 pour la sclérose en plaques et le lupus érythémateux systémique, des résultats clés des essais étant attendus vers la fin de l'année.
Royalty Pharma (Nasdaq: RPRX) hat eine bedeutende Finanzierungsvereinbarung mit Zenas BioPharma über bis zu 300 Millionen US-Dollar geschlossen, im Gegenzug für Royalties auf Verkäufe von Obexelimab. Der Deal sieht eine anfängliche Zahlung von 75 Millionen US-Dollar sowie drei zusätzliche Zahlungen von jeweils 75 Millionen US-Dollar vor, die an klinische und regulatorische Meilensteine gebunden sind.
Die Finanzierung soll die Entwicklung von Obexelimab und einen möglichen Markteintritt für IgG4-Related Disease (IgG4-RD) Anfang 2027 unterstützen. Royalty Pharma erhält 5,5% Royalty auf den weltweiten Nettoumsatz. Das Medikament befindet sich derzeit in Phase-3-Studien für IgG4-RD und in Phase-2-Studien für Multiple Sklerose und systemischen Lupus erythematodes, wobei wichtige Studienergebnisse gegen Jahresende erwartet werden.
- None.
- 5.5% royalty obligation on worldwide sales reduces future revenue potential
- Commercial launch not expected until 2027, pending FDA approval
- Success dependent on positive clinical trial results and regulatory approvals
Insights
Royalty Pharma's $300M funding deal with Zenas provides critical capital for obexelimab's late-stage development and commercialization for multiple autoimmune indications.
This
The deal's structure is particularly favorable for Zenas, providing staged non-dilutive capital aligned with development milestones while maintaining significant upside potential if obexelimab succeeds. For Royalty Pharma, the
Obexelimab's development across three autoimmune conditions (IgG4-RD, Multiple Sclerosis, and Lupus) creates multiple paths to commercial success. The bifunctional antibody's novel mechanism targeting both CD19 and FcγRIIb positions it uniquely in the competitive autoimmune landscape. The Phase 3 INDIGO trial readout expected around year-end represents the nearest catalyst, with potential FDA approval for IgG4-RD positioning the drug for commercial launch in 2027.
Pablo Legorreta's characterization of IgG4-RD as a "potential blockbuster opportunity" signals Royalty Pharma's confidence in obexelimab's commercial potential. This transaction continues Royalty Pharma's aggressive deployment of capital into late-stage biopharmaceutical assets, reflecting the company's strategy to expand its portfolio of royalty-generating products.
- Initial
$75 million to fund the potential U.S. commercial launch of obexelimab for the treatment of IgG4-Related Disease - Additional
$150 million associated with the upcoming results of the obexelimab Phase 3 INDIGO trial and FDA approval for the treatment of IgG4-Related Disease
NEW YORK and WALTHAM, Mass., Sept. 02, 2025 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) and Zenas BioPharma, Inc. (Nasdaq: ZBIO) today announced that Royalty Pharma will provide up to
“We are delighted to partner with Zenas as they develop obexelimab in IgG4-RD and other autoimmune diseases,” said Pablo Legorreta, founder and CEO of Royalty Pharma. “There is clear unmet need in IgG4-RD where obexelimab, with its exciting novel B cell modulating mechanism of action, has demonstrated compelling proof-of-concept. IgG4-RD represents a potential blockbuster opportunity for obexelimab. This agreement builds on an already record year for Royalty Pharma in announced value of synthetic royalty transactions, reflecting the compelling advantages this funding paradigm offers to innovative biotech companies. We look forward to supporting the Zenas team as they advance their broad development program to bring this important new treatment to patients in need.”
“We are very pleased to partner with Royalty Pharma as we rapidly advance our broad obexelimab program through late-stage development and into global commercialization. This transaction underscores our conviction in the potential of obexelimab as a franchise molecule and provides us with financial flexibility to rapidly advance our clinical programs and fund the commercial launch of obexelimab if approved for the treatment of IgG4-RD,” said Lonnie Moulder, Founder and Chief Executive Officer of Zenas. “We are committed to bringing obexelimab to as many patients living with autoimmune diseases as possible and look forward to our upcoming key milestones, including the topline results from our pivotal Phase 3 trial in IgG4-RD expected around year-end, our Phase 2 trial in Relapsing Multiple Sclerosis expected early in the fourth quarter of this year and our Phase 2 trial in Systemic Lupus Erythematosus expected in mid-2026.”
Obexelimab is an investigational bifunctional monoclonal antibody designed to inhibit B cell function by binding to both CD19 and FcγRIIb and is in Phase 3 development for the treatment of Immunoglobulin G4-Related Disease (IgG4-RD), and Phase 2 development for Relapsing Multiple Sclerosis (RMS) and Systemic Lupus Erythematosus (SLE). This financing will support obexelimab development and a potential IgG4-RD commercial launch in the first half of 2027, subject to approval by the U.S. Food and Drug Administration (FDA).
Transaction Terms
Under the agreement Zenas will receive up to
Advisors
Evercore acted as exclusive financial advisor and Ropes & Gray LLP acted as legal advisor to Zenas BioPharma. Goodwin Procter LLP and Maiwald GmbH acted as legal advisors to Royalty Pharma.
About Obexelimab
Obexelimab is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIb, which are broadly present across B cell lineage, to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. This unique mechanism of action and self-administered, subcutaneous injection regimen may broadly and effectively address the pathogenic role of B cell lineage in chronic autoimmune disease.
Obexelimab has been evaluated in five completed clinical trials in a total of 198 subjects who received obexelimab either as an intravenous infusion or as a subcutaneous injection. Obexelimab was well tolerated and demonstrated pharmacologic activity across these five clinical trials, providing the Company an initial clinical proof of concept for obexelimab as a potent B cell inhibitor for the treatment of patients living with certain autoimmune diseases. Currently, Zenas is conducting multiple Phase 2 and Phase 3 trials of obexelimab in several autoimmune diseases including Immunoglobulin G4-Related Disease, Relapsing Multiple Sclerosis and Systemic Lupus Erythematosus.
About Royalty Pharma
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap="/articles/market-capitalization-explained" title="Read: What Is Market Capitalization and How It Is Calculated" class="article-link" rel="noopener">mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 17 development-stage product candidates.
About Zenas BioPharma, Inc.
Zenas is a clinical-stage global biopharmaceutical company committed to becoming a leader in the development and commercialization of transformative therapies for patients with autoimmune diseases. Our core business strategy combines our experienced leadership team with a disciplined product candidate acquisition approach to identify, acquire and develop product candidates globally that we believe can provide superior clinical benefits to patients living with autoimmune diseases. Zenas’ lead product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIb, which are broadly present across B cell lineage, to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. We believe that obexelimab’s unique mechanism of action and self-administered, subcutaneous injection regimen may broadly and effectively address the pathogenic role of B cell lineage in chronic autoimmune disease. For more information about Zenas BioPharma, please visit www.zenasbio.com and follow us on LinkedIn.
Royalty Pharma Forward-Looking Statements
The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.
Zenas BioPharma Forward-Looking Statements
This press release contains “forward-looking statements” which involve risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning the timing and results of ongoing and future clinical trials, including expectations on the timing of reporting INDIGO trial topline results, our Phase 2 trial in RMS and our Phase 2 trial in SLE; the timing of the potential commercial launch of obexelimab for the treatment of IgG4-RD, subject to favorable Phase 3 data and receipt of FDA approval; and cash runway guidance. The forward-looking statements in this press release speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to: the Company’s limited operating history, incurrence of substantial losses since the Company’s inception and anticipation of incurring substantial and increasing losses for the foreseeable future; the Company’s need for substantial additional financing to achieve the Company’s goals; the uncertainty of clinical development, which is lengthy and expensive, and characterized by uncertain outcomes, and risks related to additional costs or delays in completing, or failing to complete, the development and commercialization of the Company’s current product candidates or any future product candidates; delays or difficulties in the enrollment and dosing of patients in clinical trials; the impact of any significant adverse events or undesirable side effects caused by the Company’s product candidates; potential competition, including from large and specialty pharmaceutical and biotechnology companies, many of which already have approved therapies in the Company’s current indications; the Company’s ability to realize the benefits of the Company’s current or future collaborations or licensing arrangements and ability to successfully consummate future partnerships; the Company’s ability to obtain regulatory approval to commercialize any product candidate in the United States or any other jurisdiction, and the risk that any such approval may be for a more narrow indication than the Company seeks; the Company’s dependence on the services of the Company’s senior management and other clinical and scientific personnel, and the Company’s ability to retain these individuals or recruit additional management or clinical and scientific personnel; the Company’s ability to grow the Company’s organization, and manage the Company’s growth and expansion of the Company’s operations; risks related to the manufacturing of the Company’s product candidates, which is complex, and the risk that the Company’s third-party manufacturers may encounter difficulties in production; the Company’s ability to obtain and maintain sufficient intellectual property protection for the Company’s product candidates or any future product candidates the Company may develop; the Company’s reliance on third parties to conduct the Company’s preclinical studies and clinical trials; the Company’s compliance with the Company’s obligations under the licenses granted to the Company by others, for the rights to develop and commercialize the Company’s product candidates; significant political, trade, regulatory developments, including changes in relations between the U.S. and China; risks related to the operations of the Company’s suppliers, many of which are located outside of the United States, including the Company’s current sole contract manufacturing organization for drug substance and drug product, WuXi Biologics (Hong Kong) Limited, which is located in China; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as well as other information we file with the Securities and Exchange Commission. The forward-looking statements in this press release are inherently uncertain, speak only as of the date of this press release and may prove incorrect. These statements are based upon information available to the Company as of the date of this press release and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, these forward-looking statements should not be relied upon as guarantees of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Except as required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
The Zenas BioPharma word mark, logo mark, and the “lightning bolt” design are trademarks of Zenas BioPharma, Inc. or its affiliated companies.
Royalty Pharma Investor Relations and Communications
+1 (212) 883-6637
ir@royaltypharma.com
Zenas Biopharma Investor and Media Contact
Argot Partners
zenas@argotpartners.com
FAQ
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