By Robb M. Stewart

DRI Healthcare Trust said Thursday it sold its royalty interest and milestone-payment obligation in the worldwide sales of biologic drug TZIELD to a subsidiary of Sanofi S.A. for $210 million.

The sale is marks the second time in 21 years that DRI Healthcare has sold a royalty to a third party, it said. It bought the TZIELD royalty in March from MacroGenics Inc. for $100 million upfront and a commitment to make certain milestone payments.

DRI Healthcare said it plans to use $20 million of the transaction's proceeds to pay an additional special cash distribution to unitholders of record as of June 30. A further portion of the proceeds will be used to pay down the entire debt outstanding under DRI Healthcare's revolving acquisition credit facility, the company said, adding that would leave it with cash and credit available to invest in its pipeline of opportunities.

TZIELD is indicated to delay the onset of stage 3 type 1 diabetes in adults and pediatric patients aged 8 years and older that have stage 2 type 1 diabetes. It was approved by the U.S. Food and Drug Administration in November 2022.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 27, 2023 07:35 ET (11:35 GMT)

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