Question · Q3 2025
Mitchell asked about the rationale behind the recent Crysvita transaction and whether there's a threshold for monetizing mature products to recycle capital into the pipeline versus retaining recurring income.
Answer
Erik Harris, Chief Commercial Officer, explained that the company sought the most efficient cost of capital, finding excellent valuation for the Crysvita royalty. Howard Horn, Chief Financial Officer, added that the competitive process aimed for meaningful proceeds, low cost of capital, and maximized cash preservation, with the payment holiday being beneficial. He noted that monetizing future-dated revenues now bolsters the balance sheet for upcoming launches and growth.
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