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Raj Selvaraju

Managing Director and Senior Healthcare Equity Research Analyst at H.C. Wainwright & Co., LLC

Raghuram 'Ram' Selvaraju is a Managing Director and Senior Healthcare Equity Research Analyst at H.C. Wainwright & Co., specializing in equity research across the healthcare and biotechnology sectors. He actively covers companies such as Gain Therapeutics, Anavex Life Sciences, Zymeworks, Aquestive Therapeutics, and Vanda Pharmaceuticals, regularly publishing investment calls and providing target prices, and was ranked the #1 biotech analyst in the Wall Street Journal's 'Best on the Street' survey with a strong track record of successful calls. Selvaraju began his career in 2000 at Serono as a pharmaceutical researcher before moving into equity research at Rodman & Renshaw, later holding senior research roles at Hapoalim Securities, MLV & Co., and Aegis Capital before joining H.C. Wainwright. He holds a Ph.D. in cellular immunology and molecular neuroscience, an MBA from Cornell, a BS from Carnegie Mellon, is FINRA registered, and is the youngest-ever recipient of Serono Pharmaceutical Research Institute’s Inventorship Award for innovation.

Raj Selvaraju's questions to Ultragenyx Pharmaceutical (RARE) leadership

Question · Q3 2025

Raj Selvaraju asked for details on how the Crysvita royalty transaction came to be and whether there is a specific threshold at which Ultragenyx views a mature product as better suited for monetization and capital recycling into the pipeline versus retaining its recurring income stream.

Answer

Erik Harris, Chief Commercial Officer, explained that the company always seeks the most efficient cost of capital, and the valuation for the Crysvita royalty was excellent. He noted that while they generally prefer to retain revenue streams, this was a critical moment with multiple product launches imminent. Howard Horn, Chief Financial Officer, added that it was a competitive process aimed at securing meaningful proceeds at the lowest cost of capital, maximizing cash preservation with a payment holiday, to bolster the balance sheet for future launches.

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