FDA approves KarXT (Cobenfy) for schizophrenia; triggers $25M milestone for Royalty Pharma from PureTech deal

Royalty Pharma plc

FDA approved KarXT (xanomeline-trospium) for adult schizophrenia; BMS to market as Cobenfy.
Royalty Pharma's March 2023 PureTech deal: $100M upfront, up to $400M milestones, 3% royalty on sales up to $2B (then 1%).
Approval triggers $25M milestone payment from Royalty Pharma to PureTech.
Approval validates Royalty Pharma's investment and unlocks potential future royalty revenue.

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