I have exciting news to share with you about a transformational moment in our shared journey to cure cystic fibrosis.
Today, we announced that our drug development affiliate, Cystic Fibrosis Foundation Therapeutics, has sold its royalty rights to CF treatments developed by Vertex Pharmaceuticals Inc. to Royalty Pharma for $3.3 billion.
The funds from this sale give us a tremendous opportunity to accelerate our mission as never before. We will expand our efforts to help develop lifesaving new therapies and work to ensure that the best possible care and patient programs are available for people with CF and their families. We will also pursue daring new research that we hope will one day lead to a lifelong cure that targets the disease at its
Simply put, these new resources will allow us to “dream big” in ways we never could have imagined.
"This was a dramatic example of risk-taking that has paid off in a remarkable way." -Francis S. Collins, M.D., Ph.D., director, National Institutes of Health
The sale is a powerful example of our highly successful efforts in venture philanthropy over many years. We have been pioneers in providing initial investments to pharmaceutical companies to help speed the development of new therapies for people with CF. Funds from any royalties we receive are reinvested into further research and drug development and advance our mission to find a cure. Virtually every CF drug available today was made possible because of our support.
In every decision we make, people with CF and their families remain at the heart of all we do. This transaction will enable us to significantly expand programs and services for people with CF and families throughout our care center network, including those for the growing adult CF population. In addition, the Foundation plans to enhance essential patient resources and education programs that help people with CF access the high-quality, specialized care and treatment they need.
We will continue to collaborate with academic researchers and support industry efforts to target CF from every angle -- from treatments that address the symptoms to mutation-specific therapies. We will convene the best minds in science and medicine to harness cutting-edge technologies and explore strategies aimed at one day eradicating CF at its most fundamental level -- including emerging approaches to repairing the defective CF
This historic milestone would not have been possible without the tireless dedication of the entire CF community. I am deeply grateful for the role you've played in today's news. Together, over the last several decades, we have made enormous strides. Life expectancy has doubled in the last 30 years, and there is more hope and optimism than ever before that people with CF can live longer, healthier lives.
Working as a community, we will continue to forge a path of lifesaving progress that a group of devoted parents started almost 60 years ago. Thanks to you, we are now even better prepared to embrace the opportunities and meet the challenges that lie ahead. Your continued support will allow us to take bolder steps toward our shared goal. I am confident we will get there.
Robert J. Beall, Ph.D.
President and CEO