Dear Friends,
More than 20 years ago, the Cystic Fibrosis Foundation took the pioneering step of providing research funding to Aurora Biosciences (now Vertex Pharmaceuticals, Inc.) to identify and develop the first treatments for the underlying cause of CF. Driven by the relentless determination of the CF community, those investments led to the development of multiple transformative therapies to treat CF. In 2014, the CF Foundation sold rights to royalties related to those therapies to a third-party group called Royalty Pharma -- generating critical resources to reinvest in the Foundation's mission at an unprecedented rate.
The funds from that sale are being used to accelerate the next generation of transformative therapies, support high-quality care and programs for people with CF and their families, and pursue bold new opportunities to find a cure for all people with CF. We have made incredible progress, but our work is far from done.
Today, I am pleased to share that the CF Foundation has successfully completed a sale of its remaining stake in royalties related to Vertex's CFTR modulators for an upfront payment of $575 million and a potential future payment of $75 million, bringing additional resources to the fight against CF.
This sale comes at a time of great change and opportunity in CF. Our goal in pursuing this agreement -- and for all resources we receive through our continued fundraising and venture philanthropy programs -- is to maximize the funds available to fuel our mission. With these resources, we are better positioned to address the challenges that people with CF and their families continue to face today and move faster and further down the path to a cure.
The speed and thoroughness with which we can pursue better todays and add tomorrows for people with CF are only possible because of successes like this and the resources the CF community has entrusted to us over the years. We want every person to have access to the best therapies for their disease and are committed to ensuring that people with CF have what they need to live the longest, healthiest lives possible. Thank you for your enduring commitment and your continued support of our shared goal: a day when CF stands for Cure Found.
With gratitude,
Michael Boyle, MD
President and CEO