BioCentury
ARTICLE | Finance

Cushy deal

Pharmakon buys royalties for Cushing's syndrome drug Korlym from Corcept

August 13, 2012 7:00 AM UTC

Pharmakon Advisors could see a 1.5x return within four years on its investment in Corcept Therapeutics Inc. after purchasing rights to receive $45 million in royalties on the company's products for $30 million in cash.

In April, Corcept launched Korlym mifepristone in the U.S. to treat Cushing's syndrome, a hormonal disorder caused by prolonged exposure to high levels of cortisol. The progesterone and cortisol receptor antagonist is Corcept's first marketed product and had $875,000 in sales last quarter...