Drug Royalty Corporation (DRC) announced the purchase of 25 per cent of Enzon Pharmaceuticals, Inc's (ENZN) worldwide royalty interest in PEG-INTRON for $92.5 million.
DRC will also provide a $15 million milestone payment in 2012 should certain royalty recognition levels be met. PEG-INTRON (peginterferon alpha-2b), is approved for the treatment of hepatitis C and is marketed worldwide by Schering-Plough Corporation (SGP).

Speaking on behalf of DRC, Paul Kirkconnell, managing director, said: "DRC is very pleased to be working with Enzon Pharmaceuticals. We believe that PEG-INTRON is one of the most advanced medications to treat hepatitis C on the market today." Kirkconnell added, "With access to significant capital and a long track record in completing royalty transactions, we take pride in meeting the needs of pharmaceutical companies such as Enzon."

PEG-INTRON is a PEG-enhanced version of Schering-Plough's alpha interferon product, INTRON A, which is used both as a monotherapy and in combination with Rebetol (ribavirin) capsules for the treatment of chronic hepatitis C.

Under Enzon's license agreement with Schering-Plough, Schering-Plough holds an exclusive worldwide license to PEG-INTRON, and Enzon receives royalties on worldwide sales of PEG-INTRON. Schering-Plough is responsible for all manufacturing, marketing, and development activities for PEG-INTRON. Enzon designed PEG-INTRON to allow for less frequent dosing and to yield greater efficacy, as compared to INTRON A. PEG-INTRON is marketed worldwide by Schering-Plough and its affiliates.

Drug Royalty Corporation (DRC) is a privately held investment management company, focused on the healthcare industry, with over $1 billion under management. DRC currently manages two funds: the Royalty Monetization Fund and the Structured Finance Fund.

Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development, manufacturing, commercialization of important medicines for patients with cancer and other life-threatening conditions. Enzon has a portfolio of four marketed products, Oncaspar, DepoCyt, Abelcet and Adagen.