Quest will use the roughly $300 million net from the ibrutinib royalty sale to repurchase shares. It repurchased $405 million in shares during the second quarter, bringing year to date share repurchases to $467 million.
Royalty Pharma could see revenue from ibrutinib next year. Pharmacyclics filed ibrutinib's new drug application with the Food and Drug Administration on July 10, so its approval could come in early 2014. Ibrutinib is an investigational oral Bruton's tyrosine kinase inhibitor. The company is seeking approval for two indications in relapsed/refractory B-cell malignancy -- mantle cell lymphoma and chronic lymphocytic leukemia/small lymphocytic lymphoma.
Ibrutinib received FDA "breakthrough therapy" designations for all three indications. The designation allows drug sponsors more intensive FDA guidance on an efficient drug development program and access to FDA senior managers and review officials during the review.
Written by Pamela Taulbee