Cara Therapeutics announced it has entered into a Royalty Interest Purchase and Sale Agreement with HealthCare Royalty, HCRs. Cara intends to use the proceeds from the agreement to support the ongoing clinical development of its oral difelikefalin pipeline, including late-stage programs for pruritus associated with atopic dermatitis, advanced chronic kidney disease, and notalgia paresthetica. Under the terms of the agreement, Cara will receive an initial payment of $17.5 million, less certain expenses. Cara will receive an additional payment of $20.0 million upon Kapruvia receiving a certain minimum price in Germany, which is expected to occur this quarter. In addition, if KORSUVA achieves certain specified 2024 performance levels in Japan, Cara will receive a $2.5 million milestone payment. In exchange, HCRx will receive all royalties due to Cara from KORSUVA injection / Kapruvia ex-U.S. license agreements with CSL Vifor and Maruishi Pharmaceutical Co., Ltd. The arrangement with HCRx specifically excludes KORSUVA injection in the U.S. and all of Cara’s oral difelikefalin internal development programs.
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