May 18, 2007

$650-Million to NYU From Drug Rights

By RICHARD MONASTERSKY

New York University has announced it will receive $650-million in return for selling a portion of its future royalty rights from sales of a drug called Remicade, which is used to fight rheumatoid arthritis and several other autoimmune diseases.

The drug, which is based on a 1989 discovery by two NYU researchers, has already earned the university $360-million, said John Beckman, a university spokesman. The university decided to sell its portion of the royalty rights now, to the

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