Boston Scientific (NYSE:BSX) has sold half of its Zytiga-related royalties to Ontario Municipal Employees Retirement System for $256 million.
The deal is worth 50% of the Zytiga-related royalties, according to an SEC Form 8-K filing from yesterday. Zytiga is a treatment for men with metastatic castration-resistant prostate cancer, according to its website.
The sale begins with royalties attributable to sales starting on Oct. 1, through the expiration of the royalty term.
Marlborough, Mass.-based Boston Scientific acquired the Zytiga royalties when it finished its $4 billion acquisition of BTG (LN:BTG) in August.
According to the filing, the sale of the royalties does not change Boston Scientific’s 2019 forecast, as the company plans to use the funds to pay down its debt. Boston Scientific also said it does not expect the transaction to have an impact on its income statement for 2019 and thereafter.