Norton Rose Fulbright has acted as the Australian legal advisers to the Walter and Eliza Hall Institute of Medical Research on the partial monetisation of a royalty due for sales of venetoclax, a new anti-cancer drug.

This significant US$325 million deal positions the Institute as a globally recognised innovator in medical research and comes after three decades of ground-breaking scientific discoveries made at the Institute.

Federal Minister for Health the Hon. Greg Hunt MP announced the deal on July 27 alongside Victorian Minister for Health the Hon. Jill Hennessy MP, Institute director Professor Doug Hilton AO and Institute board president Mr Chris Thomas.

Norton Rose Fulbright has had a connection with the project since 2006, and its most recent role involved assisting the Institute with the Australian-specific aspects of the deal, including advising on any Foreign Investment Review Board issues and governance arrangements.

The firm advised the Institute throughout the monetisation process with respect to aspects of the transaction documents, due diligence requirements and other business obligations. It also assisted the Institute on the assessment and consideration of the bids received.

Norton Rose Fulbright partner Bernard O’Shea led the deal and commented:

'This transaction is a landmark deal for Australia and may be transformational for others in terms of commercialisation. It has been tremendously rewarding to work with the Walter and Eliza Hall Institute for more than a decade and we are proud to have played a role in helping the Institute further this important work in finding new treatments for cancer.'

Bernard O’Shea, who is co-head of our Australian life sciences and healthcare industry team, was primarily assisted by Melbourne-based associate Rohan Sridhar.