Now this is how the knowledge-based economy is supposed to work.
Children's Hospital of Philadelphia raised $182 million from the sale of its interest in royalties from a vaccine made by Merck & Co. Inc.
Royalty Pharma, of New York, bought the royalty interests. It spent $700 million to acquire the royalties to Lyrica from Northwestern University and $650 million for the Remicade royalties from New York University.
Here's what Children's Hospital CEO Steven M. Altschuler said:
CHOP will use this money in the continual pursuit of advancing science to benefit children.
RotaTeq is a vaccine against rotavirus, which kills hundreds of thousands of children in the developing world. The vaccine was created from research performed at Children's Hospital and the Wistar Institute in West Philadelphia.
Merck won approval from the Food and Drug Administration for RotaTeq in February 2006.