Ultragenyx Pharmaceutical Inc., a biopharmaceutical company specializing in treatments for rare and ultra-rare genetic diseases, has announced the sale of an additional 25 percent of its royalty interest from Kyowa Kirin Co., Ltd on future North American sales of Crysvita® (burosumab) to OMERS Life Sciences for US$400 million. OMERS, one of Canada’s largest defined benefit pension plans, will begin receiving this additional royalty interest on net sales of Crysvita® in the United States and Canada starting January 2028. The total payments to OMERS under the new agreement are capped at 1.55 times the purchase price. Furthermore, OMERS will continue to receive 30% of Crysvita® net sales in the U.S. and Canada after the cap of the 2022 royalty purchase agreement is reached. The proceeds from this transaction are intended to fund four expected product launches and support Ultragenyx’s path to full-year GAAP profitability in 2027. At the exchange rate on November 4, 2025 (US$1 = C$1.41), the transaction value equates to approximately C$564 million. TD Cowen acted as exclusive financial advisor to Ultragenyx, with Gibson, Dunn & Crutcher LLP serving as legal advisor. Davies Ward Phillips & Vineberg LLP, Latham & Watkins LLP, and Sidley Austin LLP acted as legal advisers to OMERS.