Priority Review Voucher (PRV) Database: Trends, Analysis, Insights, and Future Strategies

Executive Summary

Pulling together data from multiple public sources, I’ve built a database of PRV “transactions”, including issuances of PRVs, sales to other parties, and redemptions for other indications.

• At least 70 PRV were granted from 2009 to Present

• 40 of 70 (58%) resulted in sale or transfer to another company

• Cumulative sales over the period amount to $4.35B spent on PRVs

In analyzing this database some key trends about the PRV market and PRV strategy emerge:

• Average PRV sale price has fallen to ~$100M starting in 2018, from a high of ~$290M in 2015-16

• Immunology indications have been the primary focus of PRVs purchased by companies, however, cardiovascular-metabolic and virological indications have been fairly common in the past

• Companies tend to purchase PRVs and use them on novel late-stage assets, targeting large indications, with high competitive intensity, and that are of key strategic interest. Companies focus on approvals that would expand its current base business (think. AbbVie in RA or IBD or Lilly in T2D and Obesity) or establish a new pillar in a diversifying growth area (think Novartis in Neuroscience, Gilead in Immunology)