04:01 AM EDT, 10/04/2024 (MT Newswires) -- Editas Medicine ( EDIT ) said Thursday it has sold future license fees and other payments it is owned under a license agreement for its Cas9 gene-editing technology with Vertex Pharmaceuticals to a wholly-owned subsidiary of DRI Healthcare Trust for an upfront cash payment of $57 million.

Under the terms of the agreement, Editas will receive an immediate cash payment of $57 million in exchange for up to 100% of future annual license fees ranging from $5 million to $40 million per year as well as a mid-double-digit percent of Editas' portion of a $50 million upfront payment under the Vertex license deal.

Editas said it retains rights to fixed annual license fees for 2024 and a mid-single-digit million-dollar payment in the event of Vertex's achievement of certain annual sales milestones.

The company said the cash will help finance the development of biotech projects and other strategic priorities.

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