Royalty Monetization

AUG 2023


Bexacat (bexagliflozin) is an orally administered sodium-glucose cotransporter 2 inhibitor (SGLT2i), indicated to improve glycemic control in otherwise healthy cats with diabetes mellitus (DM) not previously treated with insulin. In December 2022, FDA approved Bexacat, making it the first oral new animal drug to improve glycemic control in cats with DM. Bexacat is a once-daily tablet alternative to insulin for treating feline diabetes. It lowers blood sugar by increasing urine excretion of glucose through inhibition of SGLT2 and results in effective glycemic control.


HCRx purchased the right to receive all royalty payments and a portion of sales-based milestone payments due from Elanco with respect to Bexacat sales. Theracos opted to monetize its Bexacat royalty interest to support the ongoing launch of Brenzavvy, their SGLT2i which features the same parent drug as Bexacat, but is formulated for human indications.

Note: This transaction also appears in the Corporate Financing section under Theracos.