Ultragenyx agreed to sell a second rare pediatric Priority Review Voucher (PRV) for $203 million, following an earlier $210 million PRV sale linked to prior FDA approvals. The transaction brings its combined voucher proceeds to $413 million and provides non-dilutive capital intended to strengthen the company’s ability to fund rare and ultra-rare programs. The PRV is connected to FDA approval of FAYUVI (rebisufligene etisparvovec-hopf), the first approved therapy for mucopolysaccharidosis type IIIA (MPS IIIA). The company framed the voucher monetization as directly supporting its pathway toward profitability. For the rare-disease sector, the update reinforces the continuing role of PRVs as a financing tool tied to regulatory milestones—especially when cash burn remains high but clinical differentiation is clear. The market implication is straightforward: voucher liquidity can materially influence pipeline pace without immediate equity dilution.