Northwestern sold part of its royalty rights to the drug Lyrica to a New York-based company last month for $700 million.

The drug’s main chemical compound was first synthesized by Northwestern chemists, who will receive a portion of the sale. The drug relieves pain associated with shingles and diabetes.

“Essentially, we are converting a potential stream of future royalty revenues from Lyrica into an immediate cash payment,” Eugene Sunshine, NU’s senior vice president for business and finance, said in a press release. “We continue to believe strongly in Lyrica’s potential and Northwestern retains a large portion of those royalty rights, but by doing this, we are diversifying the University’s investments.”

The portion of royalty rights still retained by the university was not disclosed.

Most of the $700 million will be added to Northwestern’s $6.6 billion investment fund, which is used for financial aid for students, building construction, new research projects and other purposes.

Part of the royalties from Lyrica are currently being used to help fund the construction of Silverman Hall, named for Richard Silverman, the chemist who developed the key chemical compound of the drug. The new building will serve as a state-of-the-art life sciences center.