A drug company that doesn’t develop drugs is raising $2 billion
After more than two decades of operating as the drug industry’s payday lender, Royalty Pharma is going public, plotting what would be the sector’s largest-ever IPO.
The company, founded in 1996, is angling to sell 70 million shares at up to $28 each. The offering, expected to price next week, would raise about $2 billion value Royalty Pharma at roughly $16 billion. The current IPO record-holder in biopharma is Moderna, which debuted at a valuation of about $7.5 billion.
As its name would suggest, Royalty Pharma is a business built on buying royalties in other people’s drugs, whether by paying academic institutions, mid-sized biotechs, or multinational pharma companies. That means buying into Royalty Pharma’s IPO is less like backing a drug developer than it is like choosing a portfolio manager.
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The company, founded in 1996, is angling to sell 70 million shares at up to $28 each. The offering, expected to price next week, would raise about $2 billion value Royalty Pharma at roughly $16 billion. The current IPO record-holder in biopharma is Moderna, which debuted at a valuation of about $7.5 billion.
As its name would suggest, Royalty Pharma is a business built on buying royalties in other people’s drugs, whether by paying academic institutions, mid-sized biotechs, or multinational pharma companies. That means buying into Royalty Pharma’s IPO is less like backing a drug developer than it is like choosing a portfolio manager.
Read more.
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