Royalty Pharma, which buys royalty interests in marketed and late-stage biopharmaceuticals, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise up to $2.0 billion by offering 70 million shares (14% insider) at a price range of $25 to $28. At the midpoint of the proposed range, Royalty Pharma would command a fully diluted market value of $15.8 billion.
Royalty Pharma was founded in 1996 and booked $1.9 billion in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol RPRX. J.P. Morgan, Morgan Stanley, BofA Securities, Goldman Sachs, Citi and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 15, 2020.
