Royalty Pharma, which buys royalty interests in marketed and late-stage biopharmaceuticals, raised $2.2 billion in the largest US IPO year to date by offering 77.7 million shares at $28, the high end of the range of $25 to $28. The company offered 7.7 million more shares than anticipated. At pricing, it commands a fully diluted market cap of $16.7 billion.
Royalty Pharma plans to list on the Nasdaq under the symbol RPRX. J.P. Morgan, Morgan Stanley, BofA Securities, Goldman Sachs, Citi, UBS Investment Bank, Evercore ISI, Cowen, and SunTrust Robinson Humphrey acted as lead managers on the deal.
