Royalty Pharma $728 million secondary offering
Davis Polk advised Royalty Pharma plc and the selling shareholders on Royalty Pharma’s $728 million secondary offering of 17,343,037 of its Class A ordinary shares by certain selling shareholders. The Class A ordinary shares are listed on the Nasdaq Global Select Market under the symbol “RPRX.”
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly - directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 45 commercial products, including AbbVie and J&J’s Imbruvica, Astellas and Pfizer’s Xtandi, Biogen’s Tysabri, Gilead’s HIV franchise, Merck’s Januvia, Novartis’ Promacta, and Vertex’s Kalydeco, Symdeko and Trikafta and three development-stage product candidates.
The Davis Polk corporate team included partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associates Jacqueline Marino and Daniel Chao. Partner Simon Witty, counsel Simon J. Little and associate Marcelo Valenca provided English law advice. The executive compensation team included counsel Gregory D. Hughes. Partners Michael Mollerus and Jonathan Cooklin provided U.S. and English tax advice. Partner David R. Bauer provided intellectual property advice. Members of the Davis Polk team are based in the New York, London and Northern California offices.