Royalty Pharma Nears Biopharma Record Take With $2.18bn IPO
Company specializing in trading upfront cash for downstream earnings makes its public debut with largest IPO of 2020, and the second largest ever in biopharma.
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During Q2 biopharmas brought in an aggregate $32.3bn in financings and device company fundraising totaled $9.5bn; while in vitro diagnostic firms and research tools players brought in $2bn across the period.
The performance of 29 biopharma firms that launched IPOs during the first half of 2020 is staggering compared with 28 drug developers that went public in the first half of 2019 with a 10% average return.
Paying cash up front to scientists, hospitals, biotechs and pharmas in exchange for their royalty stakes in successful drugs has proven profitable for Royalty Pharma. The firm has begun applying its long-term strategy to late-stage clinical candidates in addition to marketed products.