Royalty Pharma shares soar 57.1% in market debut

(Reuters) - Shares of Royalty Pharma Plc jumped 57.1% in their stock market debut on Tuesday, as the IPO market gathers steam after the coronavirus crisis stalled potential listings. Royalty Pharma's shares opened at $44, valuing the company at $26.20 billion. The company, which buys biopharmaceutical royalties and also helps fund new treatments, sold $2.18 billion in stock after its U.S.

Reuters June 17, 2020 00:06:23 IST
Royalty Pharma shares soar 57.1% in market debut

Royalty Pharma shares soar 571 in market debut

(Reuters) - Shares of Royalty Pharma Plc jumped 57.1% in their stock market debut on Tuesday, as the IPO market gathers steam after the coronavirus crisis stalled potential listings.

Royalty Pharma's shares opened at $44, valuing the company at $26.20 billion.

The company, which buys biopharmaceutical royalties and also helps fund new treatments, sold $2.18 billion in stock after its U.S. initial public offering was priced at the top end of the range, making it the second-largest pharmaceutical listing ever.

(Reporting by C Nivedita; Editing by Vinay Dwivedi)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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