Royalty Pharma targets biggest U.S. IPO of the year
(Reuters) - Royalty Pharma Plc said on Monday it is looking to raise up to $1.96 billion in an initial public offering, which would make it the biggest U.S.
(Reuters) - Royalty Pharma Plc said on Monday it is looking to raise up to $1.96 billion in an initial public offering, which would make it the biggest U.S. listing of the year so far.
The company, which buys biopharmaceutical royalties and also helps fund new treatments, plans to list at a time the IPO market is beginning to gather steam after a prolonged dry spell due to the COVID-19 pandemic.
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Royalty Pharma said https://bit.ly/3h7fuPy in a regulatory filing it plans to offer 70 million shares at a target price range of $25-$28 per share. The top end of the range values the company at $16.67 billion.
Recording label Warner Music Group sold $1.93 billion in stock in its market debut last week, making it the largest U.S. listing of 2020 so far.
Royalty Pharma's revenue rose 15% to $500.9 million for the three months ended March 2020, compared with a year earlier. Operating income fell 16% to $361.4 million in the same period. The company's investors include Adage Capital Management and Nogra Group.
The company is looking to list shares on the Nasdaq under the symbol "RPRX".
JPMorgan, Morgan Stanley and BofA Securities are among the IPO's lead underwriters.
(Reporting by Bharath Manjesh in Bengaluru; Editing by Vinay Dwivedi)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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