Biotech’s down­turn fu­els a bil­lion­aire’s niche in­vest­ment in­dus­try

Illustration: Assistant editor Kathy Wong for Endpoints News

Investors have pulled back from the biotech industry in recent months. But not Pablo Legorreta, who quietly pioneered a drug development niche that’s in demand.

Legorreta is the CEO and founder of Royalty Pharma, which is among a handful of specialty firms that buy future royalties for drugs that are approved or in late-stage clinical trials. In exchange, patent holders often get cash upfront, but in an amount that’s less than what they would otherwise receive over a royalty’s lifespan.

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