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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