Capitalizing Pablo II: The updated IPO for Royalty Pharma includes a $16.6B market cap and a chart-topping $2.2B raise. Can they beat it?
Pablo Legorreta has sent in his updated S-1 for Royalty Pharma, which predictably sketches out a much bigger picture than the placeholder sent in at first.
The world’s biggest drug royalty purchaser outlined plans to raise up to $2.2 billion — at the top of the range, though these days the final figures could go even higher — in their public debut on Wall Street, which values the business at $16.7 billion. One of the chief shareholders, and a biotech billionaire in his own right, is Legorreta, who started the business 24 years ago and reserved a large chunk of the equity for himself as he directed $18 billion of investments in experimental and approved drugs.
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