Pablo cap­i­tal­ized: Roy­al­ty Phar­ma scores $2.2B IPO — the biggest of the year

A phar­ma IPO has snatched the crown for the largest US list­ing of the year.

Roy­al­ty Phar­ma raised $2.2 bil­lion — the ex­act amount out­lined in the lat­est fil­ing — by pric­ing at $28 per share, the top of the range. On its first day on the Nas­daq, it’s val­ued at $16.67 bil­lion.

The com­pa­ny jumped from rel­a­tive ob­scu­ri­ty to (biotech) house­hold fame in less than three weeks, as CEO Pablo Legor­re­ta re­vealed to Wall Street, af­ter 24 years of shy­ing away from the lime­light, just how much rev­enue the world’s biggest buy­er of drug roy­al­ties can bring in.

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