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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