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Royalty Pharma Earns Its Profits The Slow Way

 
• By Paul Bonanos

Paying cash up front to scientists, hospitals, biotechs and pharmas in exchange for their royalty stakes in successful drugs has proven profitable for Royalty Pharma. The firm has begun applying its long-term strategy to late-stage clinical candidates in addition to marketed products.

Buying up royalty streams on marketed drugs isn’t the sexiest part of the pharmaceutical industry, but Royalty Pharma has made it one of the most profitable endeavors in the business. The firm owns rights to more than three dozen revenue streams worth about $8 billion, collected over a series of deals spread out over its 17-year history. And its dealmaking process has recently taken a more creative turn and shown more appetite for risk, including deals for royalties on late-stage pipeline products awaiting approval and even an attempted hostile takeover.

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