2023-03-27 07:42:50 ET
- Royalty Pharma ( NASDAQ: RPRX ) has authorized the repurchase of up to $1B of the company’s Class A ordinary shares.
- The buyback program is valid through June 2027.
- Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer, has shown interest to purchase up to $50M of the company’s Class A ordinary shares.
- "The proposed repurchase reflects our confidence in Royalty Pharma and its attractive outlook, including compounding long-term growth, a strong balance sheet enhanced by the recent acceleration of certain Biohaven related payments, and a highly cash-generative business model," said Pablo Legorreta, Royalty Pharma’s Founder and Chief Executive Officer.
- He further stated, “We continue to see tremendous opportunities for investment in life sciences innovation, as evidenced by our recently increased target for capital deployment of $10 to $12 billion over a five-year period.”
- The announcement does not obligate Royalty Pharma or Mr. Legorreta to acquire any specific dollar amount or number of Class A ordinary shares.
For further details see:
Royalty Pharma launches $1B share repurchase program