RPRX

Royalty Pharma Plc

A buyer of biopharmaceutical royalties: it pays universities, hospitals, foundations, and drugmakers upfront cash in exchange for a share of future sales of approved and late-stage medicines like Vertex's Trikafta cystic fibrosis treatment and Xtandi. Founded in 1996 by former Lazard banker Pablo Legorreta, who got the idea after watching a chemotherapy royalty investment pay off, it grew into one of the world's largest acquirers of drug royalty streams. Notably, it never develops drugs itself—it simply collects a slice of the top-line sales of treatments others make and sell.