Press release
Royalty Pharma Announces $1.0 Billion Share Repurchase Program
Royalty Pharma’s founder and Chief Executive Officer, Pablo Legorreta, has also indicated that he intends to purchase up to an additional $50 million of the
About this update from Royalty Pharma Plc
[{"type":"text","content":"Royalty Pharma’s founder and Chief Executive Officer, Pablo Legorreta, has also indicated that he intends to purchase up to an additional $50 million of the company’s Class A ordinary shares NEW YORK, March 27, 2023 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that the company’s Board of Directors has authorized the repurchase of up to $1.0 billion of the company’s Class A ordinary shares. Royalty Pharma received shareholder approval for a share repurchase program at its Annual General Meeting in June 2022. This approval is valid through June 2027. Additionally, Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer, has indicated that he intends to purchase up to $50 million of the company’s Class A ordinary shares. \"The proposed repurchase of up to $1 billion of Royalty Pharma’s Class A ordinary shares coupled with my personal intention to buy more Class A ordinary shares 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. “This announcement is consistent with the capital allocation framework we provided at the May 2022 Investor Day, which balances our primary focus of acquiring royalties on exciting new products with returning capital to shareholders, to drive shareholder value creation. 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 timing and actual number of Class A ordinary shares repurchased will depend on a variety of factors, including price, available liquidity, corporate and regulatory requirements and market conditions and alternative investment opportunities. Repurchases of Class A ordinary shares can be made from time to time using a variety of methods, including but not limited to open market purchases (including Rule 10b5-1 trading plans) and privately negotiated transactions, all in compliance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and other applicable legal requirements, including the require...