ROYALTY PHARMA, the world's largest purchaser of royalties on future sales of leading prescription drugs, is quickly generating investor attention for a near US$2bn Nasdaq IPO. JP Morgan, Morgan Stanley, Bank of America, Goldman Sachs, Citigroup and UBS bullishly accelerated the expected pricing by one day after a few days of marketing. The syndicate of 13 banks is marketing 70m shares at a range of US$25-$28 each for pricing post-close on Monday, June 15, after originally slotting the deal for pricing on Tuesday, June 16. The terms attribute Royalty an enterprise value of up to US$22bn. "Royalty Pharma operates completely behind the scenes but it's staggeringly big," said an ECM banker away from the deal. If priced at the top of the range, the offering will eclipse Warner Music Group's US$1.93bn raise this month as this year's largest US IPO.
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