Finance Watch: DRI Healthcare’s Canadian IPO Enables More Royalty Deals

Firm Raises $400m, Pursues Opportunities Across All Therapeutic Areas

 
• By Mandy Jackson
  
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Public Company Edition: US initial public offerings are reawakening from a brief nap as Prometheus and Longboard prepare IPOs for launch. Also, Halozyme sells $700m worth of notes and Karuna’s $250m stock sale leads recent follow-on offerings.

Finance Watch

DRI Healthcare Trust launched an initial public offering in Canada, grossing $400m from the IPO and a concurrent private placement, to fund its operations, purchase royalties from a portfolio of 18 pharmaceutical products and pursue additional royalty deals. Even at a time when there seems to be no shortage of capital for biopharmaceutical research and development, the firm said many companies still see the proceeds from royalty deals as one of many viable ways to finance ever-increasing R&D costs.

The investment firm DRI Capital purchased DRI Healthcare in 2002, so it has seen interest in royalty deals from competing...

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