Royalty Pharma AG to seek SWX Swiss Exchange Listing

Schaffhausen, Switzerland, May 22, 2002 . Royalty Pharma AG (>Royalty Pharma< or the >Company<), a company within the biopharmaceutical industry, today announced its intention to seek a listing of its shares on the main segment of the SWX Swiss Exchange in Zurich in the near future. The listing will be by way of a public offering in Switzerland and private placement internationally. UBS Warburg has been appointed as the global coordinator and bookrunner for the group in connection with the initial public offering. UBS Warburg and WestLB Panmure are acting as joint lead managers. 

Royalty Pharma is a Swiss company that acquires royalties and other contractual rights, which entitle it to receive a portion of the revenue realized from third party sales of pharmaceutical and biotechnology products. The Company.s strategy is to build a diversified portfolio of products in different development and market stages as well as varied therapeutic classes. The Company intends to use the proceeds from the offering to finance acquisitions as part of its growth strategy. 

Dave Madden, Co-CEO said, >A listing on the SWX Swiss Exchange should better position us to accelerate future growth, further diversify our product base and provide a cornerstone for our operations in Europe.<

Pablo Legoretta, Co-CEO added, >We will continue to focus on approved products and, in addition, we expect to make a limited number of acquisitions of royalty interests in product candidates, primarily in Phase III clinical trials.<

The Company has been working with research institutions, inventors, and life science companies for over five years and now owns royalty interests in nine marketed products . Rituxan, Neupogen/Neulasta, ReoPro, Thalomid, Retavase, TOBI, Zerit, Zenapax and Simulect. Royalty Pharma also owns a royalty interest in Ariza, a product for which a New Drug Application has been filed with, accepted and is being reviewed by the U.S. Food and Drug Administration, and in three product candidates in Phase III clinical trials . lasofoxifene, bazedoxifene and bazedoxifene/Premarin, and alvimopan.

The Company believes that there are increasing opportunities to acquire royalty interests. There are owners of royalty interests who desire to sell their interests to realize current value from the prospective stream of future payments through an opportunity to obtain current liquidity and to reduce the risk associated with a single product. The Company.s diversified portfolio of royalty interests provides shareholders with the opportunity to invest in leading pharmaceutical and biotechnology products without typical infrastructure and associated costs. 

In 2001 royalty revenue (excluding one-time items) was US$ 36.0 million, an increase of 47% over 2000. Operating cash flow (EBITDA, excluding one-time items) in 2001 grew by 55% to US$ 32.3 million (EBITDA-margin: 90%) compared to 2000. Net income (excluding one-time items) for 2001 rose by 64% to US$ 15.8 million compared to 2000. Royalty Pharma has 8 employees. 

For further information please contact:

Kirchhoff Consult (Schweiz) AG
Frank Schwarz
Petra Nix

Tel. +41-41-375 01 20
schweiz@kirchhoff.de 


The company is incorporated in Schaffhausen, Switzerland and its management is based in New York, New York, USA.

Royalty Pharma AG 
Vordergasse 3 675 Third Avenue, Suite 3000
CH-8200 Schaffhausen New York, New York 10017

Disclaimer
This press release is not an offer of securities for sale in the United States. Securities may not be sold in the United States except pursuant to an exemption from, or on a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act.) and applicable state securities law. This press release is not an offer of securities for sale in any other country or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such country or state. 
This press release is not being issued in the United States of America, Canada, Japan and Australia and should not be distributed to U.S. persons or publications with a general circulation in the United States. 
In addition to historical information, this press release may include "forward-looking statements.. These statements relate to the Company.s intention to consummate the proposed offering described above, future prospects, developments and business strategies and are based on analyses of forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements are made only of the date of this press release and the Company does not undertake to publicly update or revise these statements, whether as a result of new information, future events or otherwise.
These forward-looking statements involve risks, uncertainties and other factors that may cause the Company.s actual future results, performance and achievements to be materially different from those suggested or described in this press release. Many of the factors that will determine these results, performance and achievements are beyond the Company.s control. As a result of such risks and uncertainties, there can be no assurance that the effects of competition or current or future changes in the biotechnology and pharmaceutical industries or current or future regulation of the biotechnology or pharmaceutical industries will not have a material effect on Royalty Pharma and there can be no assurance that Royalty Pharma will be able to complete this proposed offering.