Kirchhoff Consult AG (DE) - Royalty Pharma AG announces IPO
price ...
Royalty Pharma AG announces IPO price range and publication of
preliminary offering circular
Schaffhausen, Switzerland, June 6, 2002 - Royalty Pharma AG ("Royalty
Pharma" or the "Company") today announced the price range and the publication of the preliminary offering circular for its initial
public offering ("IPO") and the listing of its shares on the main segment of the SWX Swiss Exchange. UBS Warburg is the global
co-ordinator and bookrunner for the IPO. UBS Warburg and WestLB Panmure are acting as joint lead managers. The offering consists of a
public offering in Switzerland and a private placement internationally.
Under the offering, up to 4,100,000 newly issued registered shares will be sold by the Company at a price per share ranging from CHF 40
to CHF 45. In addition, it is anticipated that selling shareholders will grant an over-allotment option to the joint lead managers to
acquire up to an additional 615,000 shares. Assuming that the offering occurs at the midpoint of the price range, Royalty Pharma
will have a market capitalization of approximately CHF 794 million and will raise gross proceeds of approximately CHF 174 million.
Following the offering, the public will hold approximately 22.0% of Royalty Pharma's shares and if the over-allotment option is exercised
in full, the public will hold approximately 25.2%. Announcement of the pricing of the offering and commencement of trading is
anticipated on June 20, 2002 (Ticker: RPXN, securities identification number 1.272.235).
Commenting on today's announcement, Dave Madden, Co-CEO of Royalty Pharma said, "The Company's diversified portfolio of royalty
interests in leading pharmaceutical and biotechnology products provides shareholders with the opportunity to invest in the revenue
from the sales of these products without the typical infrastructure and costs associated with the development and commercialization of
these products. Our offering, in which we will seek a listing of our shares on the SWX Swiss Exchange, reflects our growth and should give
us the opportunity to expand our royalty interest portfolio in Europe."
Pablo Legorreta, Co-CEO of Royalty Pharma also noted, "We believe that there are increasing opportunities for Royalty Pharma to acquire
additional royalty interests. There are owners of royalty interests who desire to realize current value by selling their interests in a
prospective stream of future payments. Royalty Pharma offers them the opportunity to obtain current liquidity and to reduce the risk
associated with a single product."
Royalty Pharma intends to use the proceeds from the IPO primarily to finance further acquisitions of royalty interests, make milestone
payments which may come due under certain of its royalty agreements and acquire additional royalty interests under options previously
granted to the Company.
About the Company:
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 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.
Indicative IPO Timetable:
Commencement of investor roadshow: June 6, 2002
Investor roadshows and bookbuilding: June 6 - 19, 2002
Announcement of pricing and listing
on the SWX Swiss Exchange: June 20, 2002
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.
The securities may not be offered or sold in or into the United Kingdom except in circumstances which do not constitute an offer to
the public within the meaning of the Public Offers of Securities Regulations 1995. All applicable provisions of the Financial
Services and Markets Act 2000 must be complied with in respect of anything done in relation to the securities in, from or otherwise
involving the United Kingdom.
This communication is not an invitation or inducement to engage in investment activity. Any such invitation or inducement in relation
to the securities must be directed solely at persons who (i) are outside the United Kingdom or (ii) have professional experience in
matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (e) of The Financial Services and Markets Act
2000 (Financial Promotion) Order 2001 (all such persons together being referred to as "relevant persons"). This communication must not
be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates
is available only to relevant persons and will be engaged in only with relevant persons.
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 the proposed offering.
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, NY, USA.
Royalty Pharma AG
Vordergasse 3
CH-8200 Schaffhausen
Switzerland
675 Third Avenue, Suite 3000
New York, NY 10017 USA
United States
