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Royalty Pharma Soars 59% After Year’s Biggest U.S. IPO

  • Biomedical IPOs still dominate as broader market rebounds
  • Royalty raised $2.18 billion in upsized, top-of-range listing
     
Photographer: Anthony Kwan/Bloomberg
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Royalty Pharma Plc, a buyer of biopharmaceutical royalties, rose 59% in its trading debut after its upsized initial public offering raised $2.18 billion with shares priced at the top the range.

Shares of Royalty Pharma opened trading Tuesday in New York at $44 after the company and existing shareholders sold 77.68 million shares Monday for $28 each, after marketing 70 million of them for $25 to $28. The shares jumped as much as 65% in their debut and closed at $44.50.