Royalty Pharma $1.5 billion senior notes offering

Davis Polk advised Royalty Pharma plc in connection with its SEC-registered offering of $1.5 billion aggregate principal amount of senior notes, consisting of $500 million aggregate principal amount of 5.150% senior notes due 2029, $500 million aggregate principal amount of 5.400% senior notes due 2034 and $500 million aggregate principal amount of 5.900% senior notes due 2054. Royalty Pharma intends to use the net proceeds from the offering for general corporate purposes. The notes are guaranteed by Royalty Pharma Holdings Ltd on a senior unsecured basis.

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and nonprofits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’s Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy and 17 development-stage product candidates.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr., counsel Jeffrey S. Ramsay and associates Kerim K. Aksoy and Saloni Pant. Partner Simon Witty, European counsel John Taylor and associate Vivek Thanki provided English law advice. Partner Dominic Foulkes, counsel Alon Gurfinkel and associate Freddie Schwier provided U.S. and English tax advice. Members of the Davis Polk team are based in the New York and London offices.