Biopharmaceutical royalty firm Healthcare Royalty postpones $750 million IPO

Healthcare Royalty, which buys royalty interests in marketed and late-stage biopharmaceuticals, postponed its IPO on Friday. It had filed to raise $750 million by offering 46.9 million shares (33% secondary) at a price range of $15 to $17.

Healthcare Royalty claims it is the leading mid-market royalty acquisition company by number of transactions and aggregate value of capital deployed since 2016. The company's portfolio contains 35 products across 12 therapeutic categories, including Shingrix, Krystexxa, and Xpovio. From its 2006 inception through June 30, 2021, Healthcare Royalty has deployed approximately $4.7 billion across 76 royalty-related transactions involving 79 products.

The Stamford, CT-based company was founded in 2006 and booked $263 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the NYSE under the symbol HCRX. Goldman Sachs, Citi, Credit Suisse, Jefferies, Cowen, SVB Leerink, Truist Securities, BMO Capital Markets, Stifel, and Raymond James were set to be the joint bookrunners on the deal.