J.P. Morgan selling 55 million shares of BioPharma Credit Plc

LONDON, UK: J.P. Morgan Securities Plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove announced the intention to sell 55 million existing ordinary shares in BioPharma Credit Plc on behalf of Pablo Legorreta, Founder and Chief Executive Officer of Royalty Pharma and a Principal and co-founder of Pharmakon Advisors, the Company’s Investment Manager.

The proposed share sale represents approximately 4.0 % of the Company’s issued share capital and represents a portion of Pablo Legorreta’s holding in the Company.

The price per share will be determined through an accelerated book building process to institutional investors. The book building process will commence with immediate effect following this announcement and may close at any time on short notice. The results of the Transaction will be announced as soon as practicable thereafter.

J.P. Morgan Cazenove is acting as Sole Global Coordinator on the Transaction. A further announcement will be made following completion of the booking building and pricing of the Transaction.

Pablo Legorreta is using this Transaction to raise funds to support other personal investments including ProKidney and ITB-Med, as well as to fund commitments related to philanthropic activities including, Alianza Médica para la Salud, The Legorreta Cancer Center at Brown University, The Kidney Health Foundation, and The Open Medical Institute, among others.

Following the Transaction, Pablo Legorreta will own 21.7 million shares in BioPharma Credit Plc (representing 1.6% of the Company’s issued share capital), remaining a long-term holder in the Company alongside many pre-IPO investors.

The Company will not receive any proceeds from the Transaction.


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