Royalty Pharma Pulls the Off Largest IPO of 2020

Investors' pandemic-driven appetites for shares of newly listed biopharmaceutical companies seem to know no bounds in 2020. Royalty Pharma (NASDAQ: RPRX) made its stock market debut at $44 per share on Tuesday, valuing the company at a whopping $26.2 billion and the market pushed the stock more than 60% higher during its first day of trading.

The size of the offering was raised from 70,000,000 million shares to 77,680,670 shares, and the company will most likely sell an additional 11,652,250 to the offering's underwriters.

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Source Fool.com