Royalty Pharma to acquire external manager for ~$1.1B, announces $3B buyback

Royalty Pharma plc

Acquires manager RP Management for ~$1.1B: $200M cash, $380M debt assumed, 24.5M RPH shares (4% of shares).
Cumulative cash savings >$1.6B over ten years; >$100M in 2026 rising to >$175M in 2030.
Board approves $3B share repurchase; intends $2B in 2025 subject to market conditions.
Equity consideration vests over 5-9 years; Pablo Legorreta's shares vest in 5 years, others in 9.
Transaction requires shareholder approval; expected close Q2 2025; ~25% of shares committed to vote in favor.

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