Street Calls of the Week
NEW YORK - Royalty Pharma plc (NASDAQ:RPRX), a pharmaceutical company currently valued at $20.4 billion and showing strong year-to-date returns of 40%, announced Monday that its Board’s independent directors have unanimously appointed Dr. Ted W. Love as Lead Independent Director.
Dr. Love, who has served as an independent director at Royalty Pharma since 2020, will continue to chair the company’s Nominating and Corporate Governance Committee while assuming this new leadership role.
"Ted has consistently demonstrated exceptional judgment and leadership," said Pablo Legorreta, Chief Executive Officer and Chairman of Royalty Pharma, in a statement released by the company.
Dr. Love currently serves as Immediate Past Chairman of the Biotechnology Innovation Organization’s (BIO) Board of Directors, having completed a two-year term as Chairman from 2023 to 2025.
His previous experience includes serving as President and CEO of Global Blood Therapeutics, Executive Vice President at Onyx Pharmaceuticals, and holding senior management positions at Theravance and Genentech. Dr. Love also serves on the boards of Gilead Sciences and Structure Therapeutics.
Dr. Love holds a medical degree from Yale Medical School and completed his residency in internal medicine and a fellowship in cardiology at Massachusetts General Hospital.
Royalty Pharma, founded in 1996, is a major buyer of biopharmaceutical royalties with a portfolio that includes rights to payments based on sales of more than 35 commercial products, including treatments from Vertex, Johnson & Johnson, GSK, and Roche.
The information in this article is based on a company press release statement.
In other recent news, Royalty Pharma has made significant moves, including acquiring a royalty interest in Amgen’s cancer treatment Imdelltra for $885 million upfront. This deal with BeOne Medicines also includes an option for BeOne to sell additional royalties for up to $65 million within the next 12 months. Additionally, Royalty Pharma announced that Henry Fernandez has stepped down as Lead Independent Director from the company’s Board of Directors. The company has been in the spotlight following its Investor Day, with UBS raising its price target on Royalty Pharma to $38 while maintaining a Neutral rating, citing structural issues in the equity story. Meanwhile, TD Cowen reiterated its Buy rating and set a $42 price target, highlighting strong performance metrics since the company went public five years ago. These developments come as Royalty Pharma continues to strengthen its portfolio and leadership team.
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