Royalty Pharma at Goldman Sachs Conference: Strategic Growth Insights

On Tuesday, 10 June 2025, Royalty Pharma (NASDAQ:RPRX) presented at the Goldman Sachs 46th Annual Global Healthcare Conference, offering a strategic overview of its business model and future outlook. The discussion highlighted the company’s robust financial performance and strategic integration, while also addressing the competitive landscape and investment challenges.

Key Takeaways

• Royalty Pharma reported approximately $3 billion in revenue with 92% EBITDA margins.
• The company aims to deploy $2 billion to $2.5 billion annually in capital.
• The strategic integration of RP Management was completed, aligning management with shareholder interests.
• Royalty Pharma focuses on post-proof-of-concept investment opportunities.
• The company emphasized its long-term value creation strategy and competitive advantages.

Financial Results

• Revenue for the last year was approximately $3 billion.
• EBITDA margins stood at 92%.
• Historically, the company has generated unlevered returns of 12%-13% over 10-15 years.
• Since going public, Royalty Pharma has deployed $13 billion to $14 billion, exceeding initial guidance.

Operational Updates

• The portfolio includes 45 royalty streams across various therapeutic areas.
• Royalty Pharma screened 440 opportunities last year, executing seven to eight deals.
• The integration of RP Management was completed in May, positively impacting shareholder alignment.
• The research and investments team consists of 30 experienced members.

Future Outlook

• The company reaffirmed its capital deployment target of $2 billion to $2.5 billion annually.
• Potential updates to financial targets may be announced at the Analyst Day on 11 September.
• Royalty Pharma plans to continue focusing on high-quality assets and long-term value creation.
• The company sees potential in drugs like Prexalimab and Olpasiran.

Q&A Highlights

• Two-thirds of deal opportunities come unsolicited; the rest are initiated by Royalty Pharma.
• In deep diligence, the sourcing is reversed, with two-thirds initiated by the company.
• Strong industry relationships are crucial for securing deals and partnerships.

For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference:

Unidentified speaker, Moderator: Alright. We’re just about at time. Let’s get started with our next session. It’s a pleasure to have the management team of Royalty Pharma here with us, Chris Hite, vice vice chairman and Ashwin Pai. Thank you for being here.

Thank you. Welcome. So I guess, let’s start high level. Can you maybe just start by framing Royalty Pharma for those of us who might not be that familiar with the story, provide a quick story of the sort of arc of the business and how it’s evolved to where it is today.

Chris Hite, Vice Chairman, Royalty Pharma: Sure. And thanks again for having us. So Royalty Pharma has been around for about thirty years. It started off with our current CEO and founder, who’s also the chairman of our board, Pablo Legeretta, who founded the company really on the basis of buying existing royalty streams that happen to be at hospitals or universities or foundations, taking a long dated risk of the commercial performance of the drug and giving them upfront capital that they could recycle for more R and D or whatever they wanted to do with it. So that was the basic foundation of the company.

And we still do that. We went public in 2020, and we still buy existing royalty streams from universities and foundations, etcetera. The company has also morphed where we’ll create royalties that don’t exist today. And we can do that by simply contractually investing in R and D programs or providing capital for companies that need the capital to launch drugs. And in exchange, we’ll take what we call the synthetic royalty.

So we still buy existing royalty streams. As everyone knows, the business of the drug industry is very fragmented on the R and D side. On average, every drug that gets approved by the FDA has about two royalties associated with it, associated with licensing agreements or collaboration agreements. And so that’s a very deep marketplace. But we also now have really advanced our business where we’ll co invest with R and D, like with Merck and Pfizer and Sanofi, Teva, Biogen, where we co invest on the R and D programs and create a royalty stream in exchange for upfront capital.

The businesses last year did about $3,000,000,000 of revenue. We have 92% margins, EBITDA margins. We’re investment grade rated. And publicly, we talk about deploying 2,000,000,000 to $2,500,000,000 a year in capital.

Unidentified speaker, Moderator: I guess maybe just staying at a high level, Chris, and that’s very helpful, what is the fundamental thesis for why investors should be buying Royalty Pharma today in the current environment? What are the advantages of investing in Royalty Pharma compared to a diversified, for example, pharma company or another diversified financial instrument vehicle?

Chris Hite, Vice Chairman, Royalty Pharma: Great, great question. Royalty Pharma, as I said, has been around thirty years. We have a really proven track record of generating very attractive unlevered returns. So we’re historically, for the last, call it, ten, fifteen years, generated unlevered returns around 12%, 13%. When you add leverage to that, those returns are quite higher.

And we’re not when you compare us to a pharmaceutical or a biotechnology company, we are not burdened by existing therapeutic area, preferences, or franchises. We invest in any therapeutic area. We’re not burdened by manufacturing or any of those costs. And we can play what really is what’s an important unmet medical need and invest in really drugs that are high growth potential, really solving the problem of the patient. So I think we can be much more nimble in today’s environment, especially with all the things going on around today’s environment.

And from a comparing us to an asset manager, you know, I’d say that, once again, I go back to just our investment returns. Alternative asset managers have grown their businesses tremendously, you know, raising trillions of dollars under management. Now they gotta put that money to work. Let’s see how they do putting that to work, whether they can generate returns for their LPs the way we have. Yeah.

We’ve got a demonstrated track record, and the industry is so fragmented and so capital intensive, we like where we sit.

Unidentified speaker, Moderator: You touched on this briefly, but I want to double click on it a little bit more, Chris. Just given the current policy uncertainty and the external environment, I mean, this is a question that we just are feeling compelled to ask all of our companies. A lot of the industry is involved in ongoing policy discussions. So I guess how does this impact the way you guys are operating? And are you actively involved in attempting to shape these policies in any way?

And which specific issues are you most focused on?

Ashwin Pai, Unidentified, Royalty Pharma: Yes. So you’re right. I mean, we’re obviously watching this really closely. I think our business has the benefit of being diversified US versus ex commercial versus Medicare versus Medicaid versus Part B. We’re very broadly diversified, therapeutic area, etcetera.

So I think we feel good about where we sit. But we’ve got to kind of watch where this goes. Tariffs is another thing that obviously people are focused on. Tariffs happen upstream of where we sit. So our royalty comes on the net sale of the drug.

So I think we feel good about where we are with respect to that.

Unidentified speaker, Moderator: Let’s talk about the strategic integration that you just went through. Aphotos previously an external manager. Can you just maybe perhaps provide some background as to what is the thinking behind that, why this was done, and how does it change the business from a shareholder’s perspective? Sure.

Chris Hite, Vice Chairman, Royalty Pharma: So Royalty Pharma, for those in the audience that maybe didn’t know, we were externally managed. So we public in 2020. The publicly traded company, RPRX, Royalty Pharma, owned all of the assets, all of the royalty streams, had a board of directors, and had a contract to be managed the investment process to be managed by a separate company called RP Management. All of the employees, the investments team, Ashwin and I, we all worked for the external manager. You see it very you see that a lot with, say, the REIT industry, as an example.

And that was a ten year contract with a public company. And when we would go see our investors, a lot of them would say, we love the management team. You guys have an unbelievable track record. I talked about the track record already. But when we buy public stocks, we want to know that we’re buying the management team.

And in this case, the public stock is the assets in a contract with the management team. And how do I know in five years or ten years that you will still be with a public company? So for us, it was sort of blinking green, like, Okay, this is a pretty easy answer. The shareholders really would like us part of a public stock. So we had a negotiation with the board, came to an agreement, and we folded in the manager.

We announced the deal at JPMorgan in January and closed it in May. The shareholder response has been tremendous. Immediately, the stock reacted very positively. And now when we see shareholders, they’re very happy because they’re saying, Okay, I got the full cake here, the cake and the icing. And that’s some of the background.

Practically speaking, it really didn’t change anything. We took all of our investments to our public board when we were externally managed. The board is a fantastic board. Henry Fernandez, who’s the lead independent director, is the CEO and chairman of MSCI. We have a lot of biotech execs on there.

Ted Love, as an example, who’s the chairman of Bio. Kathy Engelberg, is the CEO of Deloitte. Incredible board. So practically speaking, nothing’s changed. But it is an important fundamental change because there is no external manager any longer.

We all do work for the public company.

Unidentified speaker, Moderator: Very clear. Let’s maybe move on to the business and talk about the current portfolio, the deal funnel, and maybe just your investment process? How are you approaching things right now in this environment? And what are you looking for?

Ashwin Pai, Unidentified, Royalty Pharma: Yeah. Look, we continue to be very active. Obviously, there’s been an equity market volatility. We’re active in all environments. 2021 was a really strong equity market.

We were active. It’s been more challenging for the equity markets now. We’re still active. All therapeutic areas, we’re really bottoms up product people. We’re not we’re just focused on how interesting of a product it is, what is the clinical data, what’s the competitive profile, where does it fit in the commercial marketplace, therapeutic area agnostic.

Stage of development, really focused on things that are post proof of concept and beyond. We’ve done a lot of things for marketed products, as Chris was talking about in his opening remarks. But obviously, proof of concept and beyond is where we like to be.

Unidentified speaker, Moderator: Chris, anything to answer?

Chris Hite, Vice Chairman, Royalty Pharma: Yeah. Look, I mean, last year, the top of the funnel was four forty opportunities. So when you think about that how many business days there are in a year, it’s a lot, right? So the whole ecosystem has changed, both Ashwin and I. Ashwin and I were bankers, Ashwin for about twenty years, myself for about twenty five years, serving the biopharma sector.

And I didn’t I was never out discussing with the CFO or the Board of Directors or the CEO of a company, hey, you ought to think about doing a synthetic royalty to raise capital. I mean, that just never happened. I joined RP in March of twenty twenty, so five and a half years ago. And I really believe, for a lot of reasons, there’s been a dynamic shift in the biopharma sector where people, as everyone knows, it’s a super capital intensive business. So if you’re unprofitable biotech, you’re really only raising capital through partnering with pharma or selling equity.

And either way, it’s pretty big consequences. Right? If you’re partnering with pharma, you’re losing the collab you’re typically losing US commercial rights, or at least half of them. If you’re selling equity, you’re diluting your shareholders across all of your assets 10% to 15% dilution at pretty significant discounts to where the stock was trading. If you think about royalty financing, I’m talking about synthetic financing, what we talked about is for unapproved products that were our cost of capital, that were our returns we’re looking for are in the teens.

And when you think about that, any CEO in the sector who thinks they’re going to have a profitable biotech company where they launch a drug, do you think that they’re not thinking their stock’s going to double or triple from wherever they were pre approval? Of course they do. If you think about that cost of capital, selling 10% or 15% of your company at that stage of development, the cost of capital is enormous. And I think when us going public, us being on the road, really marketing how these work, us having large shareholders who, when they see the biotech companies come to see them, our shareholders are saying, why are you diluting yourself by 10 or 15%? You guys should be doing a synthetic royalty.

Look at the cost of capital difference. So there’s been a lot of pushes and pulls in the industry. And now I’d say and bankers, by the way, the investment banking community has now formed their own little teams where they’re out calling and suggesting the same thing. So over the last five, really six years, it’s been a tremendous sea change in the biotech space where they say, you’ve to raise capital. Let’s go get Royalty Pharma or somebody else to fund our phase three development or give us the money to launch the drug in exchange for a single digit royalty.

So it’s been a really big difference. And that’s why at the top of the funnel last year is four forty opportunities. I think we did seven or eight deals for about $3,000,000,000 We could have done four forty deals if we wanted to. Large pharma, we also fund people saying, you’ve done a deal with Merck. You’ve done a deal with Biogen.

You’ve done a deal with Teva. They don’t need money. They don’t need money, but they want to risk share. And they want to risk share without having to partner again. So we’re willing to risk share.

We don’t need a JDC. We don’t need a JSC. We give them the capital. We trust what they’re doing. And it allows them to risk share on their development pipeline.

So it’s a tremendous benefit for it’s really win win. That’s what we really like to say with pharma and biotech.

Unidentified speaker, Moderator: So I guess to contextualize then, as we think about the growth algorithm, is the simple formula just that increased capital deployment will lead to revenue growth?

Chris Hite, Vice Chairman, Royalty Pharma: So it’s interesting, right? I mean, pharma, we live in a this industry that we’re all operating in is a really tough industry, right? You spend, I don’t know, five or ten years, billion plus dollars to get a drug approved, and then you have a finite life in which to realize the return on that drug. We’re not any different than that. We buy royalty streams and drugs, and those drugs all have patent lives.

It just so happens that we have 45 royalty streams, and we have more blockbusters. The royalties we have on blockbusters, we have more blockbusters than really any large pharma. And our average duration of our entire portfolio is about thirteen years. So we have a really long life portfolio, very highly diversified. That being said, when we invest 2,000,000,000 to $2,500,000,000 a year, it’s for the future growth, right?

We’re investing pre commercial and commercial. Historically speaking, every billion dollars of investment leads to about 150,000,000 $170,000,000 of revenue five years later. So when you think about that, we just sort of stack sort of year after year new assets. And those assets grow at various rates because some might be phase three and some may be just launching. And it just adds to our compounding growth story.

So the short answer is yes. By that capital deployment, we’ve historically been able to once again demonstrate very clearly just the compounding growth effect of adding and stacking those royalty streams.

Unidentified speaker, Moderator: On that $2,000,000,000 to $2,500,000,000 per year over five year horizon, it seems like you’re currently outpacing that. So can we expect updated targets? It’s a great question.

Chris Hite, Vice Chairman, Royalty Pharma: We have an Analyst Day September 11. Maybe we update something there. I don’t know. But I think we’ve been last year, we did $2,900,000,000 of capital deployed. The one thing that we do like to say to people is don’t look quarter to quarter or really even year to year.

Just over a multiyear period, that’s what we’re going to deploy because it’s hard to predict exactly we’re negotiating with large pharma. We’re negotiating with large biotech on funding, and those can be long negotiations. But we’re very confident in that capital deployment target. We’re way ahead of it. When we went public, it’s interesting, we went public in the summer of twenty twenty.

We said we would deploy $7,000,000,000 over five years. We’re at like $14,000,000,000 since going public, or $13,000,000,000 somewhere in that range. And so we had to update our guidance at our last Analyst Day from that initial figure of $7,000,000,000 over five years to 2,000,000,000 to $2,500,000,000 a year. And we’re once again eclipsing that pace. So we’ll see.

Unidentified speaker, Moderator: Look forward to the Analyst Day then. Let me take a quick pause there and see if any questions from the audience. Let’s maybe double click on the portfolio then. Just characterize the complexion of your existing portfolio concentration, therapeutic area that you’re in and stage of development.

Ashwin Pai, Unidentified, Royalty Pharma: Yeah, look, it’s a diversified portfolio. Chris said there’s 45 revenue or royalties that we’re receiving. It’s across all therapeutic areas, oncology, neurology, cystic fibrosis, inflammation. It’s really a bottoms up kind of process that we go to figure this out. So we’re just focused on the product and how interesting it is.

We’re not looking top down and saying, hey, we’re not in oncology, or we want to be more in oncology. It’s not that. It’s much more of a bottoms up opportunistic approach. In terms of stages of development, most just by virtue of the way our portfolio has been over time, most of it is marketed products. We’re receiving close to $3,000,000,000 of revenues on marketed products.

But where we see interesting opportunities post proof of concept, we will do that. Prexalimab is one good example. Sanofi is in a Phase III trial right now. They’ve said it’s got $5,000,000,000 of potential, for example. I mean, that’s just one example.

So where we see those types of large potential royalties down the line, we’ll do that. A couple other ones, LP little a class, olpasiran and pelicarcin. Pelicarcin phase three will read out next year. Olpasiran will be after that at some point. But obviously, a huge unmet need in cardiovascular.

We did it on the basis of Phase II data. So where we see opportunities like that, we’re very interested in deploying capital.

Unidentified speaker, Moderator: And how’s the deal funnel tracking for 2025 relative to last year?

Ashwin Pai, Unidentified, Royalty Pharma: I think it’s tracking probably where we’d expect it to be. We’ve increased it every year since I think it’s up 150% since 2019 when we did our right before we did the IPO. So I think we’re on that type of pace.

Unidentified speaker, Moderator: And I guess geographically, what does your sourcing effort look like? Oh, I’m sorry. Sourcing geographically? Oh, geographically, yeah. Yeah, absolutely.

Innovation happens globally in biopharma. So we’re global investors. And how would you characterize the competitive environment right now for deals? And any comments on who you run into most frequently?

Ashwin Pai, Unidentified, Royalty Pharma: Yeah, think there are the usual specifics that you run into in this type of situation. We have the advantage of being permanent capital. So when we do deals, we don’t have any kind of metrics by which someone has to return all their capital back in five years or seven years like you might with a private fund. And if you have to return all your capital back in that short amount of time, it leads you down a different deal structure from the perspective of the biotech or the pharma, which means you’ve got to pay heavy milestone payments back. It’s not really a long term investment.

And what we found is if someone has just gotten a drug approved, the natural thing to do is, one, invest heavily in the launch, not pay back a financial investor. And then two, over time, they want to grow the company and start doing business development and adding things to come into the pipeline, they don’t want to be paying someone back. So I think there’s a natural fit with us. And as Chris was saying, our weighted average portfolio duration is thirteen years for long term investors. When companies are thinking about making investments in R and D, they’re long term investors.

When they’re thinking about building a company, it’s not sort of a two or three or five year process. They’ve got to think a decade out. And so there’s really a natural alignment with us and our partner.

Unidentified speaker, Moderator: Can you maybe talk about reasons why deals wouldn’t make it through the funnel?

Ashwin Pai, Unidentified, Royalty Pharma: Sure. I think sometimes things are just too early. Sometimes things the data doesn’t look great or the competitive landscape needs to be sort of sorted out. At times, the regulatory guidance can change for certain indications. You don’t know what the regulators are going to say or have confidence in or the company needs to go and evaluate that.

Sometimes when things are marketed, it’s a really difficult competitive environment. Something else may be going off patent. And how is that going to impact a drug that’s launching right now? So as Chris was saying, we screened over four forty things. And we did eight transactions.

So call it four thirty two reasons why something didn’t work. But it can be for a whole host of things.

Chris Hite, Vice Chairman, Royalty Pharma: We can make proposals that get cycled back, like, the next year. Like, in our funnel, sometimes we’ll list the number of proposals we made, and then people are like, well, what happened? Did you lose it to competition? Sometimes it wasn’t the right time. For whatever reason, it cycles back to the next year.

Something could have advanced further in the clinical stage or the regulatory stage or whatever the case may be. So there’s a lot of reasons why sometimes we don’t do a transaction. I think the key thing for us, what we always really, really harp on is we’re going to maintain the bar very high. And so that’s why we always are very cautious to say, if we didn’t do a deal in the first quarter or second quarter or whatever, don’t we’re going to maintain a high bar. No one feels the pressure, oh my goodness, we didn’t do a deal.

We need to do one this quarter. No, no. We’re going to maintain super high standards to ensure that we generate a very attractive rate of return for our shareholders.

Unidentified speaker, Moderator: In the context of a synthetic royalty providing financing to companies, you’ve always you’ve noted that given the high quality counterparties, these companies can raise capital themselves. So it seems like there must be inherently a win win for you and the counterparty. So I guess what are some of the key benefits for your partners?

Ashwin Pai, Unidentified, Royalty Pharma: Yeah. I think when you think about equity versus equity, it’s just saving equity dilution, not having to worry about the share price the day that you do the deal, and you’re not liking it. So there’s pretty clear benefits there. I think one other benefit is just size, especially in the equity market volatility environment that we’re seeing right now. The deep pool of capital may not be there.

And if you’re a company thinking about Phase III trials or launching a drug, it requires hundreds of millions of dollars. So we can come in size. And then I think another thing is that we’re also we’re not debt, right? We want our partners to grow. We’re incentivized to grow with them over time.

We share the upside with them. We share some of the downside with them. But we’re not debt in terms of trying to really constrain a company via covenants and some of these other

Chris Hite, Vice Chairman, Royalty Pharma: types of parameters. And the only thing I would add to that is the other source of capital, as I mentioned at the beginning, is a potential partnership with pharma. And so if you’re an XYZ biotech company and you’re deciding between partnering in phase three or going alone, I mean, partnering with pharma, you want to avoid that for as long as possible to try to reap the best deal you can. And so that’s another key consideration. We’re a deep source of capital that allows people to maintain the economics, especially in The U.

S, for as long as possible.

Unidentified speaker, Moderator: Maybe we can unpack your investment process a little bit more. As you think about your investment process, what are the differentiated tools, data, people, process that RP brings to bear?

Ashwin Pai, Unidentified, Royalty Pharma: Yeah. We’ve got 30 people on our research and investments team. It’s a team with deep experience, as Chris was saying. We’ve got close to thirty years institutionally, but the people that are evaluating these investments have been doing it for a decade plus in almost all cases and substantially longer. In terms of data and tools, I think we’ve talked about this before, but we have a strategy and analytics team that is really focused on analyzing claims data, for example, trying to validate market sizes, how long a patient stays on therapy, what therapies they’ve been on the past, how they cycle on and off.

So that’s really a heavy investment effort that we’ve made to try to get access to proprietary data. And then I think it’s you’ve been around various therapeutic areas for so long, you have KOLs that you trust. You have consultants that you trust and have a track record with and know who to call for very esoteric questions that can come up sometimes. So I think it’s just a combination of a lot of different things in a culture that kind of

Chris Hite, Vice Chairman, Royalty Pharma: has generated this over three decades. The one thing that I would just add to that is a lot of the questions have been around edges around competition and why would someone want to partner with us. I think one thing that we probably don’t talk enough about is relationships. Ashton was a banker for twenty years, ran Morgan Stanley’s West Coast. I ran Lehman Brothers Health Care Group and then Citi’s for over twelve years.

And you get to know people, and you form deep relationships. And those relationships really, really matter. And when you’re sitting across the table from somebody that you’ve known for twenty or thirty years and they’re debating maybe between you and another counterparty or something Makes a difference. It makes a big difference. And I think we really Royalty Pharma, in general, has a great reputation, and it is true, of really wanting to create the win win and being a good partner.

And those relationships, I think, really do stand out to help us win. Yeah.

Ashwin Pai, Unidentified, Royalty Pharma: I mean, we’ve done, I think, the repeat transactions, which we’ve talked about. We did four transactions with Biohaven. I think we’ve done three transactions with Cytokinetics. Those are longstanding

Unidentified speaker, Moderator: relationships. One of your corporate slides shows differences of the process from initial reviews and a CDF to proposal submitted and executed transactions. So I guess just talk to us about the thresholds of moving through each stage.

Ashwin Pai, Unidentified, Royalty Pharma: I think it’s not a very rigid thing. I think we’ve got to do work on the product, think it’s got an interesting place in the market, see how advanced it is. We are always I think Chris made a great point earlier, which is sometimes things are too early, but we think it’s a really compelling program. If it advances a little bit, we might do a fair amount of work on it then to come to that view, but maintain a dialogue with the company. That happens quite a bit.

So I don’t think there’s a very rigid parameter for something moving from one stage to the other. We’re pretty opportunistic and focused on the long term. And so if something might be too early, that’s okay.

Unidentified speaker, Moderator: Right. Anything to add there, Chris?

Chris Hite, Vice Chairman, Royalty Pharma: No, I’d say that’s exactly right. I’d say the one other thing around our process is it doesn’t 30 people on the research and investments team doesn’t sound like a lot, but what we do really well is leverage outside industry consultants. And so I know in our last Investor Day deck, we gave an example where I think was it 80 people, Dana? I’m looking at Dana. I think in one transaction where we between sort of CMO and just every sort of industry expert you can imagine really weighing in and us leveraging that expertise to come up with sort of the risks associated with the investment.

And I think establishing those relationships is also really important as well. And we really have done a great job of culturing that expert network.

Unidentified speaker, Moderator: We only have a couple of minutes left. I guess looking forward, what are the key events for RFP that we should be focused on for the balance of the year and then maybe even going into 2026?

Chris Hite, Vice Chairman, Royalty Pharma: Yeah, I think it’s just continuing to execute on the plan. I think we really want to make sure that we invest in high quality assets with great marketers for unmet medical needs to help patients, focusing on generating a reasonable return that’s a win win for us and the partners, and just keeping our head down and really sort of focusing on delivering those really strong deals for our shareholders.

Unidentified speaker, Moderator: All right. I think we just understand if are further questions from the audience. Yeah.

Chris Hite, Vice Chairman, Royalty Pharma: It’s both. It’s a great question. So the question was, how are your deals sourced? Do they approach us, or do we approach them? Once again, at our Investor Day deck, which is on our website from 2022, basically, we did a pie chart that showed twothree of the top of the funnel came in unsolicited, and 1 of the top of the funnel was us initiating the contact.

And then for the deep diligence, where we actually signed a CDA and really dug deep on the asset, it’s the inverse of that. So two thirds of the deep diligence, we actually initiated a contact, and 1 of deep diligence was people that came in to us unsolicited. Now those numbers were from three years ago. That gives you a general sense. I’d say it’s even been more institutionalized now in a sense, as I mentioned, like the banker universe and large shareholders pushing pharma and biotech to talk to us.

I’ll be curious. We’ll update those numbers. But it’s probably around the same general percentages.

Unidentified speaker, Moderator: All right. We’re just at time. Thank you very much, Chris Ashwin. Really appreciated that conversation. Thank

Chris Hite, Vice Chairman, Royalty Pharma: you very much. Thanks. Take care.

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