Royalty Pharma is the largest buyer of biopharmaceutical royalties, providing diversified non-operating exposure to top-selling drugs (Trelegy, Imbruvica, Tysabri, Evrysdi, etc.). The model captures upside from drug sales without R&D risk, with long-duration cash flows. Recent royalty acquisitions (cystic fibrosis, GLP-1 derivatives) extend portfolio durability. Internalization of management was a governance milestone. Yield + growth at GLP-1-aware valuations is attractive.
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