KKR Announces Strategic Acquisition of HealthCare Royalty Partners, Expanding the Firm's Health Care Franchise and Enhancing its Life Sciences Strategy
KKR & Co. Inc., a leading global investment firm, today announced that it has acquired a majority ownership stake in HealthCare Royalty Partners (HCRx), a leading biopharma royalty acquisition company. This strategic partnership will enable KKR to enhance its capabilities in biopharma royalty and credit investing, while expanding the firm's existing footprint in the life sciences ecosystem.
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Founded in 2006 and headquartered in Stamford, Connecticut, HCRx has a strong track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets. Since inception, the firm has committed over $7 billion in capital and today manages approximately $3 billion in assets with a portfolio that spans over 10 therapeutic areas and over 55 products. HCRx's deep expertise in royalty monetizations, private debt and corporate financing solutions presents significant opportunity given the biopharma royalties market is currently addressing only a small portion of total biopharma capital needs.
"As the biopharma industry has grown and matured, companies are increasingly seeking to partner with investors that can provide a range of capital to meet their financing needs. The HCRx acquisition supports KKR's ability to provide comprehensive solutions across the health care spectrum and meaningfully expands our life sciences capabilities to address market demand," said Ali Satvat, Partner, Co-Head of Health Care and Global Head of Health Care Strategic Growth at KKR. "We were drawn to HCRx given our long-standing relationship with the firm, its market leadership in biopharma royalties – an asset class with growing demand – and the expertise of its leadership team. We are deeply impressed with the differentiated platform that Clarke and the HCRx team have built, and we look forward to welcoming them to KKR."
As part of the transaction, HCRx Chairman and CEO Clarke Futch will continue to lead the HCRx team and will maintain an ongoing substantial minority interest in HCRx. HCRx's team will collaborate closely with KKR's health care team to provide a range of financing solutions across the biopharma sector.
"Joining forces with KKR marks a significant milestone for HCRx. We share a common vision of supporting the growth and innovation of the biopharma industry," said Mr. Futch. "With KKR's resources, expertise and similar approach to partnership, we are well positioned to scale our platform, more comprehensively serve the landscape of biopharma companies and continue delivering value to our stakeholders."
KKR has a long track record of supporting health care companies globally, having invested more than $20 billion of equity capital in the sector since 2004. KKR's existing portfolio of life sciences companies includes BridgeBio Pharma, a clinical-stage biopharmaceutical company focused on genetic diseases, Dawn Bio, a platform that provides flexible equity capital to companies across the life sciences ecosystem, Immedica Pharma, a rare disease company, and Treeline Biosciences, an oncology-focused biotherapeutics platform, among others.
TD Securities served as exclusive financial advisor to HCRx.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.
About HCRx
HCRx is a leading royalty acquisition company focused on commercial and near-commercial biopharmaceutical products with offices in Stamford, San Francisco, Boston, London and Miami. HCRx has committed $7+ billion in over 110 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY®, HEALTHCARE ROYALTY PARTNERS® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC.
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