If the healthcare industry has any hope of finding miracle cures for the devastating diseases plaguing the planet, clever money men like Pablo Legorreta will need their cut
.is the pinnacle of pharmaceutical industry success, then the next best thing is getting rich by earning pennies from every pill sold. For 24 years, that is exactly what a little known Wall Street investor named Pablo Legorreta has been doing. Few have heard of him, but millions have benefited from the top selling drugs his company Royalty Pharma draws income from.
Pablo Legorreta’s immense wealth is testament to the effects of financial engineering on the drug development business—decried by many for encouraging soaring drug prices but also a necessary source of funding in the race to find cures for scourges ranging from Covid-19 to breast cancer. Through it all, Legorreta, 56, has remained nearly invisible, shunning interviews and public appearances. He declined to comment for this story, citing the quiet period that regulators mandate prior to IPOs.
For the next seven years, Legorreta raised about $300 million from endowments and pensions for Royalty Pharma funds. Beginning in 2004 Legorreta expanded his operation and returns by cleverly employing debt to his drug royalty buying business.
Billionaire Legorreta is poised to become an even bigger force in the nation’s pharmaceutical sector as most of the proceeds from his IPO will be used to buy into more royalty streams. The patent-cliff nature of its business meant that Legorreta really could not sell Royalty Pharma’s assets and cash-out his investors, or even himself. In order to make way for the current IPO, Legorreta and a few of his senior partners borrowed billions in loans from a Wall Street bank as a pledge against a big chunk of their equity in the Royalty Pharma investment partnerships.
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