Royalty Pharma to acquire RP Management for $1.1bn.

Royalty Pharma, a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry, agreed to acquire RP Management, a provider of professional and efficient management for residential apartment communities, for $1.1bn. "We see the internalization of RP Management as a highly compelling next step in the evolution of our business which will yield many financial and strategic benefits to shareholders. We are also planning to significantly increase our share repurchases given the discount at which our shares are trading relative to intrinsic value. Our strong balance sheet and healthy cash flow will allow us to execute this plan while continuing to add attractive new royalties to our portfolio," Pablo Legorreta, Royalty Pharma Founder and CEO.