Duke Royalty and Oliver Wyman Announce Exclusive Pharmaceutical and Healthcare Royalty Financing Collaboration
07 9월 2015 - 3:00PM
Business Wire
Collaboration creates UK’s first quoted
healthcare royalty financing offering
Duke Royalty Limited (“Duke Royalty”), a public diversified
royalty company (AIM: DUKE), and Oliver Wyman, a management
consultancy wholly owned by Marsh & McLennan Companies (NYSE:
MMC), announces today a financing collaboration in the rapidly
developing pharmaceutical and healthcare-related royalty market.
This unique collaboration brings together a global, respected
source of deep healthcare knowledge with a publicly-quoted royalty
company to create a unique offering to healthcare companies and
public investors alike.
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Collaboration Highlights
- Exclusive arrangement aligns both Duke
Royalty and Oliver Wyman interests, to unlock value, growth and
innovation by offering royalty financing solutions
- Long term commitment, signifying belief
and dedication to the opportunity for healthcare companies and
investors
- Leverages Oliver Wyman’s global
presence, deep healthcare expertise and proprietary datasets and
methodologies to offer a financing alternative from a trusted
advisor
- Collaboration details significant
commitment from both parties, to drive success for both healthcare
innovators seeking capital and investors seeking yield
Duke Royalty brings the quoted royalty financing structure, a
$30 billion sector in North America, to the attractive and yet to
be developed European market. Having advised on over $2 billion
healthcare royalty transactions in North America, the Investment
Committee members of Duke Royalty bring their expertise to the
European market. Duke Royalty will be responsible for capital
raising, the structuring of definitive agreements and the
acquisition of each royalty interest originating from the
collaboration. Duke Royalty believes it has improved upon the
classic Canadian public company royalty model in two ways: firstly,
through exclusive strategic partnerships that bring deal flow and
unmatched expertise, and secondly, by employing a time tested
corporate structure in Guernsey that is designed to provide higher
returns to shareholders.
Commenting on the collaboration, Neil Johnson, CEO of Duke
Royalty said: “North America has built a number of highly
successful and significant sized royalty companies in both the
private and listed arenas. The Duke Royalty and Oliver Wyman
collaboration will provide this progressive and compelling
financing structure to the global healthcare industry. We are
excited to present a new opportunity for healthcare companies to
receive capital yet retain control, and look forward to providing
UK public investors predictable revenues and a stable
dividend.”
Oliver Wyman brings its global network of professionals, with a
deep bench of clinical, health system, and risk experts and a
successful track record of valuing biopharmaceutical and other
healthcare intellectual property for its Fortune 1000 clientele.
With offices around the world, there are over 200 professionals in
the Health & Life Sciences Practice of Oliver Wyman. Under the
terms of the collaboration, Oliver Wyman will identify, analyse and
assist in the acquisition of royalty interests for
regulatory-approved, patent-protected ethical pharmaceutical and
other healthcare products. “Our company has built intellectual
capital, a proprietary methodology and datasets, and a track record
that will provide critical forecasting and risk assessments for
investors and companies seeking capital,” says David Campbell, an
Oliver Wyman Health and Life Sciences Partner and a key architect
of the relationship.
“Oliver Wyman is proud to partner with Duke Royalty and combine
our deep healthcare experience with their royalty financing acumen
to unlock value and ultimately fuel innovation in healthcare,” adds
Scott McDonald, CEO of Oliver Wyman.
More information on this collaboration can be found here.
The What and Why of Royalty Financing
Royalty financing is a means of raising capital with significant
differences from regular debt financing, (such as loans and trade
credit), and equity financing (typically private equity, IPO or
secondary issues). Royalty capital can fund the recipient’s most
critical needs, such as product launches, acquisitions, further
R&D, or to re-capitalize balance sheets. In exchange for the
capital, the royalty company receives a small percentage of the
company's future revenues or cash flow. As payments fluctuate with
revenue, royalty investors are better aligned with equity holders
than debt providers, a key differentiator of royalty companies.
Royalties can offer compelling advantages to companies seeking
capital:
- Royalty financing is non-dilutive and
preserves equity ownership for investors and company founders;
- Royalties can be structured faster with
less documentation than typical preferred equity or debt
instruments;
- Royalty payments are normally
structured to fluctuate with revenue and do not carry the same risk
of default as traditional debt;
- Royalties can be used in combination
with debt and equity to optimize a company’s cost of capital;
and
- Royalty financing is highly flexible
and can be structured to meet a company’s unique requirements.
About Duke Royalty
Headquartered in Guernsey, Duke Royalty Limited is a team of
experienced financial executives dedicated to providing, for the
first time, royalty financing solutions to a diversified number of
well-run businesses in Europe and abroad. Duke Royalty has
reinvented the royalty financing model for European public markets
by lowering costs through an efficient structure and entering into
exclusive alliances that leverage deal flow and expertise. A $30
billion sector in North American public markets, Duke Royalty
brings royalty investing to the attractive European market by
leveraging the team’s Canadian experience and success with royalty
investing. These investments are intended to provide robust,
stable, long-term returns for Duke Royalty’s valued
shareholders.
Duke Royalty is listed on the AIM market under the ticker DUKE.
For more information, visit www.dukeroyalty.com.
About Oliver Wyman and its Health & Life Sciences
Practice
With offices in 50+ cities across 26 countries, Oliver Wyman is
a global leader in management consulting that combines deep
industry knowledge with specialized expertise in strategy,
operations, risk management, and organization transformation.
Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan
Companies [NYSE: MMC]. For more information on Oliver Wyman visit
www.oliverwyman.com. Follow Oliver Wyman on Twitter
@OliverWyman.
Oliver Wyman’s Health & Life Sciences practice serves
clients in the pharmaceutical, biotechnology, medical devices,
provider, and payer sectors with strategic, operational, and
organizational advice. Deep healthcare knowledge and capabilities
allow the practice to deliver fact-based solutions.
For the latest on the new world of healthcare, visit the Oliver
Wyman blog, Transforming Healthcare, at
blogs.oliverwyman.com/healthcare/.
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MEDIAOliver WymanAlexia Yeh, +4420 7852
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