UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 30, 2020
Royalty Pharma plc
(Exact Name of Registrant as Specified in its Charter)
England and Wales | 001-39329 | Not Applicable | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
110 East 59th Street New York, New York | 10022 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 883-0200
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Class A Ordinary Shares, par value $0.0001 per share | RPRX | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement. |
On October 30, 2020, RPI Finance Trust, RPI 2019 Intermediate Finance Trust and the Cystic Fibrosis Foundation entered into Amendment No. 2 to the Amended and Restated Purchase and Sale Agreement (the “Amendment”).
The Amendment permits Royalty Pharma plc (the “Company”) to acquire the residual royalty interest in Vertex Pharmaceuticals, Inc.’s cystic fibrosis treatments that are owned by the Cystic Fibrosis Foundation for an upfront payment of $575 million and a potential milestone payment of $75 million. In addition, the Amendment eliminates the Company’s prior obligations to pay to the Cystic Fibrosis Foundation 50% of royalties attributable to revenue over $5.8 billion in any calendar year and entitles the Company to receive all royalties above such revenue threshold.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
Exhibit 10.1* | Amendment No. 2 to the Amended and Restated Purchase and Sale Agreement, dated October 30, 2020, by and among RPI Finance Trust, RPI 2019 Intermediate Finance Trust and Cystic Fibrosis Foundation | |
Exhibit 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) |
* | Certain information has been excluded from this exhibit because it both (i) is not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 5, 2020
ROYALTY PHARMA PLC | ||
By: | /s/ Pablo Legorreta | |
Pablo Legorreta Chief Executive Officer |