Since our inception in 1996, Royalty Pharma has expanded the traditional parameters that define a pharmaceutical company. By focusing on intellectual property - the key to premium pricing and profits in the pharmaceutical industry - Royalty Pharma has become the global leader in the acquisition of royalty interests. Royalty Pharma has assembled a well-diversified and well-balanced portfolio of royalties in leading biopharmaceutical products achieving rapid and profitable growth with a managed risk profile.The origins of Royalty Pharma can be traced to the 1980s when certain members of Royalty Pharma's Investment Committee and Management Team pioneered the use of royalty interests to fund the clinical development of several leading biotechnology products through "Research & Development Partnerships." In 1993 and 1994, when these R&D partnerships started earning royalties, two product-specific "proof of principle" acquisition vehicles were established to acquire royalty interests in Neupogen and ReoPro. The success of those efforts led to the founding in 1996 of Royalty Pharma's predecessors: Pharmaceutical Royalties, LLC (Delaware, USA) and Pharmaceutical Royalty Investments, Ltd. (Bermuda). Subsequently in 2003, Royalty Pharma was established as an Irish Unit Trust, to consolidate the operations of its predecessors and to facilitate a new business model for the Company.