Royalty Pharma is a company operating as a buyer of biopharmaceutical royalties and a funder of innovation across the biopharmaceutical industry. It collaborates with innovators from academic institutions, research hospitals, and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly - directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators.