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DRI Capital
DRI Capital Inc. is a Toronto-based healthcare royalty fund manager, a type of private equity fund. Its CEO is Behzad Khosrowshahi, the eldest child and only son of Hassan Khosrowshahi. It specializes in purchasing robust and predictable royalty streams from established pharmaceutical drugs, providing a consistent and diversified revenue stream to investors. In September 2013, the firm closed a third fund of $1.45 billion. As of June 30, 2013, the firm had purchased 41 royalty streams from 29 different leading pharmaceutical products.
==Investment strategy==
To compensate the people who originally developed the intellectual property that led to the creation of the drugs that they sell, pharmaceutical companies pay about $10 billion annually in the form of royalties. The royalties typically consist of some percentage of the revenues created by the drug in question. That royalty stream can go to scientists, universities or drug development companies. The business of DRI Capital and other firms like it is based on buying the right to be paid that royalty stream from the original rights holder in exchange for an up-front lump-sum payment. The transaction is beneficial to both sides of the deal. For example, the biochemist who originally developed the drug in question may want to diversify the inherent risk of his investment portfolio. If the rights holder is a university, there may be a need for liquid capital to fund the construction of a library or other building. In turn, the transaction benefits a firm like DRI Capital because it's able to provide its investors with a reliable and steady revenue stream.
For much of its history, DRI Capital targeted revenue streams from drugs with FDA or EMA approval that offer strong efficacy and that are used to treat very serious, chronic conditions. The company also is attracted to assets with strong patent or exclusivity protections against competition. Beginning with its third fund in 2013, DRI Capital CEO Behzad Khosrowshahi said that the firm also plans to consider investments in drugs that are in Phase III trials.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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