Royalty Pharma (RPRX.N): Acquisition of ciramitug royalty adds differentiated ATTR-CM pipeline optionality

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Royalty Pharma (RPRX.N): Acquisition of ciramitug royalty adds differentiated ATTR-CM pipeline optionality

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22 Jul 2026 10:15:50 ET │ 11 pages

Royalty Pharma (RPRX.N)

Acquisition of cliramitug royalty adds differentiated ATTR-CM pipeline

optionality

CITI'S TAKE Buy

Price (21 Jul 26 16:00) US$58.44 Earlier today Royalty Pharma announced the acquisition a 3–4%

Target price US$66.00 worldwide royalty on AstraZeneca’s (covered by Graham Parry) cliramitug

from Neurimmune for up to $425M, including $125M upfront, $125M in Expected share price return 12.9%

1Q27, and $175M tied to clinical and regulatory milestones. We view the Expected dividend yield 1.5%

transaction positively, adding a first-in-class, phase 3 transthyretin Expected total return 14.4%

amyloid cardiomyopathy asset with a differentiated amyloid-depletion Market Cap US$33,652M

mechanism and Astrazeneca peak-sales expectations of $3–5B (cons

2035e; $425M). Indeed the staged consideration limits near-term capital

at risk ahead of the DepleTTR-CM readout expected in 2028, while

preserving meaningful long-term portfolio optionality if cliramitug Geoff Meacham, Ph.D.AC

demonstrates incremental benefit over therapies that primarily slow +1-404-443-4701

further transthyretin accumulation. The deal also reinforces development- geoffrey.meacham@citi.com

stage royalty acquisitions as an important complement to Royalty’s Nishant Gandhi, Ph.D.

expanding R&D co-funding channel. Maintain Buy; TP $66. +1-212-816-2513

nishant.gandhi@citi.com

Differentiated mechanism could support a meaningful ATTR-CM role - Cliramitug Jarwei Fang

is a TTR-fibril-depleting antibody designed to remove existing transthyretin amyloid jarwei.fang@citi.com

deposits from the heart, rather than solely preventing additional accumulation. This