Royalty Pharma Announces Inaugural Prize for Impact in Healthcare

Rhea-AI Summary

Royalty Pharma (Nasdaq: RPRX) has awarded its inaugural Prize for Impact in Healthcare to Michael Milken, founder of the Milken Institute, Faster Cures, and the Prostate Cancer Foundation. The prize includes a $250,000 charitable donation to support medical research initiatives. Milken's Prostate Cancer Foundation has raised over $1 billion since 1993, supporting 2,240 research projects across 245 cancer centers in 28 countries, leading to FDA approval of six new drugs for advanced prostate cancer. The foundation's work has contributed to declining prostate cancer mortality rates over the past two decades.

• Royalty Pharma inaugural Prize for Impact in Healthcare awarded to Michael Milken, the founder of the Milken Institute, Faster Cures & the Prostate Cancer Foundation
• The Prize includes a charitable donation to further fund medical research

NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced the inaugural Royalty Pharma Prize for Impact in Healthcare, which honors individuals or organizations who positively impact healthcare, was awarded to Micheal Milken. The prize includes a $250,000 charitable donation to support medical research or educational initiatives that further the recipient’s work.

“I am delighted to award the inaugural Royalty Pharma Prize for Impact in Healthcare to Michael Milken,” said Pablo Legorreta, founder and Chief Executive Officer of Royalty Pharma. “Mike has made a tremendous global impact in the fields of medical research and public health through his work at the Milken institute, Faster Cures and the Prostate Cancer Foundation.”

Michael Milken is the founder and chairman of the Milken Institute, an independent, nonprofit, nonpartisan economic think tank that publishes research and hosts conferences that apply market-based principles and financial innovations to social issues in the US and internationally.  Mr. Milken is also the founder of the Prostate Cancer Foundation (PCF). Since its inception in 1993, the PCF has raised over $1 billion to support prostate cancer research with funding allocated to more than 2,240 research projects across 245 leading cancer centers in 28 countries. Notably, the PCF has been instrumental in the approval of six new drugs by the FDA for advanced prostate cancer, improving patients’ quality of life and contributing to the decline in prostate cancer mortality rates over the past two decades. 

Royalty Pharma focuses its philanthropy on non-profit institutions and initiatives that enable innovation in life sciences, reduce the risk of disease, and strengthen and ensure equal access to healthcare. In 2022, Royalty Pharma announced a charitable contribution to Icahn Mount Sinai’s Institute for Health Equity Research (IHER) and the creation of the Mount Sinai-Royalty Pharma Alliance for Health Equity Research to support IHER in its ongoing efforts to close the health care disparity gap and translate discoveries into sustainable, scalable initiatives and policies that break down systemic barriers to care among communities in New York City, nationally and globally. Additionally, Royalty Pharma is a founding corporate partner of Life Science Cares New York, which fights poverty and inequity in the city through education. Royalty Pharma has also made charitable contributions to the Leukemia and Lymphoma Society, a global leader in the fight against blood cancer.

About Royalty Pharma plc

Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. 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. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates.

Royalty Pharma Investor Relations and Communications

+1 (212) 883-6772
ir@royaltypharma.com

FAQ

What is the value of Royalty Pharma's (RPRX) inaugural Prize for Impact in Healthcare?

The Royalty Pharma Prize for Impact in Healthcare includes a $250,000 charitable donation to support medical research or educational initiatives.

Who received Royalty Pharma's (RPRX) first Prize for Impact in Healthcare in 2024?

Michael Milken, founder of the Milken Institute, Faster Cures, and the Prostate Cancer Foundation, received the inaugural prize.

How many research projects has the Prostate Cancer Foundation funded through Milken's leadership?

The Prostate Cancer Foundation has funded 2,240 research projects across 245 cancer centers in 28 countries.

How many new prostate cancer drugs were approved through PCF's support?

The Prostate Cancer Foundation has been instrumental in the FDA approval of six new drugs for advanced prostate cancer.