Royalty Pharma (NASDAQ: RPRX) deepens $2B daraxonrasib royalty and loan pact

Rhea-AI Filing Summary

Royalty Pharma plc highlights positive Phase 3 results from partner Revolution Medicines’ RASolute 302 trial of daraxonrasib in previously treated metastatic pancreatic ductal adenocarcinoma. The study met all primary and key secondary endpoints, including progression-free and overall survival, and Revolution Medicines plans to submit the data to global regulators, including a future U.S. FDA New Drug Application.

These results activate the second $250 million tranche under a previously announced $2 billion funding deal between the companies, bringing Royalty Pharma’s funding to $500 million so far. Royalty Pharma is now entitled to tiered royalties of 4.55% on daraxonrasib (and certain zoldonrasib sales), with potential step-ups to as high as 7.80% on lower sales tiers if Revolution Medicines draws the remaining synthetic royalty funding, alongside access to a senior secured term loan facility of up to $750 million linked to FDA approval and future sales milestones.

Positive

• Positive Phase 3 results in metastatic PDAC for partner drug daraxonrasib, with all primary and key secondary endpoints met, reduce development risk on a major Royalty Pharma royalty asset.
• Material expansion of future royalty economics through tiered rates starting at 4.55% and potentially rising to 7.80% on lower sales tiers if remaining synthetic royalty funding is drawn.

Negative

• None.

Insights

Biopharma royalties analyst

Positive Phase 3 data de-risks Royalty Pharma’s large daraxonrasib royalty bet.

Royalty Pharma has a $2 billion economic package tied to daraxonrasib, combining up to $1.25 billion in synthetic royalties and a $750 million senior secured loan. The positive Phase 3 pancreatic cancer results and full endpoint success reduce development risk around this asset.

Today’s news triggers an additional $250 million payment, taking funded amounts to $500 million. In return, Royalty Pharma receives tiered royalties starting at 4.55% of sales and potentially rising to 7.80% on initial sales tiers if Revolution Medicines draws all remaining synthetic royalty tranches. A separate term loan of up to $750 million is tied to FDA approval and future net sales milestones.

Economically, this structure gives Royalty Pharma leveraged exposure to daraxonrasib commercialization, while loan tranches and optional royalty draws depend on regulatory approvals and realized sales. Actual value will hinge on regulatory outcomes, launch execution and the size of the metastatic PDAC and related indications markets.

8-K Event Classification

Item 7.01 — Regulation FD Disclosure

1 item

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Key Figures

Total economic package: $2 billion Synthetic royalty capacity: $1.25 billion Senior secured loan facility: $750 million +5 more

8 metrics

Total economic package $2 billion Combined synthetic royalty and senior secured loan tied to daraxonrasib

Synthetic royalty capacity $1.25 billion Maximum synthetic royalty funding commitment on daraxonrasib

Senior secured loan facility $750 million Term loan available in three $250 million tranches

Funding already provided $500 million $250 million upfront plus $250 million triggered by Phase 3 results

Base royalty rate, $0–$2B sales 4.55% Tiered royalty on daraxonrasib (and certain zoldonrasib sales)

Maximum royalty rate, $0–$2B sales 7.80% If Revolution Medicines draws all remaining synthetic royalty funding

Additional synthetic royalty funding $750 million Available at Revolution Medicines’ option upon specified milestones

Loan first tranche condition $250 million Must be drawn following FDA approval of daraxonrasib in metastatic PDAC

Key Terms

synthetic royalty, senior secured loan, progression-free survival, overall survival, +2 more

6 terms

synthetic royalty financial

"consisting of a synthetic royalty of up to $1.25 billion on daraxonrasib"

A synthetic royalty is a financial arrangement where one party receives payments that mimic the income from a traditional royalty, like earnings from a patent or natural resource, without owning the underlying asset. It allows companies or investors to replicate the financial benefits of royalties through contractual agreements, often for strategic or tax reasons. For investors, understanding synthetic royalties helps assess how a company generates income and the potential risks involved.

senior secured loan financial

"and a senior secured loan of up to $750 million"

A senior secured loan is a type of company loan that has first priority to be repaid and is backed by specific company assets as collateral, so lenders can seize or sell those assets if the borrower defaults. For investors, that priority and collateral make these loans safer than unsecured debt, usually meaning lower interest rates and stronger recovery prospects in a default — similar to how a mortgage has first claim on a house while a credit card does not.

progression-free survival medical

"including progression-free survival and overall survival"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

overall survival medical

"including progression-free survival and overall survival"

Overall survival is the average or median length of time patients remain alive after starting a treatment or entering a clinical study, measured regardless of cause of death. Investors care because it is a clear, hard measure of a therapy’s real-world benefit — like timing how long a new battery actually runs — and strong improvements in overall survival can drive regulatory approval, market adoption and revenue potential.

Commissioner’s National Priority Voucher regulatory

"as part of a future New Drug Application under a Commissioner’s National Priority Voucher"

forward-looking statements regulatory

"This document contains statements that constitute “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Understanding 8-K Material Events →

NY false 0001802768 0001802768 2026-04-13 2026-04-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 13, 2026

Royalty Pharma plc

(Exact Name of Registrant as Specified in its Charter)

England and Wales		001-39329		98-1535773
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Identification No.)

110 East 59th Street New York, New York		10022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 883-0200

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Class A Ordinary Shares, par value $0.0001 per share		RPRX		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On April 13, 2026, Revolution Medicines, Inc. (“Revolution Medicines”) announced positive Phase 3 results from the RASolute 302 trial for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, in patients with metastatic pancreatic ductal adenocarcinoma (PDAC) who had been previously treated. The trial met all primary and key secondary endpoints, including progression-free survival and overall survival. Based on these results, Revolution Medicines intends to submit these data to global regulatory authorities, including to the U.S. Food and Drug Administration (FDA) as part of a future New Drug Application under a Commissioner’s National Priority Voucher.

In June 2025, Royalty Pharma (the “Company”) and Revolution Medicines announced a $2 billion funding agreement, consisting of a synthetic royalty of up to $1.25 billion on daraxonrasib and a senior secured loan of up to $750 million.

Royalty Pharma funded $250 million upfront and today’s announcement triggered an additional $250 million in funding to Revolution Medicines. With the second tranche, Royalty Pharma is now entitled to total tiered royalties of 4.55% on daraxonrasib sales (and zoldonrasib if approved in an overlapping daraxonrasib indication) between $0 billion to $2 billion, 2.50% on sales between $2 billion to $4 billion and 1.00% on sales between $4 billion to $8 billion.

There is an additional $750 million in synthetic royalty funding available to Revolution Medicines at their option following the achievement of certain regulatory, commercial and clinical milestones related to daraxonrasib, including the next $250 million available on FDA approval in metastatic PDAC. Should Revolution Medicines fully draw on the remaining $750 million in synthetic royalty funding, Royalty Pharma’s royalty rate on daraxonrasib would increase to 7.80% on sales between $0 billion to $2 billion, 4.55% on sales between $2 billion to $4 billion and 2.40% on sales between $4 billion to $8 billion.

Furthermore, Royalty Pharma is providing a senior secured term loan of up to $750 million in three tranches, and the first $250 million tranche must be drawn following FDA approval of daraxonrasib for metastatic PDAC. The two additional $250 million tranches are available at Revolution Medicines’ option based on the achievement of certain trailing four-quarter net sales milestones for daraxonrasib.

Forward-Looking Statements

The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof.

This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the Company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. The Company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.

Certain information contained in this document relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this document, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this document involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own internal research is reliable, such research has not been verified by any independent source.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				ROYALTY PHARMA PLC
Date: April 13, 2026				By:		/s/ Terrance Coyne
						Terrance Coyne
						Chief Financial Officer

FAQ

What did Royalty Pharma (RPRX) disclose about daraxonrasib on April 13, 2026?

Royalty Pharma reported that partner Revolution Medicines announced positive Phase 3 RASolute 302 results for daraxonrasib in metastatic pancreatic cancer. The trial met all primary and key secondary endpoints, including progression-free and overall survival, supporting planned global regulatory submissions.

How large is Royalty Pharma’s funding agreement tied to daraxonrasib?

Royalty Pharma and Revolution Medicines have a $2 billion package, combining up to $1.25 billion in synthetic royalty funding and a $750 million senior secured loan. This structure gives Royalty Pharma significant long-term exposure to daraxonrasib’s commercial performance if approved.

How much has Royalty Pharma funded so far under the daraxonrasib deal?

Royalty Pharma funded $250 million upfront and triggered another $250 million upon the positive Phase 3 announcement, totaling $500 million funded. Additional synthetic royalty tranches of $750 million remain available to Revolution Medicines upon achieving specified milestones.

What royalty rates will Royalty Pharma receive on daraxonrasib sales?

After the second tranche, Royalty Pharma earns tiered royalties of 4.55% on sales from $0–$2 billion, 2.50% from $2–$4 billion and 1.00% from $4–$8 billion. If all remaining synthetic royalty funding is drawn, these rates can increase up to 7.80%, 4.55% and 2.40% respectively.

What are the key conditions for additional funding and loan draws in the RPRX deal?

A further $750 million in synthetic royalty funding becomes available as daraxonrasib hits regulatory, commercial and clinical milestones, including FDA approval in metastatic PDAC. The $750 million senior secured loan is split into three $250 million tranches, tied to FDA approval and trailing four-quarter net sales milestones.

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