DRI Capital raises $1.45 bln in final close of third drug royalty fund

DRI Capital, a Canadian private equity firm which invests in healthcare royalties, has raised US$1.45 billion in the final close of its third partnership, Drug Royalty III. Capital commitments surpassed Fund III's target, as well as the US$926 million raised by Drug Royalty II in 2010. Along with available debt, the firm's latest partnership will give it US$3 billion of purchasing power to acquire royalties from pharmaceutical and biotechnology companies, research institutions, universities and inventors. The Toronto-based DRI, which celebrates its 20th anniversary this year, completed over $600 million in deals in 2012.

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