DRI Healthcare Trust completes initial public offering
On February 19, 2021, DRI Healthcare Trust (the "Trust") announced the successful closing of its previously announced initial public offering. Pursuant to the offering, the Trust sold an aggregate of 36,527,000 units at an offering price of US$10.00 per unit, for aggregate gross proceeds of US$365,270,000. The offering was made through a syndicate of underwriters co-led by Scotiabank, UBS Securities Canada Inc. and RBC Capital Markets, and including Truist Securities, Inc., BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Canaccord Genuity Corp.
Concurrent with the offering, the Trust also announced the completion of a private placement, in which it issued 3,580,407 units for aggregate consideration of US$34,730,000.
In total, the Trust issued 40,107,407 units for aggregate gross proceeds of US$400,000,000. Approximately US$292.7 million of the net proceeds of the offering and the concurrent private placement were used to acquire an initial portfolio of 18 pharmaceutical royalty assets. The remainder of the net proceeds will be used to fund future royalty acquisitions and for general purposes.
Further information can be found on Canada Newswire’s website.
DRI Healthcare Trust is an unincorporated open-ended trust governed by the laws of the Province of Ontario, externally managed by its manager, DRI Capital Inc. The Trust provides unitholders with differentiated exposure to the anticipated growth in the global pharmaceuticals and biotechnology markets.