DRI Healthcare Trust completes initial public offering

February 19, 2021

Torys represented the syndicate of underwriters co-led by Scotiabank, UBS Securities Canada Inc. and RBC Capital Markets with a team that included Glen Johnson, Jennifer Baugh, Patrick Chapman, Jon McDonald and Melissa Lowy (corporate/Canadian securities), Chris Bornhorst (U.S. securities), Teresa Reguly and Albert Chan (IP), Corrado Cardarelli (Canadian tax), Peter Keenan and Christopher Saki (U.S. tax).

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. The Trust has granted the underwriters an over-allotment option to purchase up to an additional 5,479,050 units of the Trust at the offering price for additional gross proceeds to the Trust of US$54,790,500 if exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the offering.

Concurrent with the offering, the Trust also announced the completion of a previously disclosed private placement, in which it issued an aggregate of 3,580,407 units for an aggregate consideration of US$34,730,000.

In total, the Trust issued an aggregate of 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 will be used to acquire an initial portfolio of 18 pharmaceutical royalty assets and related working capital. The remainder of the net proceeds from the offering 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.

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