KKR Acquires Majority Stake in HCRx, Futch to Remain CEO

KKR & Co. has acquired a majority ownership stake in HealthCare Royalty Partners (HCRx), a biopharma royalty acquisition company. HCRx CEO Clarke Futch will continue to lead the team, maintaining an ongoing substantial minority interest. The deal allows HCRx to collaborate closely with KKR's health care team.

KKR & Co. Inc., a leading global investment firm, has announced the acquisition of a majority ownership stake in HealthCare Royalty Partners (HCRx), a biopharma royalty acquisition company. The strategic partnership will enhance KKR's capabilities in biopharma royalty and credit investing while expanding its footprint in the life sciences ecosystem [1].

Founded in 2006 and headquartered in Stamford, Connecticut, HCRx has a strong track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets. Since inception, the firm has committed over $7 billion in capital and today manages approximately $3 billion in assets, spanning over 10 therapeutic areas and over 55 products [2].

HCRx’s deep expertise in royalty monetizations, private debt, and corporate financing solutions presents significant opportunity, given the biopharma royalties market currently addresses only a small portion of total biopharma capital needs. The acquisition supports KKR’s ability to provide comprehensive solutions across the healthcare spectrum and meaningfully expands its life sciences capabilities to address market demand [1].

As part of the transaction, HCRx Chairman and CEO Clarke Futch will continue to lead the HCRx team and maintain an ongoing substantial minority interest in the company. HCRx’s team will collaborate closely with KKR’s health care team to provide a range of financing solutions across the biopharma sector. "Joining forces with KKR marks a significant milestone for HCRx. We share a common vision of supporting the growth and innovation of the biopharma industry," said Mr. Futch. "With KKR’s resources, expertise, and similar approach to partnership, we are well positioned to scale our platform, more comprehensively serve the landscape of biopharma companies, and continue delivering value to our stakeholders" [1].

KKR has a long track record of supporting healthcare companies globally, having invested more than $20 billion of equity capital in the sector since 2004. KKR’s existing portfolio of life sciences companies includes BridgeBio Pharma, Dawn Bio, Immedica Pharma, and Treeline Biosciences, among others [2].

TD Securities served as the exclusive financial advisor to HCRx.

References:
[1] https://finance.yahoo.com/news/kkr-announces-strategic-acquisition-healthcare-130000704.html
[2] https://www.morningstar.com/news/business-wire/20250730161531/kkr-announces-strategic-acquisition-of-healthcare-royalty-partners-expanding-the-firms-health-care-franchise-and-enhancing-its-life-sciences-strategy