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Highlights

  • KKR acquired a majority ownership interest in HealthCare Royalty Partners (HCRx), a biopharma royalty investor.
  • HCRx manages approximately USD 3 billion in assets and has committed over USD 7 billion since inception.
  • The transaction expands KKR’s presence in biopharma royalties and healthcare credit investing.

KKR & Co. Inc. (NYSE: KKR) has announced its acquisition of a majority stake in HealthCare Royalty Partners (HCRx), a company that specializes in royalty acquisitions for commercial and near-commercial biopharmaceutical assets. The deal broadens KKR’s capabilities in life sciences and healthcare credit markets, aligning with its long-term investment approach in the sector.

HCRx, founded in 2006 and based in Stamford, Connecticut, currently manages about USD 3 billion in assets and has committed more than USD 7 billion across over 110 biopharmaceutical products. Its portfolio spans more than 55 products across 10 therapeutic areas. The firm’s expertise in royalty monetization and private debt makes it a strategic fit for KKR’s healthcare platform.

The acquisition reflects increasing demand for flexible capital solutions in the maturing biopharma industry. According to KKR’s Ali Satvat, the transaction will enable the firm to offer broader financing options to healthcare companies through a platform with recognized market leadership and technical capabilities.

HCRx’s Chairman and CEO, Clarke Futch, will retain a substantial minority interest and continue to lead the firm. HCRx’s existing teams will collaborate with KKR’s healthcare group to scale the platform further.

KKR has invested over USD 20 billion in healthcare equity capital since 2004 and maintains a diversified life sciences portfolio, including companies such as BridgeBio Pharma, Dawn Bio, Immedica Pharma, and Treeline Biosciences.