That seems rather interesting and I find it odd. I believe I recall at one time them having filed but then never following threw and going public. I always thought because they decided they didn't need to raise the cash at that time. I actually owned a company called Drug Royalty it was listed on the Canadian exchange so that may differentiate it. They have since been bought out (too cheaply) I'm fairly certain they made acquisitions of royalties while public. Their one unique (and would have been huge relative to their size) asset was a royalty interest in Cambridge Antibody. CAT (wisely) tried to buy them out before Humira became so big but we were stolen buy another suitor :(. There are a number of royalty companies in other industries (RGLD, FNV come to mind in precious medals). I actually like the royalty business model.
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