Royalty Pharma, a Swiss biotech company which buys the rights to drugs under development and receives royalties on subsequent sales, has pulled its flotation for the second time amid concern over falling pharmaceutical and biotech stock prices.

The company had expected to list on the Swiss market on Friday but found investors unwilling to buy, even at the bottom of the price range, despite strong interest in the company. UBS Warburg was the global coordinator and book runner for the deal. West LB Panmure was the co-lead.