Jason Gerberry
BofA Securities, Research Division

[Audio Gap] BofA Annual Healthcare Conference. My name is Jason Gerberry. I cover biotech and pharma, and I am pleased to be introducing Royalty Pharma. We've got Terrance Coyne, EVP and CFO; and Marshall Urist is going to be joining us in a minute, EVP, Head of Research and Investments. So Terrance, thanks for joining us.

Terrance Coyne
Executive VP & CFO

Thanks, Jason. Thanks for having us.

Jason Gerberry
BofA Securities, Research Division

So maybe I'll kick things off. Just state of the landscape and the royalty financing business, which you guys are in, and we are seeing some changes in the competitive landscape. And so I thought it would just be -- your overall view on market share, competitive moat and a lot of the efficiencies that you provide for partners? How are you seeing those dynamics play out in the royalty financing market?

Marshall Urist
Executive Vice President of Research & Investments

Sure. I can start on that. I'm sure we both have perspective on that. So I think the simple message is that we feel really, really confident about both our broader marketplace and our role in it and where we stand from a competitive point of view. I mean you look at the transactions we've announced this year, right? We've done 3 really exciting transactions. Most recently, a really exciting and I think, innovative Phase III financing deal. I'm sure we'll talk about that broader market with J&J. We bought a sort of traditional royalty from Zymeworks on a Jazz oncology product and