How a royalty fund and a pharma company ended up in arbitration over whether deutivacaftor is the same compound as ivacaftor — and what it means for the pharmaceutical royalty market

Immunocore Holdings plc is an Oxfordshire, UK-based commercial-stage biotechnology company developing a novel class of TCR bispecific immunotherapies branded ImmTAX (Immune mobilizing monoclonal TCRs Against X disease). The company trades on Nasdaq under the ticker IMCR and, as of late April 2026, carries a market capitalisation in the $1.5–

Fund Snapshot Firm Vie Ventures Vehicle Immunology & Autoimmune (I&A) Fund LP Established July 9, 2025 (public launch) Headquarters 245 Main St, Floor 2, Cambridge, MA 02142 Strategy Series B and C equity into private biotech companies developing therapies for autoimmune and immune-mediated diseases Structure Closed-end venture fund,

The single most consequential variable in any royalty valuation is the terminal date — the point at which cash flows cease. Getting this wrong by even two years can shift an asset's net present value by 15–25%. Yet the mechanics of royalty expiry remain among the least well-understood

When Clearside Biomedical filed for Chapter 11 protection in November 2025, equity holders quickly zeroed in on a detail buried in the company's pre-petition filings: a September 2025 amendment to its royalty agreement with HealthCare Royalty Partners had allegedly waived a contingent $12.5 million payment, nearly five

Royalty financing rarely ends at signing. The cleanest recent illustration of why is the AnaptysBio/Sagard relationship on Jemperli. Three documents, three years apart, restructure who owns what slice of GSK's payment obligation, and the legal architecture is doing real economic work. This piece walks through the documents,

W18 at a glance Window total: ~US$25.0B in committed cash and equity consideration, plus US$8.6B in assumed debt (Sun Pharma / Organon), plus up to ~US$10.4B in disclosed contingent biobucks (max-case milestones and CVRs, undiscounted). The committed-versus-contingent split matters because most aggregate deal-value figures published

Fund Snapshot FirmKurma PartnersFounded2009, ParisParentEurazeo (100% owner since 2024; majority stake acquired 2021)HeadquartersParis (24 Rue Royale, 75008)OfficesParis, MunichManaging PartnersThierry Laugel, Rémi DrollerTotal AUM (April 2026)€1.0 billion across all franchisesTeam~28 people, 12 partnersActive StrategiesBiofund IV (€215M, closed April 2026), Kurma Diagnostics 2 (€83M, closed Dec 2021)

Ray Therapeutics (RayTx) is a Berkeley, California-based clinical-stage biopharmaceutical company developing genotype-independent optogenetic gene therapies for inherited retinal diseases (IRDs) and other blinding conditions. The company is privately held, with cumulative equity capital of approximately $231 million raised across seed, Series A, and Series B rounds, supplemented by approximately $12