In October 2022 Insmed borrowed $350 million from Pharmakon-managed funds. Over the next two years it paid $46.8 million of the interest by handing the lenders more debt in place of cash. That is payment in kind, or PIK. The loan grew instead of shrinking. A PIK toggle

Royalty diligence normally runs against a licence struck between a patent owner and an unaffiliated commercial party. The foundational CRISPR-Cas9 estates were licensed differently. Each institution with a claim to the technology granted its human-therapeutics rights to a company founded by, or built around, its own inventor, a

On 24 September 2026 Ligand committed up to $41 million to AvenCell Therapeutics, a private allogeneic CAR-T developer, in exchange for a royalty on worldwide net sales of every current and future AvenCell product. The rate sits somewhere between mid-single digits and low double digits, "with the

Two royalties changed hands this week and a third travelled with a marketed product whose sale documents do not mention it. Bayer is selling Stivarga to Grünenthal for up to $436.05M (EUR 375M), global rights on a product approved in more than ninety markets that did $393M (EUR 338M)

A royalty with two or three years of income left is the wrong asset to hold and the right asset to spend. This is a worked account of what a short tail is worth, which variable sets the price, why the market's standard cap multiple cannot be written against one.

Santé Ventures is an Austin venture manager that has spent twenty years building early-stage healthcare companies, sells most of them to strategic acquirers, and has structured those sales so that a meaningful part of the consideration arrives after closing as revenue-linked and milestone-linked payments. The firm was

BRAIN Biotech sold a royalty it had never collected, on a drug it does not own, to Royalty Pharma. The contract is on EDGAR. On 9 September it received $13.4m (€11.51m) because a Phase 3 study worked, and booked a non-cash charge of up to $32.6m (€28m) for the same event.

The Council adopted its first-reading position on the two texts that replace Directive 2001/83/EC and Regulation 726/2004 on 17 and 18 September 2026, in Regulation ST 7105/26 and Directive ST 7106/26. These are not law yet. They carry the compromise reached with the Parliament

In May 2025 Royalty Pharma completed the acquisition of its own external manager, RP Management, for approximately $1.1 billion, ending an arrangement under which it paid a quarterly fee of 6.5 per cent of portfolio receipts plus 0.25 per cent of security investments to a manager whose