Taisho is a century-old, cash-generative over-the-counter giant whose royalties run in both directions, outward on a prescription pipeline it mostly rents, inward on a consumer brand it licenses to the world-

A royalty's contractual term is the longest the stream can live, not the length it will live. Between the date the money starts and the date the contract says it stops, the stream is exposed to six mechanisms that can cut it off early, each with its own

A royalty buyer acquires a place in a payment order that was fixed before it arrived. This is a guide to what ranks ahead of it, where each senior claim is documented, and what a diligence process has to test.

A big pharma has an asset it no longer wants to carry. It does not shelve it and it does not sell it outright. It out-licenses it to a company built to advance it, and keeps a royalty. Every time this happens, a new private royalty is minted, on terms no one discloses.

M&A was led by argenx / Forte (about $2.2B all-cash for the anti-CD122 antibody FB102) and Johnson & Johnson's build-to-buy on Flagship's Sail Biomedicines ($785M up front plus a $2.58B buyout option), neither carrying a running royalty. Two reverse

A REMS, the FDA's Risk Evaluation and Mitigation Strategy, does not touch the patent clock. It taxes the royalty base, throttling prescribing volume through prescriber certification, patient registries, and site-of-care rules, and it is mutable in a way patents are not. The 2025 wave of REMS

Soleus Capital Management, L.P. is a healthcare specialist in Greenwich, Connecticut, formed in 2017 and operating from 2018. It is an SEC-registered adviser (CRD 294459, file 801-118942) filing Form ADV, quarterly 13F reports, and beneficial-ownership filings, and it has grown regulatory assets under management from roughly

Crescent Biopharma carries an unusually dense set of royalty obligations for a company with a single lead asset. It pays a royalty to the incubator that originated its lead molecule, pays a second to the Chinese partner that supplied one of its ADCs, may owe a third to its manufacturer,