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,

Acquire many royalty and milestone interests on Phase 1 and Phase 2 assets at deep discounts, on the order of one to three million dollars each. Assemble a diversified book of hundreds of them. Then either hold the book or recycle it. The question is whether any version of that

Pharmaceutical royalty finance is a growing asset class, but it stops before Phase 2. Gibson Dunn's tracker counts 133 disclosed transactions across the largest funds from 2020 to 2025, worth about 32.7 billion dollars, with a 2025 median deal size of 221 million dollars. Almost none of