The largest upfront of the week, $1bn from Sanofi to Regeneron, buys into a 50:50 profit share, and of the 12 royalties created in the window one publishes a rate, three publish a band and eight publish nothing. Sanofi paid Regeneron $1bn upfront against up to $7bn in milestones

Karyopharm deferred payments on two instruments inside the same twelve-month window, and the two deferrals left the company in different places. KKR, which took over HealthCare Royalty's position, waived the royalty due on revenue recognised between 1 April 2025 and 31 March 2026. Cash paid for interest

3i, LP is a Delaware limited partnership that lends into distressed and cash-constrained microcap issuers through senior secured convertible notes and non-voting convertible preferred stock, and takes collateral over the borrower's assets. Twice in the past six weeks it has also attached a percentage-of-revenue

Assembly Bio read Gilead's development plan and budget for a herpes drug, then gave up its United States royalty in exchange for 40 per cent of United States profits. The royalty it declined was high single digits to low teens. Either party can switch it back on.

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.