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

Where a royalty seller carries secured debt, the lender controls whether the sale closes, on what timetable, and how much of the upfront the seller retains. The licensor may hold a consent right over the assignment. An earlier buyer of the same stream may hold another. The payer has to

Nobody bought a royalty this week. The EDGAR full-text record carries no monetisation, purchase or revenue-interest filing for the window, and no tracked buyer announced a transaction. Four streams already on the ladder moved instead, three of them on a conference floor or an approval, and the fourth

On 7 October 2025, HealthCare Royalty gave Karyopharm Therapeutics a year off. The Sixth Amendment to their revenue interest financing agreement waived the company's obligation to pay royalties on revenue recognised between 1 April 2025 and 31 March 2026. The price was a permanent increase in the Applicable

Fund of the Week: Claret Capital Partners Claret Capital Partners is a London-headquartered growth-debt manager that has lent to European technology and life-science companies since 2013, first as Harbert European Growth Capital and, after a 2020 management buyout, under its own name. Its funds hold warrants and

BrainChild Bio collects no royalty. It owes one, upward, to a children's hospital, on terms nobody outside the parties has seen. On 8 September it closed $116m and dosed the first patient in a pivotal trial that decides whether the obligation ever pays.

A pharmaceutical royalty is a claim on net sales. Net sales require a live marketing authorisation, and someone has to keep that authorisation alive for the whole royalty term: filing variations, reporting adverse events, meeting post-approval commitments, renewing registrations in each territory. Royalty purchase and revenue interest agreements police

A royalty position is underwritten from a document set: the purchase agreement, the underlying licence, the security documents, the schedules. A side letter is the instrument that sits outside that set and changes what it means. The term covers a signed writing that varies, supplements, waives or interprets a principal