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Latest — 14 Sep 2026

Someone else's molecule: the component royalty and the option that comes before it

On 2 September 2026 Alteogen Inc. (KOSDAQ: 196170) entered an option and licence agreement with Novartis covering subcutaneous products built on ALT-B4, its recombinant human hyaluronidase. If every option is exercised and every milestone paid, Alteogen receives up to $3,223M. Novartis holds options to convert its own intravenous

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The Weekly Term Sheet (2026-W37)

Five royalty events this week and not one was a fund buying a stream. A monetisation signed two years ago paid out one day after the science worked: Pharvaris reported an 83% reduction in hereditary angioedema attacks on 8 September, and on the 9th BRAIN Biotech received EUR 11.51M

After the cap: selling the royalty that comes back

A capped royalty sale conveys the first tranche of a stream. The buyer collects until a multiple, a dollar figure or a date, and the entitlement then reverts to the seller. The recourse ladder piece dealt with what sits between the buyer and the cash. This one deals with what

Fund of the week: Hankang Capital

Hankang Capital is a Shanghai venture capital manager that has spent sixteen years writing early cheques into Chinese biotech, and whose portfolio companies now sit on one of the densest royalty stacks in the asset class. The firm was founded on 10 September 2010 as Shanghai Jianxin Equity Investment Management

Company of the week: Neuren Pharmaceuticals

Neuren's entire commercial income is one royalty, on one drug, sold by one counterparty. It owes nothing upstream, carries no debt, and in August declared the first dividend of its corporate life.

The exit written in: put options in pharmaceutical royalty financing

On 11 August 2026, DRI Healthcare received about US$178 million from Chiesi Group. Its royalty on Ekterly, the oral hereditary angioedema drug, then ceased to exist. The stream had been underwritten in November 2024 to run through at least 2041. It paid for roughly a year. No patent was

A royalty made in litigation: the settlement rate on a marketed competitor

A settlement royalty is paid by a party that was sued to the party that sued it, for the right to keep selling. At signing the payer's alternative was an order removing its product from the market. On a cash flow schedule it resembles a licence royalty. The

The compression trade: what AI discovery speed does to the royalty clock

This piece is speculative analysis rather than a research note. The transactions are real; most of the consequences have not happened yet. In March 2026 Eli Lilly agreed to pay Insilico Medicine $115 million upfront, up to approximately $2.75 billion in development, regulatory and commercial milestones, and tiered royalties

The Weekly Term Sheet (2026-W36)

Operating companies created twelve royalties this week and no fund bought one. Alteogen granted Novartis multiple options over subcutaneous formulations on its ALT-B4 hyaluronidase, up to $3,223M (KRW 4.4165 trillion) with royalties on top. HUTCHMED took $110M upfront within $1.295B from GSK and kept the Phase

Fantasy M&A: the recipe for a pharma champion

Twenty-six mergers that will not happen, five that were mooted, and what each would do to the royalty streams underneath it

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P05.org

Weekly structural analysis on pharmaceutical royalty financing. Deal mechanics, legal events, fund positioning, primary sources.

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