Petrichor's seed investor described it in 2017 as a firm that would buy royalties as well as lend and take equity. Nine years and at least fifteen companies later, its public record holds notes and shares. Most of the notes became shares. The one that did not was

Paragon has seeded nine biotech companies in five years. It takes cash and shares from each while the research runs, and a single-digit royalty on any drug that sells. AbbVie kept the royalty when it paid $10.9B for the first of them.

On 10 October Revolution Medicines let a deadline pass. Under its revenue participation agreement with Royalty Pharma, the company had until that day to demand up to $250M in exchange for a further share of the sales of RASONQUE, its pancreatic cancer drug. It sent no notice. Two days earlier

On 14 October Labcorp agreed to buy the clinical testing businesses of BioReference Health, a subsidiary of OPKO Health, for $722M in cash at closing. The asset purchase agreement sets a second price. For up to ten years after closing, Labcorp will pay OPKO 15 per cent of the cash

Ultragenyx sold two priority review vouchers in one week of October 2026, for a combined $413M. On 6 October it agreed to sell the voucher awarded with the approval of Genglycos, its gene therapy for glycogen storage disease type Ia, for $210M in cash. The current report adds that under

Gilead agreed to pay Vir USD 90m upfront, USD 65m in cash and USD 25m in stock, for three masked T-cell engagers, the largest stated licence upfront of the week, and of the 11 royalties created in the window one publishes a rate, five publish a band, and five

On 5 October Immunome filed a Form 8-K that carried no press release. It reported that three days earlier the company had paid Bristol Myers Squibb $20.0M in cash and 4,425,487 new shares. In return Bristol gave up every royalty and milestone it was owed on

Perceptive has lent to at least 38 drug and device companies since 2014 and has raised about $3.5B to do it. One of those loans came with a royalty. It lasted fourteen months. In 2026 royalty and credit funds have refinanced three of Perceptive's borrowers. On 1

CSL is paying $355M for a share in a Swiss antibody for failing kidneys, nearly as much as venture investors put into its maker over seven years. Alentis keeps 45 percent of the profit and no royalty. The contract that defines that profit is unpublished, and so are the licences