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.
More issues
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
Fund of the week: Athyrium Capital Management
Athyrium Capital Management, LP is a New York healthcare investment manager formed in 2008 by Jeffrey A. Ferrell. It advises funds with more than $4.6B of committed capital across four vintages, and it describes its instrument set as royalties, structured credit, equities and select special situations.
The royalties have
Company of the week: Werewolf
In one hundred days a platform company sold its royalty back to the licensee, sold the platform to a second buyer, and priced itself to a third at roughly the cash the first two produced. The two clinical assets went into a contingent right, carrying a royalty payable to Merck.
Grant now, exercise later: the stand-by licence in royalty financing
A stand-by licence is a licence granted at closing that sits dormant until a default or an insolvency wakes it.
The instrument set: what royalty capital was written as in 2025 and 2026
Two years, forty-nine transactions, thirty-four structures. In 2025 the market did its volume in a converging form. In 2026 it wrote fifteen things it had not written the year before, and each one removes a specific blockage rather than adding a flourish.