The GLP-1 class is the largest pharmaceutical revenue event of the decade. Combined 2024 sales of Wegovy and Ozempic reached $26 billion, with Mounjaro and Zepbound adding approximately $16 billion. For 2025, tirzepatide alone reached $36.5 billion, making it the world's best-selling drug, with semaglutide close behind

When a buyer cannot, or will not, fund an acquisition entirely from cash, stock, or traditional debt, a synthetic royalty sold concurrently with the signing of the merger agreement can close the funding gap. The structure is now an established piece of the life sciences M&A toolkit, with

The Weekly Term Sheet (2026-W17) Full edition — Sunday April 19 to Friday April 24, 2026 / W17 W17 at a glance Window total: ~US$6.93B in committed deal value (upfronts, equity, and raised capital; excludes contingent milestones, "up to" headlines, and secondary share sales). Deal value breakdown Deal

In November 1158, on the plains outside Piacenza, Emperor Frederick Barbarossa convened the Diet of Roncaglia to reassert imperial authority over the wealthy cities of northern Italy. Among the prerogatives he claimed was one that would have seemed entirely unremarkable to his contemporaries but reads, to a modern royalty investor,

Kazia Therapeutics is a Sydney, Australia-based clinical-stage oncology company developing therapies designed to reprogram cancer biology and overcome treatment resistance. The company trades on Nasdaq under the ticker KZIA and, as of mid-April 2026, carries a market capitalisation of approximately $110 million at a share price around the $9–10

Fund Snapshot Firm OMERS Life Sciences (division of OMERS Capital Markets) Parent Ontario Municipal Employees Retirement System (OMERS) Established 2016 Parent Net Assets CAD $145.2B (~USD $104B) as of December 31, 2025 2025 Parent Net Return 6.0% / CAD $8.2B in net investment income Cumulative Life Sciences Deployment

Somewhere between a licence, a loan, and an equity investment — but structurally none of these — sits a transaction type that has quietly become one of the most consequential instruments in late-stage pharmaceutical finance. No IP changes hands. No fixed coupon is owed. No shares are issued, no board seats granted.

Pure medical device royalty monetization remains a small segment of the life sciences non-dilutive capital market. Of Gibson Dunn's reported $6.5 billion in aggregate 2025 royalty financing, the device share is statistically rounding error — and Q1 2026 continued the pattern. Three transactions closed in January 2026 that

Notes from the 7th Norwegian Life Science Investor Partnering Day on what Norway has, what is missing, and how a Norwegian pharmaceutical royalty fund could actually be put together.

W16 opened with Friday holdovers and closed with a Friday evening headlined by UCB's up to $1.15 billion acquisition of Neurona Therapeutics ($650M upfront + $500M in milestones), the first major regenerative cell therapy M&A of 2026 and UCB's structural entry into cell-based disease-modifying