A stand-by licence is a licence granted at closing that sits dormant until a default or an insolvency wakes it.

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.

Article 31(h) requires adequate remuneration in the circumstances of each case, taking into account the economic value of the authorisation. It does not name a base. Every issued licence of the last twenty years has resolved that silence the same way, and the resolution, rather than the headline rate,

The FDA approved RASONQUE on 26 Aug, starting royalty obligations under a Royalty Pharma synthetic royalty with $500M funded since May, and compelling the first $250M draw on a $750M term loan from the same counterparty. Rates run 4.55% to $2B of annual net sales, 2.50% to $4B,

Every royalty negotiation is conducted against a clock, and in most of them only one side can see it. In this one both sides can, because the seller filed it. The CFO guide on this site set out when royalty capital is the right instrument by development stage and what

Beiersdorf Venture Capital is the corporate venture arm of Beiersdorf AG, the Hamburg skin care group behind NIVEA, Eucerin, Hansaplast, La Prairie and tesa. The unit began life in August 2019 as OSCAR&PAUL, an internal brand-innovation platform named after the company's two founding figures, Paul

Tanabe is a 348-year-old Japanese drugmaker that a Boston private equity firm bought and is now converting, asset by asset, into a royalty book. In eight months it has sold its largest product, sold a royalty back to its own licensee, and sold its best pipeline asset.

A pharmaceutical royalty is normally bounded by something. The last-to-expire patent, a fixed number of years from first commercial sale, the loss of regulatory exclusivity, or some later-of formulation combining them. The bound is what makes the stream a finite series, and the finite series is what

On 3 June 2026 Mineralys Therapeutics borrowed money at SOFR plus 5.50 percent in order to stop paying a royalty. The company repurchased all potential future royalty payments due to Tanabe Pharma on lorundrostat for $200 million upfront and up to $100 million on commercial milestones, with Tanabe agreeing

Priority in a royalty financing breaks into two questions. One is vertical. Within a single pool of collateral, who stands on which rung. The other is horizontal. How many pools there are, and where each party sits in each of them. Most practitioners answer the first fluently and skip the