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Latest — 28 Jun 2026

The Weekly Term Sheet (2026-W26)

The week in numbers June 21 to 28, 2026: eight royalty-bearing license-outs, options, and collaborations (Antengene with K2 Therapeutics, Nuvectis with Haisco, Insilico with SK Biopharmaceuticals, Combotope with Boehringer Ingelheim, Abbisko with Lilly, Antares with Novartis, Ionis with Recordati, Elixirgen with Nippon Shinyaku), two signed acquisitions (AbbVie with

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What Actually Gets Wired: How a Pharmaceutical Royalty Is Calculated and Paid

A mechanics walk-through of the royalty payment, from the shelf price to the wire and into the buyer's account, as of June 2026. A royalty deal is usually summarised in a single number. "Tiered double-digit on net sales." "Eight percent." "A

Fund of the week: Hercules Capital

Hercules Capital. NYSE: HTGC. The largest non-bank venture lender in the United States, and as of June 2026 a royalty originator.

Company of the week: Aktis Oncology

Aktis Oncology is a Boston radiopharmaceutical developer that did the opposite of last week's subject. Where Rallybio was hollowed into a shell and its one thin royalty ring-fenced into a contingent value right, Aktis spent 2024 and 2025 building a platform that big pharma paid to access,

What the back end of a royalty is actually made of

A pharmaceutical royalty is a claim on protected sales. Strip away the science and the structuring and what a buyer is really pricing is a window: the years between launch and the day a generic or biosimilar can lawfully take the market. In the European Union, the instrument that sets

The Re-Rate: How a Royalty Rate Changes Over a Deal's Life

The rate quoted on a press release is a headline. What is actually paid is a function with arguments, and most of those arguments are drafted to move it. A royalty re-rates in two distinct places. The first is inside the underlying licence, where tiers, base adjustments, step-downs

The Other Royalty Markets: Seeds, Traits, and Platform Biotech

The royalty economies in seeds, crop traits, fruit varieties, and bioprocessing platforms are just as real and just as patent-backed, with court records, license terms, and recent transactions to prove it, and almost no financing market on top.

The Weekly Term Sheet (2026-W25)

The week in numbers June 14 to 20, 2026: one royalty-bearing license-out with a disclosed royalty rate (AbCellera with Jazz), two license or platform deals with undisclosed royalty terms (Protillion with Merck, cAMPfield with Newsoara), four re-rates of running third-party royalties (Karyopharm, F2G, Spero, Ligand), four

The Secured Term Loan in Royalty Finance

The least glamorous instrument in the toolkit, dissected down to the coupon Royalty finance gets written about through its friendliest instrument, the true sale. That is the one that makes the press releases: non-dilutive, off the balance sheet, no covenants, no maturity. The larger and quieter flow is its

Company of the week: Rallybio

Rallybio is a New Haven rare-disease biotech that lost its lead program in 2025, sold what it could, and by mid-2026 had been reduced to a stock-market listing and a pile of cash that an oncology company, Avenzo Therapeutics, is now reversing into. Its surviving royalty stack

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

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