The largest story of the week did not happen. The FT reported, and Reuters corroborated, AstraZeneca and Bristol Myers Squibb merger talks near $400B; the market priced it (AZN as much as -9%, BMY +4-6%) and a senior source categorically denied it on Aug 5. Announced M&A

Section 365 of the Bankruptcy Code is the estate's power to reject, assume, or assign the executory contracts a royalty depends on. This is a practitioner's account of how each power reaches a pharmaceutical stream, worked through the filings, at the deal level and the fund

Janus Henderson's Healthcare Team is the life-sciences franchise of Janus Henderson Group, a global active asset manager that ran approximately $480 billion at 31 March 2026. It runs the Global Life Sciences strategy (from 1998), a biotechnology franchise built out from 2018, and a biotech long/short

Taisho is a century-old, cash-generative over-the-counter giant whose royalties run in both directions, outward on a prescription pipeline it mostly rents, inward on a consumer brand it licenses to the world-

A royalty's contractual term is the longest the stream can live, not the length it will live. Between the date the money starts and the date the contract says it stops, the stream is exposed to six mechanisms that can cut it off early, each with its own

A royalty buyer acquires a place in a payment order that was fixed before it arrived. This is a guide to what ranks ahead of it, where each senior claim is documented, and what a diligence process has to test.

A big pharma has an asset it no longer wants to carry. It does not shelve it and it does not sell it outright. It out-licenses it to a company built to advance it, and keeps a royalty. Every time this happens, a new private royalty is minted, on terms no one discloses.

M&A was led by argenx / Forte (about $2.2B all-cash for the anti-CD122 antibody FB102) and Johnson & Johnson's build-to-buy on Flagship's Sail Biomedicines ($785M up front plus a $2.58B buyout option), neither carrying a running royalty. Two reverse