P05.org

Sign in Subscribe

Latest — 29 Sep 2026

The surrogate licence: royalty diligence when the licensee is the inventor's own company

Royalty diligence normally runs against a licence struck between a patent owner and an unaffiliated commercial party. The foundational CRISPR-Cas9 estates were licensed differently. Each institution with a claim to the technology granted its human-therapeutics rights to a company founded by, or built around, its own inventor, a

More issues

The Rate Is the Strike: Staged Royalties on Unapproved Platforms

On 24 September 2026 Ligand committed up to $41 million to AvenCell Therapeutics, a private allogeneic CAR-T developer, in exchange for a royalty on worldwide net sales of every current and future AvenCell product. The rate sits somewhere between mid-single digits and low double digits, "with the

The Weekly Term Sheet (2026-W39)

Two royalties changed hands this week and a third travelled with a marketed product whose sale documents do not mention it. Bayer is selling Stivarga to Grünenthal for up to $436.05M (EUR 375M), global rights on a product approved in more than ninety markets that did $393M (EUR 338M)

The last ten quarters: tail-end royalty income as bridge capital

A royalty with two or three years of income left is the wrong asset to hold and the right asset to spend. This is a worked account of what a short tail is worth, which variable sets the price, why the market's standard cap multiple cannot be written against one.

Fund of the week: Santé Ventures

Santé Ventures is an Austin venture manager that has spent twenty years building early-stage healthcare companies, sells most of them to strategic acquirers, and has structured those sales so that a meaningful part of the consideration arrives after closing as revenue-linked and milestone-linked payments. The firm was

Company of the week: BRAIN Biotech

BRAIN Biotech sold a royalty it had never collected, on a drug it does not own, to Royalty Pharma. The contract is on EDGAR. On 9 September it received $13.4m (€11.51m) because a Phase 3 study worked, and booked a non-cash charge of up to $32.6m (€28m) for the same event.

The updated EU pharma package, read from the royalty side

The Council adopted its first-reading position on the two texts that replace Directive 2001/83/EC and Regulation 726/2004 on 17 and 18 September 2026, in Regulation ST 7105/26 and Directive ST 7106/26. These are not law yet. They carry the compromise reached with the Parliament

Buy the manager: how sovereign capital would enter pharmaceutical royalties

In May 2025 Royalty Pharma completed the acquisition of its own external manager, RP Management, for approximately $1.1 billion, ending an arrangement under which it paid a quarterly fee of 6.5 per cent of portfolio receipts plus 0.25 per cent of security investments to a manager whose

The consent gate: who has to say yes before a royalty is sold

Where a royalty seller carries secured debt, the lender controls whether the sale closes, on what timetable, and how much of the upfront the seller retains. The licensor may hold a consent right over the assignment. An earlier buyer of the same stream may hold another. The payer has to

The Weekly Term Sheet (2026-W38)

Nobody bought a royalty this week. The EDGAR full-text record carries no monetisation, purchase or revenue-interest filing for the window, and no tracked buyer announced a transaction. Four streams already on the ladder moved instead, three of them on a conference floor or an approval, and the fourth

About

P05.org

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

Topics