On 7 October the District Court of The Hague ordered MSD to stop selling the subcutaneous form of Keytruda in eight European countries. The patent belongs to Halozyme. The enzyme in the product belongs to neither party. Alteogen, a Korean company, makes berahyaluronidase alfa and licenses it to Merck, which

Merck KGaA agreed to buy Silence Therapeutics for an equity value of about USD 1.3bn in cash, and an EQT fund agreed a recommended cash offer for QIAGEN at an enterprise value of about USD 12.1bn. Hansoh licensed preclinical conjugates to Roche for USD 400m upfront and a

On 13 October Liquidia settled six lawsuits with United Therapeutics over YUTREPIA, its inhaled treprostinil. The settlement agreement has Liquidia pay a net $175.0M within 30 business days and $145.4M in two instalments by the end of April 2027. Section 2.4 requires it to deliver, within ten

Petrichor's seed investor described it in 2017 as a firm that would buy royalties as well as lend and take equity. Nine years and at least fifteen companies later, its public record holds notes and shares. Most of the notes became shares. The one that did not was

Paragon has seeded nine biotech companies in five years. It takes cash and shares from each while the research runs, and a single-digit royalty on any drug that sells. AbbVie kept the royalty when it paid $10.9B for the first of them.

On 10 October Revolution Medicines let a deadline pass. Under its revenue participation agreement with Royalty Pharma, the company had until that day to demand up to $250M in exchange for a further share of the sales of RASONQUE, its pancreatic cancer drug. It sent no notice. Two days earlier

On 14 October Labcorp agreed to buy the clinical testing businesses of BioReference Health, a subsidiary of OPKO Health, for $722M in cash at closing. The asset purchase agreement sets a second price. For up to ten years after closing, Labcorp will pay OPKO 15 per cent of the cash

Ultragenyx sold two priority review vouchers in one week of October 2026, for a combined $413M. On 6 October it agreed to sell the voucher awarded with the approval of Genglycos, its gene therapy for glycogen storage disease type Ia, for $210M in cash. The current report adds that under

Gilead agreed to pay Vir USD 90m upfront, USD 65m in cash and USD 25m in stock, for three masked T-cell engagers, the largest stated licence upfront of the week, and of the 11 royalties created in the window one publishes a rate, five publish a band, and five