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

On 7 October 2025, HealthCare Royalty gave Karyopharm Therapeutics a year off. The Sixth Amendment to their revenue interest financing agreement waived the company's obligation to pay royalties on revenue recognised between 1 April 2025 and 31 March 2026. The price was a permanent increase in the Applicable

Fund of the Week: Claret Capital Partners Claret Capital Partners is a London-headquartered growth-debt manager that has lent to European technology and life-science companies since 2013, first as Harbert European Growth Capital and, after a 2020 management buyout, under its own name. Its funds hold warrants and

BrainChild Bio collects no royalty. It owes one, upward, to a children's hospital, on terms nobody outside the parties has seen. On 8 September it closed $116m and dosed the first patient in a pivotal trial that decides whether the obligation ever pays.

A pharmaceutical royalty is a claim on net sales. Net sales require a live marketing authorisation, and someone has to keep that authorisation alive for the whole royalty term: filing variations, reporting adverse events, meeting post-approval commitments, renewing registrations in each territory. Royalty purchase and revenue interest agreements police

A royalty position is underwritten from a document set: the purchase agreement, the underlying licence, the security documents, the schedules. A side letter is the instrument that sits outside that set and changes what it means. The term covers a signed writing that varies, supplements, waives or interprets a principal

On 2 September 2026 Alteogen Inc. (KOSDAQ: 196170) entered an option and licence agreement with Novartis covering subcutaneous products built on ALT-B4, its recombinant human hyaluronidase. If every option is exercised and every milestone paid, Alteogen receives up to $3,223M. Novartis holds options to convert its own intravenous

Five royalty events this week and not one was a fund buying a stream. A monetisation signed two years ago paid out one day after the science worked: Pharvaris reported an 83% reduction in hereditary angioedema attacks on 8 September, and on the 9th BRAIN Biotech received EUR 11.51M

A capped royalty sale conveys the first tranche of a stream. The buyer collects until a multiple, a dollar figure or a date, and the entitlement then reverts to the seller. The recourse ladder piece dealt with what sits between the buyer and the cash. This one deals with what