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.

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

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 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

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

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

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