Royalty financing rarely ends at signing. The cleanest recent illustration of why is the AnaptysBio/Sagard relationship on Jemperli. Three documents, three years apart, restructure who owns what slice of GSK's payment obligation, and the legal architecture is doing real economic work. This piece walks through the documents,

W18 at a glance Window total: ~US$25.0B in committed cash and equity consideration, plus US$8.6B in assumed debt (Sun Pharma / Organon), plus up to ~US$10.4B in disclosed contingent biobucks (max-case milestones and CVRs, undiscounted). The committed-versus-contingent split matters because most aggregate deal-value figures published

Fund Snapshot FirmKurma PartnersFounded2009, ParisParentEurazeo (100% owner since 2024; majority stake acquired 2021)HeadquartersParis (24 Rue Royale, 75008)OfficesParis, MunichManaging PartnersThierry Laugel, Rémi DrollerTotal AUM (April 2026)€1.0 billion across all franchisesTeam~28 people, 12 partnersActive StrategiesBiofund IV (€215M, closed April 2026), Kurma Diagnostics 2 (€83M, closed Dec 2021)

Ray Therapeutics (RayTx) is a Berkeley, California-based clinical-stage biopharmaceutical company developing genotype-independent optogenetic gene therapies for inherited retinal diseases (IRDs) and other blinding conditions. The company is privately held, with cumulative equity capital of approximately $231 million raised across seed, Series A, and Series B rounds, supplemented by approximately $12

On Wednesday, April 29, 2026, the Supreme Court of the United States heard oral argument in Hikma Pharmaceuticals USA Inc. v. Amarin Pharma, Inc. (No. 24-889). It is the Court's first patent inducement case since Commil v. Cisco (2015) and its first skinny-label case since Caraco v. Novo

When Royalty Pharma commenced dispute resolution proceedings against Vertex Pharmaceuticals over the royalty treatment of Alyftrek — arguing that deutivacaftor is "the same as" ivacaftor and therefore royalty-bearing at approximately 8%, while Vertex paid only approximately 4% — the dispute crystallised something that synthetic royalty practitioners have long understood but

The GLP-1 class is the largest pharmaceutical revenue event of the decade. Combined 2024 sales of Wegovy and Ozempic reached $26 billion, with Mounjaro and Zepbound adding approximately $16 billion. For 2025, tirzepatide alone reached $36.5 billion, making it the world's best-selling drug, with semaglutide close behind

When a buyer cannot, or will not, fund an acquisition entirely from cash, stock, or traditional debt, a synthetic royalty sold concurrently with the signing of the merger agreement can close the funding gap. The structure is now an established piece of the life sciences M&A toolkit, with

The Weekly Term Sheet (2026-W17) Full edition — Sunday April 19 to Friday April 24, 2026 / W17 W17 at a glance Window total: ~US$6.93B in committed deal value (upfronts, equity, and raised capital; excludes contingent milestones, "up to" headlines, and secondary share sales). Deal value breakdown Deal