California's stem cell agency has committed most of $8.5B of voter-approved bonds as grants. A company that sells a product built on one of them owes the state a royalty of 0.1 per cent of sales for each $1M awarded, for ten years or until it has paid nine times the award.

On 2 and 3 November 2026 Rhythm Pharmaceuticals agreed to pay LG Chem $350M to cut a royalty to 1 percent, signed a $750M term loan led by its revenue interest investor, and loosened the terms of that revenue interest. All three contracts are claims on the same IMCIVREE sales.

On 14 August Coherus Oncology drew $55M from a new loan led by Innovatus and repaid a $38.7M term loan from lenders advised by Barings. The Barings loan had been signed in May 2024, on the day Coherus sold a share of its American sales of UDENYCA and LOQTORZI

On 1 October 2025 BioCryst Pharmaceuticals closed the sale of its European ORLADEYO business to Neopharmed Gentili. BioCryst received $250.0M in cash for the shares of BioCryst Ireland, and may receive up to $14.0M more if revenue milestones are met before the end of 2032. On the same

On 17 March 2026 Judge Philip Halpern, sitting in White Plains, refused to dismiss a suit Regeneron had brought against Sanofi over Dupixent. The opinion turned on an audit clause. The parties' collaboration agreement lets each side's accountants check "the accuracy of all financial, accounting and

Royalty and profit-share rates on the 36 streams touched between 25 October and 1 November, in three groups, with word bands converted to ranges. Twenty-three publish a rate or band and 13 are drawn as empty bars; the PRX019 royalty, ended by Bristol Myers Squibb, is marked as

ADC Therapeutics expects to close an $86.6M private placement on 22 October. The same closing brings into force Amendment No. 2 to the company's 2021 royalty financing with HealthCare Royalty. From that day ADC can end the royalty on Zynlonta whenever it chooses. It pays 1.75

NovaQuest has paid for late-stage trials since its years inside Quintiles. When a trial fails it recovers nothing, and when a drug is approved it collects milestones and royalties up to a cap.

Hengrui booked $392M of licence revenue in the first nine months of 2026, equal to about two-fifths of its net profit, and received $612M of licence cash. Its partners include GSK, Bristol Myers Squibb, Merck, and Novo Nordisk. None of its licences abroad has yet paid a royalty.