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

Hankang Capital is a Shanghai venture capital manager that has spent sixteen years writing early cheques into Chinese biotech, and whose portfolio companies now sit on one of the densest royalty stacks in the asset class. The firm was founded on 10 September 2010 as Shanghai Jianxin Equity Investment Management

Neuren's entire commercial income is one royalty, on one drug, sold by one counterparty. It owes nothing upstream, carries no debt, and in August declared the first dividend of its corporate life.