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.

On 11 August 2026, DRI Healthcare received about US$178 million from Chiesi Group. Its royalty on Ekterly, the oral hereditary angioedema drug, then ceased to exist. The stream had been underwritten in November 2024 to run through at least 2041. It paid for roughly a year. No patent was

A settlement royalty is paid by a party that was sued to the party that sued it, for the right to keep selling. At signing the payer's alternative was an order removing its product from the market. On a cash flow schedule it resembles a licence royalty. The

This piece is speculative analysis rather than a research note. The transactions are real; most of the consequences have not happened yet. In March 2026 Eli Lilly agreed to pay Insilico Medicine $115 million upfront, up to approximately $2.75 billion in development, regulatory and commercial milestones, and tiered royalties

Operating companies created twelve royalties this week and no fund bought one. Alteogen granted Novartis multiple options over subcutaneous formulations on its ALT-B4 hyaluronidase, up to $3,223M (KRW 4.4165 trillion) with royalties on top. HUTCHMED took $110M upfront within $1.295B from GSK and kept the Phase

Twenty-six mergers that will not happen, five that were mooted, and what each would do to the royalty streams underneath it

Athyrium Capital Management, LP is a New York healthcare investment manager formed in 2008 by Jeffrey A. Ferrell. It advises funds with more than $4.6B of committed capital across four vintages, and it describes its instrument set as royalties, structured credit, equities and select special situations. The royalties have