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Latest — 26 Oct 2026

Someone else's patent: what an injunction against a licensed product does to the licensor's royalty

On 7 October the District Court of The Hague ordered MSD to stop selling the subcutaneous form of Keytruda in eight European countries. The patent belongs to Halozyme. The enzyme in the product belongs to neither party. Alteogen, a Korean company, makes berahyaluronidase alfa and licenses it to Merck, which

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The Weekly Term Sheet (2026-W43)

Merck KGaA agreed to buy Silence Therapeutics for an equity value of about USD 1.3bn in cash, and an EQT fund agreed a recommended cash offer for QIAGEN at an enterprise value of about USD 12.1bn. Hansoh licensed preclinical conjugates to Roche for USD 400m upfront and a

The price of consent: what a royalty holder charges after the deal has closed

On 13 October Liquidia settled six lawsuits with United Therapeutics over YUTREPIA, its inhaled treprostinil. The settlement agreement has Liquidia pay a net $175.0M within 30 business days and $145.4M in two instalments by the end of April 2027. Section 2.4 requires it to deliver, within ten

Fund of the Week: Petrichor Healthcare Capital Management

Petrichor's seed investor described it in 2017 as a firm that would buy royalties as well as lend and take equity. Nine years and at least fifteen companies later, its public record holds notes and shares. Most of the notes became shares. The one that did not was

Company of the Week: Paragon Laboratories

Paragon has seeded nine biotech companies in five years. It takes cash and shares from each while the research runs, and a single-digit royalty on any drug that sells. AbbVie kept the royalty when it paid $10.9B for the first of them.

The tranche not taken: what a royalty option is worth after approval

On 10 October Revolution Medicines let a deadline pass. Under its revenue participation agreement with Royalty Pharma, the company had until that day to demand up to $250M in exchange for a further share of the sales of RASONQUE, its pancreatic cancer drug. It sent no notice. Two days earlier

The unbranded royalty: buying an earn-out on a marketed product

On 14 October Labcorp agreed to buy the clinical testing businesses of BioReference Health, a subsidiary of OPKO Health, for $722M in cash at closing. The asset purchase agreement sets a second price. For up to ten years after closing, Labcorp will pay OPKO 15 per cent of the cash

Who owns the voucher: the $200 million asset that royalty contracts leave out

Ultragenyx sold two priority review vouchers in one week of October 2026, for a combined $413M. On 6 October it agreed to sell the voucher awarded with the approval of Genglycos, its gene therapy for glycogen storage disease type Ia, for $210M in cash. The current report adds that under

The Weekly Term Sheet (2026-W42)

Gilead agreed to pay Vir USD 90m upfront, USD 65m in cash and USD 25m in stock, for three masked T-cell engagers, the largest stated licence upfront of the week, and of the 11 royalties created in the window one publishes a rate, five publish a band, and five

Buying out the licensor: What a pre-approval royalty costs to buy back

On 5 October Immunome filed a Form 8-K that carried no press release. It reported that three days earlier the company had paid Bristol Myers Squibb $20.0M in cash and 4,425,487 new shares. In return Bristol gave up every royalty and milestone it was owed on

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Weekly structural analysis on pharmaceutical royalty financing. Deal mechanics, legal events, fund positioning, primary sources.

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