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Latest — 10 Oct 2026

How Often the EU Revokes a Marketing Authorisation, and What the Aumseqa Case Means for Royalty Investors

On 25 September 2026 the European Commission revoked the marketing authorisation for Aumseqa (aumolertinib), a lung-cancer drug developed by Hansoh Pharmaceutical of China. It had granted that authorisation on 12 February 2026, so the approval lasted 225 days. Hansoh reports no sales revenue outside China. The decision turned on

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Fund of the Week: Oaktree Capital Management

On 21 October a bankruptcy judge in Delaware is due to hear the sale of BioXcel Therapeutics, the maker of Igalmi. Teva has offered $57.5M in cash. The two lenders paying for the case, Oaktree Capital Management and Qatar Investment Authority, have committed up to $77.25M to it,

Company of the Week: JCR Pharmaceuticals

JCR has licensed its Hunter syndrome drug outside Japan for the second time in five years. It has now signed twelve out-licences since 2021 and has never published a royalty rate. A rival drug built the same way has one: 9.25 percent, bought by Royalty Pharma.

The missing page: chain of title under a pharmaceutical royalty

On 9 January 2026 HealthCare Royalty Partners told a Delaware bankruptcy court that Clearside Biomedical was trying to sell something it did not own. Clearside had filed for Chapter 11 seven weeks earlier with no funded debt and one approved product, the eye drug XIPERE. Its sale papers offered bidders

How it is made: royalty financing on process patents

On 12 August 2025 a security interest was recorded against American patent 9,816,156 in favour of LSI Financing LLC, as administrative agent. The patent belongs to ITM Isotope Technologies Munich. Every claim is to a method: making no-carrier-added lutetium-177 from irradiated ytterbium-176 by cation-

When the royalty pays too slowly: five ways to make the investor whole

Phathom Pharmaceuticals had paid its royalty investors $28.9 million as of 30 June 2026 under a Revenue Interest Financing Agreement signed on 3 May 2022 with NovaQuest, Sagard and Hercules. The investors receive 10 per cent of net sales of vonoprazan products, stepping down at higher sales, and their

The Weekly Term Sheet (2026-W40)

The largest upfront of the week, $1bn from Sanofi to Regeneron, buys into a 50:50 profit share, and of the 12 royalties created in the window one publishes a rate, three publish a band and eight publish nothing. Sanofi paid Regeneron $1bn upfront against up to $7bn in milestones

Added to the cap, not the rate: what accretion does to a true sale

Karyopharm deferred payments on two instruments inside the same twelve-month window, and the two deferrals left the company in different places. KKR, which took over HealthCare Royalty's position, waived the royalty due on revenue recognised between 1 April 2025 and 31 March 2026. Cash paid for interest

Fund of the Week: 3i, LP

3i, LP is a Delaware limited partnership that lends into distressed and cash-constrained microcap issuers through senior secured convertible notes and non-voting convertible preferred stock, and takes collateral over the borrower's assets. Twice in the past six weeks it has also attached a percentage-of-revenue

Company of the week: Assembly Biosciences

Assembly Bio read Gilead's development plan and budget for a herpes drug, then gave up its United States royalty in exchange for 40 per cent of United States profits. The royalty it declined was high single digits to low teens. Either party can switch it back on.

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

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