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.

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

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-

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 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

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

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

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.

In October 2022 Insmed borrowed $350 million from Pharmakon-managed funds. Over the next two years it paid $46.8 million of the interest by handing the lenders more debt in place of cash. That is payment in kind, or PIK. The loan grew instead of shrinking. A PIK toggle