W14 (March 29–April 5, 2026) opened with the formal announcement of the week's headline deal: Eli Lilly's $2.75 billion global R&D collaboration with Insilico Medicine, upgrading the FT-previewed $2 billion GLP-1 license reported in W13 into a broader, multi-target

When Blackstone closed a $1.47 billion asset-backed securitisation backed by royalties from 45,000 songs in November 2024, 25 institutional investors participated in a single rated issuance structured by MUFG, with Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko as joint bookrunners. The notes were rated A-

Alteogen Inc. (KOSDAQ: 196170) is a South Korean biopharmaceutical platform company founded in 2008 and headquartered in Daejeon. It operates across three distinct lines of business: subcutaneous drug delivery technology licensing under the Hybrozyme™ platform, next-generation biologic drug development using the NexP™ and NexMab™ platforms, and biosimilar commercialisation via

Overview and Investment Focus AN Venture Partners (ANV) is not a conventional venture capital firm. It is a Tokyo and San Francisco-based fund built on a specific structural thesis: that Japan's academic biotech ecosystem is deeply underserved by institutional capital, and that bridging Japanese science to the

When COVID-19 spread across the global economy in early 2020, lawyers across every sector reached for the same clause in their contracts: force majeure. In pharmaceutical licensing, supply, and manufacturing agreements, the consequences were immediate and visible. In pharmaceutical royalty agreements, something subtler and more instructive happened. Almost nothing

When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring, one question surfaces faster than almost any other: can this agreement be transferred, and if so, how? The answer turns on a distinction that is elementary in contract law but

When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent's neladalkib and zidesamtinib from "an undisclosed third party" for up to $315 million, most readers focused on the therapeutic thesis. The more interesting detail was the

W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced a $2.175 billion acquisition of Ouro Medicines—adding a clinical-stage BCMAxCD3 T-cell engager with an intricate Galapagos co-development structure including 20-23% royalties on

When ADC Therapeutics filed its February 2026 8-K amending its royalty agreement with HealthCare Royalty, the headline focused on the dramatic reduction of its change-of-control payment. Buried in the same filing was a contractual detail that answers a question the royalty financing industry rarely discusses directly: what