The Weekly Term Sheet (2026-W25)
The week in numbers
June 14 to 20, 2026: one royalty-bearing license-out with a disclosed royalty rate (AbCellera with Jazz), two license or platform deals with undisclosed royalty terms (Protillion with Merck, cAMPfield with Newsoara), four re-rates of running third-party royalties (Karyopharm, F2G, Spero, Ligand), four signed acquisitions or takeouts (Lilly with 4E, Biogen with RayThera, Zydus with Assertio, Altaris with Simulations Plus), three structured-finance prints (PTC, Adaptive, Denali), and about $1.6B in equity financings. One reported but unsigned takeover (AbbVie with Apogee) is logged as a W26 watch item.
No royalty monetisation, synthetic royalty, or revenue-interest transaction in the window. The June 20 weekend close produced no disclosable transactions.
- Karyopharm / Menarini selinexor, royalty re-rate: Phase 3 SENTRY of selinexor plus ruxolitinib in frontline myelofibrosis (n=353, EHA 2026) met its first co-primary endpoint (SVR35, 49.8% vs 28.0% at week 24) with a strong but immature overall-survival signal (HR about 0.43, not powered for OS), and missed its second co-primary (absolute Total Symptom Score). Re-rates Karyopharm's running royalty on Menarini's ex-US net sales of selinexor (NEXPOVIO).
- Jazz / AbCellera TCE collaboration, royalty origination: $56M upfront for the first two programmes, $28M on a third, up to $792M per programme in option fees and milestones, tiered royalties mid-single to low double-digit on Jazz net sales. AbCellera is originator and royalty holder. The only new royalty-bearing license-out in the window.
- F2G / Shionogi olorofim, royalty re-rate: Phase 3 OASIS in invasive aspergillosis (n=225) met its non-inferiority primary endpoint. Re-rates F2G's double-digit royalty on Shionogi's Europe and Asia net sales (2022 deal: $100M upfront, up to $380M milestones, double-digit royalties; F2G holds North America).
- Spero / GSK Utebzi, royalty re-rate (FDA approval): FDA approved Utebzi (tebipenem pivoxil), first oral carbapenem for cUTI, June 17. Re-rates Spero's tiered royalty on GSK net sales (2022 license: $66M upfront, up to $525M milestones; $25M milestone triggered on the December 2025 resubmission; GSK ex certain Asian markets where Meiji holds rights).
- Merck / Ligand Capvaxive, royalty re-rate (label expansion): FDA expanded Capvaxive to high-risk children and adolescents aged 2 to 17, June 18 (Phase 3 STRIDE-13, n=874). Re-rates Ligand's royalty on Merck's worldwide net sales via the Pfenex Expression Technology.
- Lilly / 4E Therapeutics: full acquisition, terms undisclosed. Oral MNK inhibitor pipeline (lead 4ET1103), chronic pain. No royalty layer.
- Biogen / RayThera: upfront plus predominantly clinical and regulatory milestones, up to $1B total. Anti-inflammatory immunology small molecules. No royalty layer.
- Zydus / Assertio: $23.50 per share cash, about $166.4M total; close June 16, about 66.32% tendered, delisted; triggered a Fundamental Change on Assertio's 6.50% converts due 2027. No royalty layer.
- Altaris / Simulations Plus: $18.50 per share, about $375M all-cash (26% premium to 60-day VWAP). Drug-development software, to be combined with Chemical Computing Group. No royalty layer.
- Protillion / Merck Prot-MaP: undisclosed upfront, up to $510M milestones, royalty undisclosed. Multi-target discovery and license.
- cAMPfield / Newsoara prifemilast: ex-Greater China license to prifemilast (HPP737, oral PDE4B inhibitor) for IBD, paired with a $180M Series A; cAMPfield's terms undisclosed. Upstream chain vTv (2018, up to $135M, later worldwide) to Newsoara to cAMPfield.
- PTC Therapeutics: $500M 0% converts due 2031 (plus $50M option), ~$486.8M net, ~$328.8M to repurchase $222M of the 1.5% 2026 notes. Conversion price $107.48 (40% premium). No royalty layer.
- Adaptive Biotechnologies: upsized $300M 0% converts due 2031 (plus $45M option), ~$290.8M net, repaying the 2022 OrbiMed facility ahead of the MRD and Immune Medicine separation. Conversion price ~$24.11 (~40% premium). No royalty layer.
- Denali Therapeutics: $195M Rare Pediatric Disease PRV sale, buyer undisclosed, subject to Hart-Scott-Rodino expiry. One-time non-dilutive asset sale, not a royalty.
- Enliven Therapeutics: ~$460M follow-on, closed June 15 (full overallotment exercised). The largest in-window equity print. No royalty layer.
- Kardigan: ~$400M Nasdaq IPO, 25,000,000 shares at $16 (high end), priced June 17. Three lead cardiovascular assets licensed from Sanofi, Ionis, and BMS, making Kardigan an outbound royalty payer.
- cAMPfield Therapeutics: $180M Series A (Frazier Life Sciences lead), paired with the prifemilast in-license.
- Alvotech: ~$152M (about $85M public offering at $3.75 plus ~$67M concurrent private placement). Biosimilars platform. No royalty layer.
- Memento Medicines: $93M Series A (Forbion, RA Capital, Avego co-leads). Lead MMT-205 (Tie2 agonist plus VEGF inhibitor bispecific, nAMD and DME) in-licensed from Korea's Curacle and Mabtics (May 10, up to ~$1.07B, ~$8.5M upfront).
- Triveni Bio: $65M Series C (Ascenta Capital, Janus Henderson co-leads). Anti-KLK5/7 and KLK5/7 plus IL-13 bispecific antibodies, atopic dermatitis.
- COUR Pharma: $50M Series B (Lumira Ventures, Roche Venture Fund leads, Sanofi new). CNP-103 nanoparticle immune tolerance, type 1 diabetes.
- HMNC Brain Health: $50M Series B (Medice lead). Two depression programmes.
- Vedana Therapeutics: $46M Series A (Westlake BioPartners, Canaan Partners co-leads). Anti-PACAP and PACAP/CGRP bispecific antibodies, migraine prevention.
- Spot Biosystems: $40M (LDV Partners, IDG Capital and others). Non-viral extracellular-vesicle gene therapy, full-length dystrophin for DMD.
- MultiValent Biotherapies: $27.425M Series A first closing. MVB-101 (CBP-1018) PSMA x FRα drug conjugate, mCRPC, licensed from China's Coherent Biopharma (equity plus undisclosed upfront and milestones).
- Scribe Therapeutics: >$25M CIRM grant, non-dilutive. STX-1200 (Lp(a)) and STX-1400 (triglycerides), in vivo CRISPR cardiometabolic.
- Neion Bio: $23M Series A (Caffeinated Capital lead, Basis Set Ventures). Egg-based ("Raptor") biologics-manufacturing platform.
- AbbVie / Apogee, reported and unsigned: FT reported June 19 an all-cash takeover at about $10.9B (~60% premium to the $90.38 June 18 close), announcement possible June 22. APG777 and APG808 (I&I biologics). Excluded from the signed-deal count, flagged for W26.
- Adaptive Biotechnologies separation: plan to split MRD (clonoSEQ) and Immune Medicine into two companies. No acquisition consideration, no royalty content.
Clinical, regulatory, IP, and policy prints with no royalty origination: Neumora navacaprant Phase 3 fail (MDD, programme discontinued, ~35% staff cut); Spyre SPY002 anti-TL1A Phase 2 win (UC); Legend LB2501 in vivo CAR-T proof of concept (B-cell NHL); Minghui MHB018A Phase 3 (TED); SynAct resomelagon Phase 2b (RA, primary miss, secondary support); Lundbeck asedebart Phase 2 (Cushing's); Rhythm setmelanotide Phase 3 path (PWS); Soleno VYKAT XR two-year data (PWS); Henlius HLX04-O Phase 3 (wet AMD); Luye LY03015 Phase 2 (tardive dyskinesia); GRI Bio GRI-0621 orphan drug designation (IPF); Amgen and Teneobio Harbour Antibodies verdict ($20.2M, potentially trebled to $60.6M); CMS Medicare drug-price negotiation framework and related-drug grouping rule.
M&A and major licensing:
- Eli Lilly acquisition of 4E Therapeutics (Tue June 16): terms undisclosed; oral MNK inhibitor pipeline (lead 4ET1103), chronic pain.
- Biogen acquisition of RayThera (Wed June 17): upfront plus predominantly clinical and regulatory milestones, up to $1B total; anti-inflammatory immunology small molecules.
- Zydus completes takeout of Assertio Holdings (closed Tue June 16): $23.50 per share cash, about $166.4M; ~66.32% tendered, delisted; triggered a Fundamental Change on the 6.50% converts due 2027.
- Altaris acquisition of Simulations Plus (Tue June 16): $18.50 per share, about $375M all-cash (26% premium to 60-day VWAP); to be combined with Chemical Computing Group.
- AbbVie reported takeover of Apogee Therapeutics (reported Fri June 19, unsigned): about $10.9B all-cash, ~60% premium; APG777 and APG808; excluded from the signed-deal count, flagged for W26.
- Adaptive Biotechnologies business separation (Mon June 15): plan to split MRD (clonoSEQ) and Immune Medicine; no acquisition consideration, no royalty content.
Royalty-bearing license-outs and platform layers (upfront, then milestones, then royalty):
- Jazz Pharmaceuticals and AbCellera TCE collaboration (Wed June 17): $56M upfront (first two programmes), $28M on a third, up to $792M per programme in option fees and milestones, tiered royalties mid-single to low double-digit on Jazz net sales; AbCellera is originator and royalty holder.
- Protillion Biosciences and Merck Prot-MaP discovery and license (Tue June 16): undisclosed upfront, up to $510M milestones, royalty undisclosed.
- cAMPfield Therapeutics ex-Greater China license to prifemilast from Newsoara (Thu June 18): cAMPfield terms undisclosed; upstream chain vTv (2018, up to $135M, later worldwide) to Newsoara to cAMPfield; paired with a $180M Series A.
Structured finance and non-dilutive debt:
- PTC Therapeutics 0% convertible notes (priced Mon June 15): $500M plus $50M option, ~$486.8M net, ~$328.8M to repurchase $222M of the 1.5% 2026 notes; conversion price $107.48 (40% premium).
- Adaptive Biotechnologies 0% convertible notes (priced Wed June 17): upsized $300M plus $45M option, ~$290.8M net; conversion price ~$24.11 (~40% premium); repays the 2022 OrbiMed facility; settles June 22.
- Denali Therapeutics PRV sale (Thu June 18): $195M gross, buyer undisclosed, subject to Hart-Scott-Rodino expiry.
Financings:
- Enliven Therapeutics upsized follow-on (closed Mon June 15): ~$460M gross (full overallotment exercised).
- Kardigan Nasdaq IPO (priced Wed June 17): ~$400M gross, 25,000,000 shares at $16; lead assets licensed from Sanofi, Ionis, and BMS.
- Alvotech offering plus private placement (priced Tue June 16): ~$152M (about $85M public plus ~$67M private placement).
- Memento Medicines $93M Series A (Thu June 18): Forbion, RA Capital, Avego co-leads; lead MMT-205 in-licensed from Curacle and Mabtics.
- Triveni Bio $65M Series C (Wed June 17): Ascenta Capital and Janus Henderson co-leads, Deep Track.
- COUR Pharma $50M Series B (Thu June 18): Lumira Ventures and Roche Venture Fund leads, Sanofi new.
- HMNC Brain Health $50M Series B (in-window): Medice lead.
- Vedana Therapeutics $46M Series A (Wed June 17): Westlake BioPartners and Canaan Partners co-leads.
- Spot Biosystems $40M (Wed June 17): LDV Partners, IDG Capital and others; non-viral EV gene therapy, DMD.
- MultiValent Biotherapies $27.425M Series A first closing (Tue June 16): MVB-101 licensed from Coherent Biopharma.
- Scribe Therapeutics >$25M CIRM grant (Thu June 18): non-dilutive; STX-1200 and STX-1400.
- Neion Bio $23M Series A (in-window): Caffeinated Capital lead, Basis Set Ventures.
Royalty re-rates (no new capital):
- Karyopharm / Menarini selinexor SENTRY Phase 3 (myelofibrosis) (Sun June 14, EHA 2026): re-rates Karyopharm's royalty on Menarini's ex-US net sales (NEXPOVIO).
- F2G / Shionogi olorofim OASIS Phase 3 (invasive aspergillosis) (Thu June 18): re-rates F2G's double-digit royalty on Shionogi's Europe and Asia net sales; F2G holds North America.
- Spero / GSK Utebzi (tebipenem pivoxil) FDA approval (cUTI) (Wed June 17): re-rates Spero's tiered royalty on GSK net sales (2022 license: $66M upfront, up to $525M milestones).
- Merck / Ligand Capvaxive pediatric label expansion (Thu June 18): re-rates Ligand's royalty on Merck's worldwide net sales via the Pfenex Expression Technology.
- Upstream Bio verekitug Phase 2 and Mineralys lorundrostat biomarker (Sun June 14, ENDO 2026): licensed-in assets; verekitug carries Astellas upstream economics; the Mineralys / Tanabe royalty was extinguished June 3 ($200M upfront plus up to $100M milestones).
Clinical and regulatory (no royalty origination):
- Neumora navacaprant Phase 3 (MDD) (Mon June 15): Koastal-2 and Koastal-3 missed; programme discontinued, ~35% staff cut.
- Spyre SPY002 anti-TL1A Phase 2 (UC) (Mon June 15): met all key Part A objectives in Phase 2 Skyline (10.7-point RHI reduction at week 12, 33% remission, 42% endoscopic improvement, n=48).
- Legend Biotech LB2501 in vivo CAR-T (B-cell NHL) (Sun June 14): clinical proof of concept for a CD19/CD20 dual-targeting in vivo CAR-T.
- Minghui MHB018A anti-IGF-1R Phase 3 (TED) (Mon June 15, ENDO 2026): 81% Week 12 active and 76% Week 24 chronic response.
- SynAct resomelagon ADVANCE Phase 2b (RA) (Sun to Mon June 14 to 15): missed primary (DAS28-CRP, p=0.168) on a strong placebo response, hit ACR20, CRP, SDAI secondaries (n=246); 40 mg once daily named optimal.
- Lundbeck asedebart Phase 2 (Cushing's) (Mon June 15, ENDO 2026): new Phase 2 data.
- Rhythm setmelanotide Phase 3 path (PWS) (Mon June 15): six-month data supporting a Phase 3 path.
- Soleno VYKAT XR two-year data (PWS) (Mon June 15, ENDO 2026): durable two-year hyperphagia and behavioural improvements after randomized withdrawal.
- Amgen / Teneobio Harbour Antibodies patent verdict (Mon June 15): Delaware jury found willful infringement, $20.2M (potentially trebled to $60.6M).
- CMS Medicare drug price negotiation framework and related-drug grouping rule (Mon June 15): proposed permanent framework plus a related-drug grouping rule.
- Henlius HLX04-O anti-VEGF Phase 3 (wet AMD) (Tue June 16): met non-inferiority versus ranibizumab at Week 36.
- Luye Pharma LY03015 Phase 2 (tardive dyskinesia) (Tue June 16): 76.5% response rate.
- GRI Bio GRI-0621 orphan drug designation (IPF) (Thu June 18): FDA orphan drug designation.
Window totals
- M&A: 4 signed transactions. Lilly bought 4E Therapeutics (terms undisclosed); Biogen agreed to buy RayThera (upfront plus predominantly milestones, up to $1B total); Zydus completed its $23.50 per share takeout of Assertio (about $166.4M, close June 16, delisted, triggering a Fundamental Change on the 6.50% converts due 2027); Altaris agreed to buy Simulations Plus at $18.50 per share (about $375M). AbbVie's reported ~$10.9B takeover of Apogee (FT, June 19) is unsigned and excluded from this count, flagged for W26. Adaptive Biotechnologies announced a planned MRD and Immune Medicine separation, with no acquisition consideration. No third-party royalty layer in any of these.
- Royalty-bearing originations: 1 license-out with a disclosed rate, 2 with undisclosed terms. Jazz / AbCellera: $56M upfront (first two programmes), $28M on a third, up to $792M per programme in option fees and milestones, tiered royalties mid-single to low double-digit on Jazz net sales, AbCellera as originator and royalty holder. Protillion / Merck: undisclosed upfront, up to $510M milestones, royalty undisclosed. cAMPfield / Newsoara: terms undisclosed, upstream chain vTv to Newsoara to cAMPfield.
- Structured finance and non-dilutive debt: 3 prints, none a royalty origination. PTC Therapeutics' $500M 0% converts due 2031 (plus $50M option; ~$486.8M net, ~$328.8M to repurchase $222M of the 1.5% 2026 notes); Adaptive Biotechnologies' upsized $300M 0% converts due 2031 (~$290.8M net, repaying the 2022 OrbiMed facility); Denali's $195M PRV sale. No royalty paper traded.
- Equity financings: about $1.6B gross across the in-window prints, none a royalty origination: Enliven ~$460M follow-on (closed June 15), Kardigan ~$400M Nasdaq IPO (priced June 17), cAMPfield $180M Series A, Alvotech ~$152M (incl. ~$67M private placement), Memento Medicines $93M Series A, Triveni Bio $65M Series C, COUR Pharma $50M Series B, HMNC Brain Health $50M Series B, Vedana Therapeutics $46M Series A, Spot Biosystems $40M, MultiValent Biotherapies $27.425M Series A first closing, Scribe Therapeutics >$25M CIRM grant (non-dilutive), Neion Bio $23M Series A. Kardigan's three lead assets are licensed from Sanofi, Ionis, and BMS, making it an outbound royalty payer.
- Royalty re-rates: 4 re-rates of running third-party royalties: Karyopharm on Menarini's ex-US selinexor (SENTRY frontline myelofibrosis), F2G on Shionogi's Europe and Asia olorofim (OASIS Phase 3), Spero on GSK's Utebzi (FDA approval June 17), Ligand on Merck's worldwide Capvaxive (pediatric label expansion June 18). Two are FDA approvals. Two licensed-in readouts (Upstream Bio / Astellas, Mineralys / Tanabe) carry upstream-licensor economics only; the Mineralys / Tanabe royalty was extinguished June 3.
- Royalty paper purchased by an aggregator: none. A sweep of Royalty Pharma, HealthCare Royalty, Ligand, XOMA, Sagard, Oberland, Pharmakon, Blackstone Life Sciences, OMERS, and SWK found no royalty monetisation, synthetic royalty, or revenue-interest transaction in the window.
M&A and Restructuring
Eli Lilly: Acquisition of 4E Therapeutics (Tue June 16)
Eli Lilly (NYSE: LLY) acquired 4E Therapeutics (private; Austin), adding a pipeline of oral MNK inhibitors targeting the MNK-eIF4E pathway in peripheral sensory neurons for chronic pain. Lead compound 4ET1103 has completed a Phase 1 safety study (4E release). It is Lilly's second peripheral-pain mechanism acquisition after SiteOne.
| Term | Detail |
|---|---|
| Acquirer | Eli Lilly (NYSE: LLY) |
| Target | 4E Therapeutics (private; Austin) |
| Asset and indication | 4ET1103 and a pipeline of oral MNK inhibitors; chronic pain |
| Upfront | Undisclosed |
| Total consideration | Undisclosed; full acquisition conveying global rights |
| Royalty | None disclosed |
| Advisers | 4E: Wilson Sonsini Goodrich & Rosati (legal). Lilly advisers not disclosed |
| Date | Tue June 16, 2026 |
Biogen: Acquisition of RayThera, Up to $1B (Wed June 17)
Biogen (Nasdaq: BIIB) agreed to acquire RayThera (private; San Diego), a small-molecule immunology company with multiple anti-inflammatory assets, the lead candidate due to enter Phase 1 in early Q3 2026 (Biogen release).
| Term | Detail |
|---|---|
| Acquirer | Biogen (Nasdaq: BIIB) |
| Target | RayThera (private; San Diego) |
| Assets | Multiple anti-inflammatory small-molecule immunology candidates |
| Upfront | Undisclosed cash upfront |
| Total consideration | Up to $1B (upfront plus predominantly clinical and regulatory milestones) |
| Royalty | None disclosed |
| Target backers | RayThera Series A co-led by Foresite Capital and OrbiMed Advisors, with TTM Capital |
| Advisers | Not disclosed |
| Date | Wed June 17, 2026; expected to close Q3 2026 |
Zydus Lifesciences: Completion of Assertio Holdings Takeout (Closed Tue June 16)
Zydus Lifesciences completed its cash takeout of Assertio Holdings (Nasdaq: ASRT); about 66.32% of shares (4,286,488) were tendered by the June 15 expiration and accepted June 16, the back-end merger closed, and Assertio delisted (Zydus completion release).
| Term | Detail |
|---|---|
| Acquirer | Zydus Lifesciences (via Zydus Worldwide DMCC; Zara Merger Sub) |
| Target | Assertio Holdings (Nasdaq: ASRT) |
| Per share | $23.50 cash |
| Total consideration | About $166.4M |
| Structure | Cash tender offer plus back-end merger; ~66.32% tendered; delisted |
| Convertibles | Close triggered a Fundamental Change on the 6.50% converts due 2027 (repurchase right at par) |
| Royalty | None disclosed |
| Advisers | Assertio: Moelis & Company (financial), Gibson Dunn & Crutcher (legal), Longacre Square Partners (strategy and communications). Zydus: Paul Weiss Rifkind Wharton & Garrison (legal) |
| Date | Agreement May 13, 2026; completed Tue June 16, 2026 |
Altaris: Acquisition of Simulations Plus, ~$375M (Tue June 16)
Altaris agreed to acquire Simulations Plus (Nasdaq: SLP), a model-informed and AI drug-development software firm, all-cash (Simulations Plus release).
| Term | Detail |
|---|---|
| Acquirer | Altaris (healthcare-focused investment firm) |
| Target | Simulations Plus (Nasdaq: SLP) |
| Per share | $18.50 cash (26% premium to the 60-day VWAP as of June 15) |
| Total consideration | About $375M all-cash, no financing contingency |
| Structure | To be combined with Chemical Computing Group |
| Advisers | Simulations Plus: Morgan Stanley; Procopio Cory Hargreaves & Savitch. Altaris: Truist Securities and J.P. Morgan Securities; Bass Berry & Sims and Kirkland & Ellis |
| Royalty | None |
| Date | Tue June 16, 2026; expected to close calendar Q4 2026 |
Adaptive Biotechnologies: Plan to Separate MRD and Immune Medicine Businesses (Mon June 15)
Adaptive Biotechnologies (Nasdaq: ADPT; Seattle) announced a plan to separate into two independent companies: an MRD business (clonoSEQ) and an Immune Medicine business (immune-receptor sequencing and drug discovery) (Adaptive release).
| Term | Detail |
|---|---|
| Company | Adaptive Biotechnologies (Nasdaq: ADPT; Seattle) |
| Structure | Planned separation into two independent companies (MRD and Immune Medicine) |
| Consideration | None; a structural split, not a sale |
| Royalty | None disclosed |
| Date | Mon June 15, 2026 |
AbbVie and Apogee Therapeutics: Reported ~$10.9B Takeover (Reported Fri June 19, Unsigned)
The Financial Times reported June 19 that AbbVie (NYSE: ABBV) is nearing a deal to acquire Apogee Therapeutics (Nasdaq: APGE), a developer of long-acting I&I biologics (Bloomberg summary). Unsigned; excluded from the signed-deal count.
| Term | Detail |
|---|---|
| Acquirer | AbbVie (NYSE: ABBV) |
| Target | Apogee Therapeutics (Nasdaq: APGE); long-acting I&I biologics (APG777, APG808) |
| Total consideration | About $10.9B all-cash (reported); ~60% premium to the $90.38 June 18 close |
| Status | Reported by the FT June 19; unsigned; announcement possible as soon as June 22 (W26) |
| Royalty | None disclosed |
| Advisers | Not disclosed (reported, unsigned) |
| Date | Reported Fri June 19, 2026 |
Royalty-Bearing License-Outs and Platform Layers
Jazz Pharmaceuticals and AbCellera: TCE Multispecific Antibody Collaboration (Wed June 17)
Jazz Pharmaceuticals (Nasdaq: JAZZ) and AbCellera (Nasdaq: ABCL) entered a preclinical research collaboration, option, and license for next-generation T-cell engaging multispecific antibodies in GI cancers and other solid tumours. AbCellera is the originator and royalty recipient; Jazz holds the exclusive option to develop and commercialise (Jazz / AbCellera release).
| Term | Detail |
|---|---|
| Originator / royalty holder | AbCellera (Nasdaq: ABCL) |
| Licensee | Jazz Pharmaceuticals (Nasdaq: JAZZ) |
| Asset and indication | Next-generation TCE multispecific antibodies; GI cancers and other solid tumours |
| Upfront | $56M for the first two programmes; $28M on initiation of a third |
| Milestones | Up to $792M per programme in option fees and development, regulatory, and commercial milestones |
| Royalty | Tiered royalties on net sales, mid-single digit to low double-digit |
| Structure | Preclinical research collaboration, option, and license; up to two further programmes possible |
| Advisers | Not disclosed |
| Date | Wed June 17, 2026 |
Protillion Biosciences and Merck: Prot-MaP Discovery and License (Tue June 16)
Protillion Biosciences (private) signed a multi-target discovery collaboration and license with Merck (MSD outside the US and Canada) deploying its Prot-MaP data-generation and AI protein-design platform (Protillion release).
| Term | Detail |
|---|---|
| Originator | Protillion Biosciences (private; Prot-MaP platform) |
| Licensee | Merck (MSD outside the US and Canada) |
| Scope | Multi-target discovery and license; multiple programmes |
| Upfront | Undisclosed |
| Milestones | Up to $510M in research, development, and commercial milestones |
| Royalty | Not disclosed |
| Date | Tue June 16, 2026 |
cAMPfield Therapeutics and Newsoara: Prifemilast Ex-Greater China License (Thu June 18)
cAMPfield Therapeutics (private; San Diego) launched with an exclusive license to global rights outside Greater China for prifemilast (HPP737 / HY1999), a once-daily oral PDE4B inhibitor for IBD, in-licensed from China's Newsoara Biopharma, paired with a $180M Series A (see Financings) (cAMPfield release). The upstream chain runs to vTv Therapeutics, which licensed prifemilast to Newsoara in 2018 (up to $135M, later expanded to worldwide).
| Term | Detail |
|---|---|
| Licensee | cAMPfield Therapeutics (private; San Diego); ex-Greater China rights |
| Licensor | Newsoara Biopharma (China); intermediate holder |
| Upstream originator | vTv Therapeutics (2018 license to Newsoara, up to $135M, later worldwide) |
| Asset and indication | Prifemilast (HPP737), oral PDE4B inhibitor; IBD (UC and Crohn's) |
| Upfront / milestones | cAMPfield terms undisclosed |
| Royalty | Undisclosed; upstream royalty sits with vTv |
| Date | Thu June 18, 2026 |
Structured Finance and Non-Dilutive Debt
PTC Therapeutics: $500M 0% Convertible Notes due 2031 (Priced Mon June 15)
PTC Therapeutics (Nasdaq: PTCT) priced $500M of 0% convertible senior notes due 2031, plus a $50M option, in a Rule 144A private placement, to refinance its 1.5% notes due 2026 (PTC release).
| Term | Detail |
|---|---|
| Issuer | PTC Therapeutics (Nasdaq: PTCT) |
| Instrument | $500M 0% convertible senior notes due 2031 (plus $50M option); Rule 144A |
| Net proceeds | ~$486.8M (~$535.5M if option exercised) |
| Use of proceeds | ~$328.8M to repurchase $222M principal of the 1.5% 2026 notes; balance for general corporate purposes |
| Conversion price | $107.48 (9.3042 shares per $1,000), 40% premium to the $76.77 June 15 close |
| Royalty | None |
| Banks | Initial purchasers not named in the offering release |
| Date | Priced Mon June 15, 2026; close expected June 18 |
Adaptive Biotechnologies: Upsized $300M 0% Convertible Notes due 2031 (Priced Wed June 17)
Adaptive Biotechnologies (Nasdaq: ADPT) priced an upsized $300M of 0% convertible senior notes due July 1, 2031, plus a $45M option, in a Rule 144A private placement, increased from the $250M proposed June 15 (Adaptive release). Proceeds repay the 2022 OrbiMed purchase agreement ahead of the MRD and Immune Medicine separation.
| Term | Detail |
|---|---|
| Issuer | Adaptive Biotechnologies (Nasdaq: ADPT; Seattle) |
| Instrument | $300M 0% convertible senior notes due 2031 (plus $45M option); Rule 144A; upsized from $250M |
| Net proceeds | ~$290.8M (~$334.5M if option exercised) |
| Use of proceeds | ~$22.3M capped calls; $25M to repurchase 1,451,800 shares; balance to repay the 2022 OrbiMed purchase agreement and fund MRD initiatives |
| Conversion | 41.48 shares per $1,000; ~$24.11 conversion price; ~40% premium to the $17.22 June 16 close |
| Royalty | None |
| Adviser | J. Wood Capital Advisors (financial adviser to the offering); initial purchaser banks not named |
| Date | Priced Wed June 17, 2026; settles June 22 |
Denali Therapeutics: Sale of Rare Pediatric Disease Priority Review Voucher, $195M (Thu June 18)
Denali Therapeutics (Nasdaq: DNLI) agreed to sell its Rare Pediatric Disease Priority Review Voucher (from the March 2026 AVLAYAH (tividenofusp alfa) approval for Hunter syndrome) for $195M gross; proceeds support the TransportVehicle clinical portfolio (Denali release, SEC 8-K).
| Term | Detail |
|---|---|
| Seller | Denali Therapeutics (Nasdaq: DNLI) |
| Asset | Rare Pediatric Disease Priority Review Voucher (from AVLAYAH approval) |
| Proceeds | $195M gross |
| Buyer | Undisclosed |
| Conditions | Expiry of the Hart-Scott-Rodino waiting period |
| Royalty | None |
| Advisers | Not disclosed |
| Date | Thu June 18, 2026 |
Financings
Enliven Therapeutics: ~$460M Upsized Follow-On Closing (Closed Mon June 15)
Enliven Therapeutics (Nasdaq: ELVN) closed its upsized public offering of common stock and pre-funded warrants, with underwriters exercising the full additional-share option (Enliven release).
| Term | Detail |
|---|---|
| Issuer | Enliven Therapeutics (Nasdaq: ELVN) |
| Structure | 10,533,334 shares at $37.50 (incl. full 1,600,000 overallotment) plus pre-funded warrants for 1,733,333 shares at $37.499 |
| Gross | ~$460.0M |
| Syndicate | Jefferies, Goldman Sachs, Morgan Stanley, Barclays (joint book-runners); Mizuho (book-runner); LifeSci Capital (passive); Baird (lead manager); Jones (manager); Form S-3ASR |
| Royalty | None |
| Date | Priced June 11; closed Mon June 15, 2026 |
Kardigan: ~$400M Nasdaq IPO (Priced Wed June 17)
Kardigan priced an upsized Nasdaq IPO at the high end of its range. Its three lead cardiovascular assets are licensed from Sanofi, Ionis, and BMS, making Kardigan an outbound royalty payer (BioWorld).
| Term | Detail |
|---|---|
| Issuer | Kardigan (Nasdaq IPO) |
| Structure | 25,000,000 shares at $16 (high end of range), upsized |
| Gross | ~$400M |
| Bookrunners | J.P. Morgan, Jefferies, Leerink Partners, TD Cowen (joint) |
| Royalty | Outbound payer; lead assets (danicamtiv, ataciguat, tonlamarsen) licensed from Sanofi, Ionis, and BMS |
| Date | Priced Wed June 17, 2026 |
Alvotech: ~$152M Offering Plus Concurrent Private Placement (Priced Tue June 16)
Alvotech (Nasdaq: ALVO; Reykjavik) priced an upsized offering plus a concurrent private placement to fund its biosimilars platform (Alvotech release).
| Term | Detail |
|---|---|
| Issuer | Alvotech (Nasdaq: ALVO; Reykjavik) |
| Structure | 22,666,667 ordinary shares at $3.75 (~$85M) plus a concurrent private placement of 17,826,666 shares at $3.75 (~$67M); 30-day option for up to 3,400,000 shares |
| Gross | ~$152M combined |
| Book-runners | BofA Securities, Jefferies, Evercore ISI; Form F-3 |
| Royalty | None |
| Date | Priced Tue June 16, 2026; public offering close June 17, private placement close June 25 |
Memento Medicines: $93M Series A (Thu June 18)
Memento Medicines (private; Boston) closed a $93M Series A, the fifth Sera Medicines subsidiary. Lead program MMT-205 is a Tie2 agonist plus VEGF inhibitor bispecific antibody for nAMD and DME, in-licensed from Korea's Curacle and Mabtics (Memento release).
| Term | Detail |
|---|---|
| Issuer | Memento Medicines (private; Boston) |
| Round | $93M Series A |
| Investors | Forbion, RA Capital Management, Avego BioScience Capital (co-leads); Sanofi Ventures, Samsara BioCap |
| Asset and indication | MMT-205 (MT-103), Tie2 agonist plus VEGF inhibitor bispecific; nAMD and DME |
| Upstream license | In-licensed from Curacle and Mabtics (May 10, 2026): up to ~$1.07B total, ~$8.5M upfront (split Curacle and Mabtics) plus equity; >90% of value in commercial milestones; Greater China retained by licensors |
| Royalty | Outbound to Curacle and Mabtics (terms via the upstream license) |
| Advisers | Brown Rudnick (legal to Memento on the Curacle and Mabtics license) |
| Date | Thu June 18, 2026 |
Triveni Bio: $65M Series C (Wed June 17)
Triveni Bio (private; Watertown, MA) raised a $65M Series C to advance TRIV-573 (KLK5/7 plus IL-13 bispecific) and TRIV-509 (anti-KLK5/7) in atopic dermatitis (Triveni release).
| Term | Detail |
|---|---|
| Issuer | Triveni Bio (private; Watertown, MA) |
| Round | $65M Series C |
| Investors | Ascenta Capital, Janus Henderson Investors (co-leads); Deep Track Capital |
| Assets | TRIV-509 (anti-KLK5/7, Phase 2 AD); TRIV-573 (KLK5/7 plus IL-13 bispecific) |
| Royalty | None disclosed |
| Date | Wed June 17, 2026 |
COUR Pharma: $50M Series B (Thu June 18)
COUR Pharma (private; Chicago) closed a $50M Series B to advance CNP-103, a nanoparticle antigen-specific immune-tolerance therapy in Phase 2 for type 1 diabetes (COUR release).
| Term | Detail |
|---|---|
| Issuer | COUR Pharma (private; Chicago) |
| Round | $50M Series B |
| Investors | Lumira Ventures, Roche Venture Fund (leads); Sanofi (new); Alpha Wave Ventures, Pfizer Ventures, Angelini Ventures, T1D Fund |
| Asset and indication | CNP-103, nanoparticle immune-tolerance therapy; type 1 diabetes (Phase 2, NCT06783309) |
| Royalty | None disclosed |
| Date | Thu June 18, 2026 |
HMNC Brain Health: $50M Series B (In-Window)
HMNC Brain Health (private; Munich) raised a $50M Series B led by Medice to advance two depression programmes (company release).
| Term | Detail |
|---|---|
| Issuer | HMNC Brain Health (private; Munich) |
| Round | $50M Series B |
| Lead | Medice |
| Focus | Two depression programmes |
| Royalty | None disclosed |
| Date | In-window |
Vedana Therapeutics: $46M Series A (Wed June 17)
Vedana Therapeutics (private; Seattle) emerged from stealth with a $46M Series A to advance an anti-PACAP antibody and a PACAP/CGRP bispecific for migraine prevention (Vedana release).
| Term | Detail |
|---|---|
| Issuer | Vedana Therapeutics (private; Seattle) |
| Round | $46M Series A |
| Investors | Westlake BioPartners, Canaan Partners (co-leads); Dawn Biopharma, Alexandria Venture Investments |
| Assets | Anti-PACAP antibody (lead); PACAP/CGRP bispecific; migraine prevention |
| Royalty | None disclosed |
| Date | Wed June 17, 2026 |
Spot Biosystems: $40M (Wed June 17)
Spot Biosystems (private; Palo Alto) emerged from stealth with $40M for a non-viral extracellular-vesicle gene-therapy platform; the lead program delivers full-length dystrophin to skeletal muscle for DMD (Spot release).
| Term | Detail |
|---|---|
| Issuer | Spot Biosystems (private; Palo Alto) |
| Round | $40M venture financing |
| Investors | LDV Partners, IDG Capital, Advantech Capital, Tiger Jade Capital, Shanda Ventures, Stanford StartX, Saltagen Ventures |
| Asset and indication | Non-viral EV gene-therapy platform; full-length dystrophin, DMD (investigator-initiated trial, Shanghai Children's Medical Center) |
| Royalty | None disclosed |
| Date | Wed June 17, 2026 |
MultiValent Biotherapies: $27.425M Series A First Closing (Tue June 16)
MultiValent Biotherapies (private; Los Altos) launched with a $27.425M Series A first closing to advance MVB-101 (CBP-1018), a PSMA x FRα drug conjugate with an MMAE payload for mCRPC, licensed from China's Coherent Biopharma (MultiValent release).
| Term | Detail |
|---|---|
| Issuer | MultiValent Biotherapies (private; Los Altos) |
| Round | $27.425M Series A (first closing) |
| Asset and indication | MVB-101 (CBP-1018), PSMA x FRα bivalent peptide-drug conjugate, MMAE payload; mCRPC (Phase 1b/2a, US, Q3 2026) |
| Upstream license | From Coherent Biopharma (China): Coherent received equity plus upfront cash and development, regulatory, commercial, and sales milestones (undisclosed); MultiValent holds rights outside Greater China |
| Royalty | Outbound to Coherent (terms undisclosed) |
| Date | Tue June 16, 2026 |
Scribe Therapeutics: >$25M CIRM Grant, Non-Dilutive (Thu June 18)
Scribe Therapeutics (Alameda) was awarded more than $25M across two CIRM grants (non-dilutive) for STX-1200 (Lp(a)) and STX-1400 (triglycerides), in vivo CRISPR cardiometabolic programmes (Scribe release).
| Term | Detail |
|---|---|
| Recipient | Scribe Therapeutics (Alameda) |
| Amount | More than $25M (CIRM grants, non-dilutive) |
| Programmes | STX-1200 (Lp(a)); STX-1400 (triglycerides); in vivo CRISPR cardiometabolic |
| Royalty | None disclosed |
| Date | Thu June 18, 2026 |
Neion Bio: $23M Series A (In-Window)
Neion Bio (private) closed an oversubscribed $23M Series A led by Caffeinated Capital, with Basis Set Ventures, to scale its egg-based ("Raptor") biologics-manufacturing platform (Endpoints).
| Term | Detail |
|---|---|
| Issuer | Neion Bio (private) |
| Round | $23M Series A (oversubscribed) |
| Investors | Caffeinated Capital (lead), Basis Set Ventures |
| Focus | Egg-based ("Raptor") biologics-manufacturing platform; biosimilars-led pipeline |
| Royalty | None disclosed |
| Date | In-window |
Royalty Re-Rates
Karyopharm / Menarini: Selinexor SENTRY Phase 3, Myelofibrosis (Sun June 14)
Menarini (and its Stemline subsidiary) presented Phase 3 SENTRY of selinexor plus ruxolitinib in frontline myelofibrosis (n=353) at EHA 2026, showing that the trial met its first co-primary endpoint (SVR35 of 49.8% versus 28.0% at week 24) with a strong but immature overall-survival signal (hazard ratio about 0.43, not powered for OS), while missing its second co-primary endpoint (mean change in absolute Total Symptom Score) (Menarini release). Karyopharm markets selinexor (XPOVIO) in the US and earns royalties on ex-US partner net sales.
| Term | Detail |
|---|---|
| Originator / royalty holder | Karyopharm Therapeutics (Nasdaq: KPTI); US marketer, ex-US royalty recipient |
| Ex-US licensee | Menarini Group / Stemline (NEXPOVIO across Europe and many territories) |
| Asset and indication | Selinexor (XPOVIO / NEXPOVIO), oral XPO1 inhibitor; frontline myelofibrosis (with ruxolitinib) |
| Data | SENTRY (n=353): met first co-primary (SVR35 49.8% vs 28.0% at week 24); strong but immature OS signal (HR ~0.43, not powered for OS); missed second co-primary (absolute Total Symptom Score) |
| Royalty | Running royalty on Menarini's ex-US net sales (one of four ex-US partner streams: Antengene, Menarini, Neopharm, FORUS); established base in multiple myeloma and DLBCL |
| Date | Sun June 14, 2026 (EHA 2026) |
F2G / Shionogi: Olorofim OASIS Phase 3, Invasive Aspergillosis (Thu June 18)
F2G (private; Manchester) and Shionogi (TYO: 4507) reported positive topline results from Phase 3 OASIS of oral olorofim (DHODH inhibitor) versus AmBisome followed by standard of care in invasive aspergillosis (n=225, primary endpoint all-cause mortality at Day 42), meeting non-inferiority (Shionogi release). Under the May 2022 collaboration Shionogi holds Europe and Asia rights; F2G retains North America.
| Term | Detail |
|---|---|
| Originator / royalty holder | F2G (private; Manchester; orotomide class) |
| Ex-North America licensee | Shionogi (TYO: 4507); Europe and Asia rights |
| Asset and indication | Olorofim (F901318), oral DHODH inhibitor; invasive aspergillosis refractory to or unsuitable for azole therapy |
| Data | OASIS (n=225): met non-inferiority versus AmBisome followed by standard of care; a 2023 US complete response letter applied to the earlier package |
| Upfront / milestones (2022 deal) | $100M upfront; up to $380M milestones |
| Royalty | Double-digit on Shionogi's Europe and Asia net sales; F2G holds North America directly |
| Date | Thu June 18, 2026 |
Spero / GSK: Utebzi (Tebipenem Pivoxil) FDA Approval, Complicated UTI (Wed June 17)
Spero Therapeutics (Nasdaq: SPRO) and GSK (NYSE: GSK) announced FDA approval of Utebzi (tebipenem pivoxil), the first oral carbapenem for complicated UTI (Spero / GSK release). Spero is the originator and royalty holder.
| Term | Detail |
|---|---|
| Originator / royalty holder | Spero Therapeutics (Nasdaq: SPRO) |
| Licensee | GSK (all territories except certain Asian markets, where Meiji holds rights) |
| Asset and indication | Utebzi (tebipenem pivoxil), oral carbapenem; complicated UTI including pyelonephritis |
| Event | FDA approval June 17, 2026 (PDUFA June 18); Phase 3 PIVOT-PO non-inferiority vs IV imipenem-cilastatin |
| Upfront / milestones (2022 license) | $66M upfront; up to $525M milestones; $25M milestone triggered on the December 2025 resubmission |
| Royalty | Tiered royalties on GSK net sales |
| Date | Wed June 17, 2026 |
Merck / Ligand: Capvaxive Pediatric Label Expansion (Thu June 18)
Merck received FDA approval of an expanded Capvaxive indication for children and adolescents aged 2 to 17 at increased risk, supported by Phase 3 STRIDE-13 (n=874) (Merck release). Ligand (Nasdaq: LGND) holds a royalty on worldwide net sales via the Pfenex Expression Technology.
| Term | Detail |
|---|---|
| Originator / royalty holder | Ligand (Nasdaq: LGND); royalty via Pfenex Expression Technology |
| Marketer | Merck (Capvaxive, pneumococcal 21-valent conjugate vaccine) |
| Event | FDA label expansion June 18, 2026; Phase 3 STRIDE-13 (n=874) |
| Royalty | Royalty on worldwide Capvaxive net sales (Pfenex Expression Technology, PeliCRM197 carrier protein, retained in the 2023 Primrose Bio spinout) |
| Date | Thu June 18, 2026 |
Upstream Bio and Mineralys: Licensed-In Readouts, Upstream-Licensor Economics (Sun June 14)
Upstream Bio presented Phase 2 responder analyses for verekitug (TSLP-receptor antagonist, in-licensed from Astellas) in CRSwNP, with about 80% of treated participants achieving clinically meaningful polyp-score improvement (Upstream release). Mineralys presented late-breaking lorundrostat heart-failure-risk biomarker data (Mineralys release); Mineralys repurchased and extinguished the Tanabe royalty on June 3, 2026 for $200M upfront plus up to $100M milestones (Pharmakon term loan), taking a royalty-free, worldwide, perpetual licence.
| Term | Detail |
|---|---|
| Assets | Verekitug (Upstream Bio, ex-Astellas; CRSwNP); lorundrostat (Mineralys, ex-Tanabe; hypertension and heart-failure risk) |
| Data | Verekitug: ~80% of treated patients with clinically meaningful polyp-score improvement (Phase 2). Lorundrostat: late-breaking heart-failure-risk biomarker data |
| Third-party economics | Verekitug: Astellas upstream economics. Lorundrostat: Tanabe royalty extinguished June 3, 2026; Mineralys now royalty-free |
| Date | Sun June 14, 2026 (ENDO 2026) |
Standard disclaimer
This Weekly Term Sheet is provided for informational purposes only. It does not constitute investment advice, an offer to sell or a solicitation of an offer to buy any security, or a recommendation regarding any investment. Data and disclosures are sourced from public company filings, press releases, and credible secondary reporting. Capital for Cures AG does not warrant the accuracy or completeness of information presented. Readers are advised to consult primary source documentation before making any investment, partnership, or commercial decision. Capital for Cures AG and its principals may hold positions in companies referenced.