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By Sebastian Gensior —

The Weekly Term Sheet (2026-W26)

The Weekly Term Sheet (2026-W26)

The week in numbers

June 21 to 28, 2026: eight royalty-bearing license-outs, options, and collaborations (Antengene with K2 Therapeutics, Nuvectis with Haisco, Insilico with SK Biopharmaceuticals, Combotope with Boehringer Ingelheim, Abbisko with Lilly, Antares with Novartis, Ionis with Recordati, Elixirgen with Nippon Shinyaku), two signed acquisitions (AbbVie with Apogee about $10.9B, Merck KGaA with Bio-Techne about $11.3B), two reverse mergers paired with concurrent placements (Boundless with Serapha about $230M, Passage with Remix $100M), one Chapter 11 asset-sale process (Sangamo, with Lilly and Astellas as stalking-horse bidders), one build-to-buy NewCo formation (Saturnus Bio with Merck KGaA, $50M upfront plus an exclusive acquisition option), two structured-finance and convertible prints (Ligand $625M of 0% converts, LigaChem Biosciences about $323M of convertible bonds and preferred), three FDA approvals (Ionis TRYNGOLZA, Gilead Trodelvy with the companion Keytruda sBLA, Viridian Lumvoa), and about $3.1B in equity financings.

No standalone royalty monetisation, synthetic royalty, or revenue-interest transaction was signed in the window. Viridian's Lumvoa approval activated two pre-existing third-party royalty layers (detailed below).

  • AbbVie / Apogee Therapeutics (signed June 18, announced June 22): $135.11 per share cash, about $10.9B equity value (about $10.1B net), about 49% premium to the June 18 close. Upstream Paragon royalty and a Blackstone synthetic royalty on zumilokibart (signed May 27), now subject to a change of control.
  • Merck KGaA / Bio-Techne (June 25): $73.00 per share cash, about $11.3B enterprise value (EUR 9.9B), 36% premium to the one-month VWAP. Life-science tools; funded with cash and new debt; close late 2026 or early 2027. No royalty layer.
  • Sangamo / Lilly and Astellas, Chapter 11 (June 23): voluntary Chapter 11 in Delaware with stalking-horse sales to Lilly ($50M plus assumed liabilities for the capsid, zinc-finger, and MINT platforms and prion program ST-506) and Astellas (up to $50M for Fabry program ST-920); Section 363 auction to follow.
  • Boundless Bio / Serapha Bio (June 23): all-stock reverse merger, renamed Serapha Bio (Nasdaq: AATD); about $230M concurrent placement (RA Capital and RTW co-leads); lead asset SERP-01 in-licensed from China's YolTech.
  • Passage Bio / Remix Therapeutics (June 24): all-stock reverse merger to operate as Remix Therapeutics (Nasdaq: RMTX); $100M concurrent placement; Remix valued about $226M against about $20M for Passage; lead asset REM-422 (oral MYB mRNA degrader), internally owned.
  • Saturnus Bio / Merck KGaA, build-to-buy (June 23): Versant Ventures and Merck KGaA launched Saturnus Bio, a research-stage precision-cardiology NewCo for rare monogenic cardiomyopathies; $50M upfront from Merck KGaA plus success-based preclinical milestones, with Merck KGaA holding an exclusive option to acquire Saturnus on success-based earnouts; Versant as founder. Build-to-buy economics (earnouts and acquisition option), not a royalty.
  • Antengene / K2 Therapeutics, ex-Greater China license (June 21): about $20M upfront and near-term (cash plus a minority equity stake in a newly established K2 asset subsidiary), up to $960.5M milestones, tiered royalties; ATG-106 (CDH6 x CD3 bispecific T-cell engager), plus an option on an undisclosed second preclinical bispecific TCE on matching terms; Antengene as royalty holder.
  • Nuvectis Pharma / Haisco, ex-China license (June 22): up to $40M upfront and near-term, up to $1.421B milestones, tiered royalties; NXP100 (Complement Factor B inhibitor) and NXP200 (BRAF inhibitor); Haisco as royalty holder.
  • Insilico Medicine / SK Biopharmaceuticals (June 22): up to $18M upfront and near-term, more than $2.5B total, single-digit royalties; AI-enabled CNS neuroimmune discovery; Insilico as royalty holder.
  • Combotope / Boehringer Ingelheim (June 23): upfront and research funding per target, milestones, and royalties on net sales; SMART-Phage tumor-selective antibodies; economics undisclosed; Combotope as royalty holder.
  • Abbisko Therapeutics / Lilly (June 24): undisclosed upfront, up to about $1.9B milestones, tiered royalties; multi-target discovery expanding a 2022 alliance; Abbisko as royalty holder.
  • Antares Therapeutics / Novartis (June 24): $105M upfront, up to $1.8B in option and milestone payments, tiered royalties to the low double-digit range; undruggable oncology targets; Antares as royalty holder.
  • Ionis / Recordati (June 24): $30M upfront, undisclosed milestones, tiered royalties to the mid-20% range; ex-US rights to zilganersen (Alexander disease); Ionis retains US rights; US PDUFA September 22, 2026.
  • Elixirgen / Nippon Shinyaku, worldwide option (June 26): Nippon Shinyaku funds development and pays an upfront, with development and sales-based milestones on option exercise; EXG-7001, a locally administered full-length dystrophin mRNA for Duchenne muscular dystrophy (preclinical); Elixirgen as originator; royalties undisclosed.
  • Ligand Pharmaceuticals (priced June 23, closing June 25): $625M of 0% convertible senior notes due 2031 (plus $75M option), about $605.3M net; conversion price about $334.27 (27.5% premium); funds note hedges, a $60M repurchase, and the pending XOMA Royalty acquisition.
  • LigaChem Biosciences (board approved June 25, disclosed June 26): about $323M (500B KRW) of policy growth capital from Korea's National Growth Fund, split 330B won convertible preferred shares and 170B won convertible bonds, both 10-year tenor; Korea Development Bank 250B won, Orion affiliate and domestic institutions 250B won; funds in-house late-stage development of its ADC pipeline. LigaChem is itself a royalty holder through its ConjuALL platform (14 global licensing deals carrying royalties on net sales); no royalty origination in this print.
  • Definium Therapeutics (priced June 23, closed June 25): $805M public offering at close, 23,676,471 shares at $34.00 after the underwriters exercised the over-allotment in full (priced at $700M); funds DT120 ODT commercialisation preparation. No royalty layer.
  • Ollin Biosciences $330M Series B (June 24): TCGX and ARCH co-leads; OLN324 (IBI324, VEGF/Ang2 bispecific) for DME and wet AMD, discovered by Innovent Biologics (upstream layer).
  • uniQure $225M public offering (June 23): 4,945,055 ordinary shares at $45.50; gene therapy.
  • MoonLake $200M public offering (June 23): 9,000,000 Class A shares at $20.00 plus pre-funded warrants; funds sonelokimab (upstream to Merck KGaA).
  • Taysha Gene Therapies $200M public offering (June 24): 32,500,001 shares at $6.00 plus pre-funded warrants; AAV gene therapy for CNS.
  • Osanni Bio $190M Series B (June 23): Patient Square Capital lead; seven internally discovered programs; no royalty layer.
  • Bionyra Pharma $165M Series A (June 22): Jeito Capital and Sofinnova co-leads; TL1A assets from China's TrueLab (up to $985M plus single-digit equity), BYN-001 from NovaRock.
  • RQ Bio $115M Series A (June 24): Frazier Life Sciences lead; long-acting influenza antibody RQB01.
  • Absci about $100M public offering (June 24): Lilly-led ($40M for equity); ABS-201, AI-designed anti-PRLR antibody.
  • Nura Bio $73.8M Series B (June 22): The Column Group lead; SARM1 inhibitor NB-4746 in ALS.
  • Oblenio Bio $62M Series B (June 25): Pfizer Ventures lead, with Deep Track Capital and GV (new) and founding investor Aditum Bio; tri-specific T-cell engager LBL-051 (BCMA x CD19 x CD3) for refractory autoimmune disease; exclusive option from China's Leads Biolabs for a worldwide license (upstream layer).
  • Lycia Therapeutics $75M Series D (June 25): Janus Henderson and Balyasny co-leads, with Adage, HBM Healthcare, OrbiMed, Lilly, Franklin Templeton, Invus, RTW, Venrock; LYTAC degraders LCA-0061 (IgE, food allergy) and LCA-0321 (TSHR autoantibodies, Graves'); internally owned platform, no royalty layer.
  • Artivila Biopharma about $12.8M Series A (disclosed June 26): Chinese AI drug discovery (AIDD plus CADD); dual IRAK4/IRAK1 inhibitor ARD-885 (Phase 1 complete, Phase 2 preparation in RA and SLE); no royalty layer.
  • Anodyne Nanotech $12.6M Series A (June 24): once-weekly GLP-1 transdermal patch (ANN-101) into Phase 1 in obesity.
  • LyncBio Therapeutics, undisclosed (June 24): LYNC-101 ADC for IBD; bispecific oncology ADC platform.
  • Ionis / TRYNGOLZA (olezarsen) FDA approval (June 24): severe hypertriglyceridemia label expansion; Ionis-owned; peak sHTG net sales guided above $3B.
  • Gilead / Trodelvy FDA approval (June 24): first-line mTNBC, alone or with Keytruda (ASCENT-03, ASCENT-04); Gilead-owned; companion Merck Keytruda sBLA for the first-line combination also approved (announced June 25).
  • Viridian / Lumvoa (veligrotug-vvze) FDA approval (June 25): first approval for thyroid eye disease; in-licensed IGF-1R antibody (originated by ImmunoGen, now AbbVie). Upstream mid-single-digit royalty plus up to $48M development and $95M commercial milestones to AbbVie; downstream DRI Capital synthetic royalty (7.50% of US net sales to $600M, tiering down above), purchase price up to $300M ($55M upfront plus up to $115M near-term milestones, shared with VRDN-003), with the approval triggering a near-term DRI milestone. Viridian's first commercial product.
  • Abbisko / ABSK061 plus ABSK043 Phase 2 (June 26): oral FGFR2/3 inhibitor plus oral PD-L1 inhibitor, with or without CAPOX, in FGFR2-positive gastric and gastroesophageal junction cancer; 90% partial response in treatment-naive patients, 31.3% ORR in pretreated; ASCO 2026; both assets Abbisko-owned.
  • Chiesi and Arbor / ABO-101 EC orphan drug designation (June 25): investigational gene editing therapy (HAO1) for primary hyperoxaluria type 1; sits under the 2025 Chiesi and Arbor global collaboration (Arbor as originator, Chiesi commercial); regulatory designation, no new royalty.
  • HUTCHMED / fanregratinib (HMPL-453) Phase 2 (June 25): FGFR2-fusion intrahepatic cholangiocarcinoma, ORR 42.5%, DCR 83.9%, median DoR and PFS 6.9 months, OS 16.6 months; worldwide rights retained.
  • Corxel / CX11 Phase 2 (June 23): oral GLP-1 RA, up to 11.5% weight loss at 36 weeks; ex-China rights from Vincentage.
  • Pfizer / sigvotatug vedotin Phase 3 miss (June 22): integrin beta-6 ADC missed overall survival in previously treated non-squamous NSCLC (n=703). No third-party royalty.
  • Definium / DT120 Phase 3 win (June 22): lysergide ODT met its MDD primary endpoint (MADRS -13.3 versus -5.2, p<0.0001). Own asset.
  • MoonLake / sonelokimab Phase 3 win (June 21): Week 52 VELA-1 and VELA-2 in hidradenitis suppurativa; US BLA targeted late September 2026; upstream to Merck KGaA.

Clinical, regulatory, and policy prints with no royalty origination: MoonLake sonelokimab Phase 3 VELA Week 52 win (hidradenitis suppurativa); Pfizer sigvotatug vedotin Phase 3 overall-survival miss (NSCLC); Definium DT120 Phase 3 win (MDD); HUTCHMED fanregratinib Phase 2 win (intrahepatic cholangiocarcinoma); Abbisko ABSK061 plus ABSK043 Phase 2 read (FGFR2-positive gastric and GEJ cancer); Corxel CX11 Phase 2 read (obesity); Ionis TRYNGOLZA FDA approval (severe hypertriglyceridemia); Gilead Trodelvy FDA approval with the companion Keytruda sBLA (first-line mTNBC); Chiesi and Arbor ABO-101 EC orphan drug designation (primary hyperoxaluria type 1); Achieve cytisinicline complete response letter (manufacturing only); Regenxbio MPS II BLA resubmission alignment; Palvella Qtorin rapamycin NDA rolling review; Praxis elsunersen breakthrough therapy designation (SCN2A-DEE). The GSK and Nuvalent tender offer commenced June 24 but the deal was signed June 9 and is excluded.

M&A and restructuring:

  • AbbVie acquisition of Apogee Therapeutics (signed June 18, announced June 22): $135.11 per share cash, about $10.9B equity value (about $10.1B net), about 49% premium; reciprocal termination fee $381,273,716; financed with debt; close Q3 2026.
  • Merck KGaA acquisition of Bio-Techne (June 25): $73.00 per share cash, about $11.3B enterprise value (EUR 9.9B), 36% premium to the one-month VWAP; life-science tools; cash and new debt; close late 2026 or early 2027; no royalty layer.
  • Sangamo Therapeutics Chapter 11 and stalking-horse sales to Lilly and Astellas (June 23): Lilly stalking-horse for platforms and prion program ST-506 ($50M plus assumed liabilities), Astellas for Fabry program ST-920 (up to $50M); up to $30M DIP financing; about 40% workforce cut; Section 363 auction.
  • Boundless Bio reverse merger with Serapha Bio (June 23): all-stock; renamed Serapha Bio (Nasdaq: AATD); about $230M concurrent placement; pre-merger Boundless holders about 3.7%; close Q4 2026.
  • Passage Bio reverse merger with Remix Therapeutics (June 24): all-stock, to operate as Remix Therapeutics (Nasdaq: RMTX); concurrent $100M placement; Remix about $226M against about $20M for Passage; pre-merger Passage holders about 7%; REM-422 (oral MYB mRNA degrader).
  • Saturnus Bio build-to-buy with Merck KGaA (June 23): Versant Ventures and Merck KGaA launched Saturnus Bio, a research-stage precision-cardiology NewCo using targeted gene modulation for rare monogenic cardiomyopathies; $50M upfront from Merck KGaA plus success-based preclinical milestones, with Merck KGaA holding an exclusive option to acquire Saturnus on success-based earnouts. Build-to-buy structure (earnouts and acquisition option), not a royalty origination.

Royalty-bearing license-outs and platform layers (upfront, then milestones, then royalty):

  • Antengene ex-Greater China license of ATG-106 to K2 Therapeutics (June 21): about $20M upfront and near-term (cash plus a minority equity stake in a newly established K2 asset subsidiary), up to $960.5M milestones, tiered royalties; exclusive rights outside Greater China to ATG-106 (CDH6 x CD3 bispecific T-cell engager, preclinical, solid tumors) built on the AnTenGager platform; a parallel option grants K2 ex-Greater China rights to an undisclosed second preclinical bispecific TCE on matching terms (about $20M, up to $960.5M, tiered royalties); Antengene as royalty holder. Second AnTenGager deal after the UCB license of ATG-201 (March 2026); K2 Therapeutics was established by MPM BioImpact.
  • Nuvectis Pharma ex-China license from Haisco (June 22): up to $40M upfront and near-term, up to $1.421B milestones, tiered royalties; exclusive worldwide ex-China rights to NXP100 (Complement Factor B inhibitor) and NXP200 (BRAF inhibitor); Haisco as royalty holder, retaining NXP100 rights in India and certain Southeast Asian territories.
  • Insilico Medicine and SK Biopharmaceuticals AI drug-discovery collaboration (June 22): up to $18M upfront and near-term, more than $2.5B total, single-digit royalties; CNS neuroimmune targets; SK leads late-stage development; Insilico as royalty holder.
  • Combotope Therapeutics and Boehringer Ingelheim antibody discovery collaboration (June 23): upfront and research funding per target, milestones, and royalties on net sales (economics undisclosed); SMART-Phage tumor-selective antibodies across multiple oncology targets; Boehringer holds global rights; Combotope as royalty holder.
  • Abbisko Therapeutics and Lilly multi-target discovery and license (June 24): undisclosed upfront, up to about $1.9B milestones, tiered royalties; multiple targets selected by Lilly, expanding a 2022 alliance; Abbisko as royalty holder.
  • Antares Therapeutics and Novartis undruggable-oncology discovery (June 24): $105M upfront, up to $1.8B in option and milestone payments, tiered royalties to the low double-digit range; Antares leads research until option exercise; Antares as royalty holder.
  • Ionis Pharmaceuticals ex-US license of zilganersen to Recordati (June 24): $30M upfront, undisclosed milestones, tiered royalties to the mid-20% range; ex-US rights to zilganersen (Alexander disease); Ionis retains US rights and global development lead; US PDUFA September 22, 2026.
  • Elixirgen Therapeutics and Nippon Shinyaku worldwide option on EXG-7001 (June 26): Nippon Shinyaku funds development costs and pays Elixirgen an upfront, with development and sales-based milestones payable on option exercise; worldwide exclusive option to EXG-7001, a locally administered full-length dystrophin mRNA therapeutic for Duchenne muscular dystrophy (preclinical); Elixirgen leads development, NS Pharma would commercialise on exercise and US approval; Elixirgen as originator; specific upfront, milestone, and royalty figures undisclosed.
  • Collaborations with undisclosed or capped economics: Bayer with Iambic Therapeutics (AI small-molecule discovery, June 21 to 22), Sanofi with Pangaea Data (AI-driven AATD case finding, June 22), Coherus with Zumutor (Phase 1 ZM008 plus toripalimab, June 23), and Boehringer Ingelheim with Immunai (up to $15M, multi-project T-cell target discovery on the AMICA-OS platform across immuno-oncology and autoimmune disease, through 2027, June 25).
  • Upstream and synthetic royalty layers tied to the period's other deals (Apogee with Paragon and Blackstone, Serapha with YolTech, Bionyra with TrueLab, Ollin with Innovent, Oblenio with Leads Biolabs) sit inside transactions logged elsewhere in this issue.

Structured finance and non-dilutive debt:

  • Ligand Pharmaceuticals $625M 0% convertible senior notes due 2031 (priced June 23, closing June 25): upsized zero-coupon converts, plus a $75M option, about $605.3M net; conversion price about $334.27 (27.5% premium); proceeds fund note hedges, a $60M share repurchase, and general corporate purposes including the pending XOMA Royalty acquisition. Aggregator balance-sheet debt, not a royalty purchase.
  • LigaChem Biosciences about $323M (500B KRW) National Growth Fund convertibles (board approved June 25, disclosed June 26): 330B won convertible preferred shares and 170B won convertible bonds, both 10-year tenor, with a one-year transfer and conversion lock and full conversion from 24 months; Korea Development Bank (Advanced Strategic Industry Fund) 250B won, Orion affiliate Pan Orion and domestic institutions 250B won; first National Growth Fund direct equity in a listed biotech; restricted voting rights; full conversion adds about 3.35M shares (about 9%). Funds in-house late-stage development of LigaChem's ADC pipeline (LCB02A CLDN18.2, LCB36 CD20 x CD22, LCB58A CEACAM5). LigaChem is a royalty holder through its ConjuALL platform; this print originates no royalty.

Financings:

  • Definium Therapeutics $805M public offering (priced June 23, closed June 25): 23,676,471 shares at $34.00 at close (priced at 20,588,236 shares, $700M, with the 3,088,235-share over-allotment exercised in full; about $758M net); J.P. Morgan, Jefferies, Leerink Partners, BofA Securities; DT120 ODT commercialisation preparation.
  • Ollin Biosciences $330M Series B (June 24): TCGX and ARCH co-leads, with a16z Bio+Health, Blackstone Multi-Asset Investing, Commodore Capital, CPP Investments, RA Capital, T. Rowe Price, Mubadala Capital, Monograph Capital; OLN324 (VEGF/Ang2 bispecific) discovered by Innovent (upstream layer).
  • Legend Biotech about $226M ADS offering closing (priced June 17, closing June 23): 7,700,000 ADSs at $29.35, about $211.6M net; Morgan Stanley, Jefferies, Citigroup, Deutsche Bank Securities.
  • uniQure $225M public offering (priced June 23, closing June 25): 4,945,055 ordinary shares at $45.50, 30-day option for 741,758 more (fully exercised June 24); Leerink Partners, Stifel, Guggenheim Securities, RBC Capital Markets.
  • MoonLake Immunotherapeutics $200M public offering (priced June 23, closing June 25): 9,000,000 Class A shares at $20.00 plus pre-funded warrants for up to 1,000,000 at $19.9999; Leerink Partners, Guggenheim Securities, Cantor, LifeSci Capital (joint book-runners), H.C. Wainwright & Co. and Clear Street (lead managers); funds sonelokimab (upstream to Merck KGaA).
  • Taysha Gene Therapies $200M public offering (priced June 24, closing about June 26): 32,500,001 shares at $6.00 plus pre-funded warrants for 833,333 at $5.999; Jefferies, Goldman Sachs, Piper Sandler, Cantor (joint book-runners), Baird (lead manager); AAV gene therapies for CNS.
  • Osanni Bio $190M Series B (June 23): Patient Square Capital lead, with the Horowitz Group, Invus Opportunities, the Retinal Degeneration Fund; seven internally discovered programs.
  • Bionyra Pharma $165M Series A (June 22): Jeito Capital and Sofinnova Partners co-leads; TL1A assets BYN-002 and BYN-003 from China's TrueLab (up to $985M plus single-digit equity), BYN-001 from NovaRock.
  • RQ Bio $115M Series A (June 24): oversubscribed (£85.5M); Frazier Life Sciences lead, with EQT Life Sciences, Forbion, Monograph, Wellington Management, LifeArc Ventures; long-acting influenza antibody RQB01.
  • Absci about $100M public offering (priced June 24): Lilly-led ($40M for equity), with Adage, BVF Partners, Columbia Threadneedle, Invus, Redmile; ABS-201, AI-designed anti-PRLR antibody.
  • Nura Bio $73.8M Series B (June 22): The Column Group lead, with Euclidean Capital, Samsara BioCapital, Sanofi Ventures; SARM1 inhibitor NB-4746 in ALS.
  • Oblenio Bio $62M Series B (June 25): oversubscribed; Pfizer Ventures lead, with Deep Track Capital and GV (new) and founding investor Aditum Bio; LBL-051, a tri-specific T-cell engager (BCMA x CD19 x CD3) for refractory autoimmune disease; Oblenio holds an exclusive option from China's Leads Biolabs for a worldwide license (upstream layer).
  • Lycia Therapeutics $75M Series D (June 25): oversubscribed; Janus Henderson Investors and Balyasny Asset Management co-leads, with Adage Capital Management, HBM Healthcare Investments, OrbiMed (new), and Eli Lilly, Franklin Templeton, Invus, RTW Investments, Venrock (continuing); LYTAC and cataLYTAC degraders LCA-0061 (IgE, food allergy) and LCA-0321 (TSHR autoantibodies, Graves'); internally owned platform, no royalty layer.
  • Artivila Biopharma about $12.8M Series A (disclosed June 26): Chinese AI-enabled drug discovery (AIDD plus CADD); dual IRAK4/IRAK1 inhibitor ARD-885 (Phase 1 complete, Phase 2 preparation in rheumatoid arthritis and SLE); no royalty layer.
  • Anodyne Nanotech $12.6M Series A (June 24): Velocity Partners VC (lead), Evercurious VC (co-lead), Relativity Healthcare Partners; once-weekly GLP-1 transdermal patch (ANN-101) into Phase 1 in obesity.
  • LyncBio Therapeutics, undisclosed financing (June 24): LYNC-101, an ADC for inflammatory bowel disease, plus a bispecific oncology ADC platform.
  • FibroBiologics about $3.0M private placement (June 26, closing about June 29): 4,081,633 shares or pre-funded warrants at $0.735 plus Series A and short-term Series B warrants; about $3.0M upfront (up to about $9.0M with warrants); H.C. Wainwright & Co. (exclusive placement agent); fibroblast-platform biotech, no royalty.

Royalty re-rates (no new capital):

  • No re-rate of a running third-party royalty. Two of the window's three FDA approvals were label expansions on company-owned products: Ionis TRYNGOLZA (olezarsen) in severe hypertriglyceridemia, and Gilead Trodelvy (sacituzumab govitecan) in first-line mTNBC. The third, Viridian Lumvoa (veligrotug-vvze) in thyroid eye disease (June 25), did not re-rate a running stream but activated two third-party royalty layers and triggered a near-term DRI Capital synthetic-royalty milestone (detailed below).

Clinical and regulatory (no royalty origination):

Window totals

  • M&A: 2 signed acquisitions, 2 reverse mergers, 1 Chapter 11 asset-sale process, 1 build-to-buy NewCo. AbbVie agreed to buy Apogee at $135.11 per share cash (about $10.9B equity value, about $10.1B net, about 49% premium, close Q3 2026); Merck KGaA agreed to buy Bio-Techne at $73.00 per share cash (about $11.3B enterprise value, 36% premium, close late 2026 or early 2027). Boundless Bio and Passage Bio entered all-stock reverse mergers (Serapha Bio, Nasdaq: AATD; Remix Therapeutics, Nasdaq: RMTX), neither with cash acquisition consideration. Sangamo filed Chapter 11 with stalking-horse sales to Lilly and Astellas. Versant and Merck KGaA launched Saturnus Bio under a $50M build-to-buy with an exclusive acquisition option (earnouts, not a royalty). The Apogee transaction carries royalty content (Paragon upstream, Blackstone synthetic); the Serapha transaction an outbound license to YolTech; Bio-Techne, Remix, Sangamo, and Saturnus carry no third-party royalty layer disclosed.
  • Royalty-bearing originations: 8 license-outs, options, and collaborations. Antengene with K2 Therapeutics (about $20M upfront and near-term, up to $960.5M milestones, tiered royalties, ex-Greater China rights to ATG-106, plus an option on a second TCE on matching terms); Nuvectis with Haisco (up to $40M upfront and near-term, up to $1.421B milestones, tiered royalties); Insilico with SK Biopharmaceuticals (up to $18M upfront and near-term, more than $2.5B total, single-digit royalties); Combotope with Boehringer Ingelheim (economics undisclosed, royalties retained); Abbisko with Lilly (undisclosed upfront, up to about $1.9B milestones, tiered royalties); Antares with Novartis ($105M upfront, up to $1.8B, tiered royalties to the low double-digit range); Ionis with Recordati ($30M upfront, tiered royalties to the mid-20% range, ex-US zilganersen); Elixirgen with Nippon Shinyaku (worldwide option on EXG-7001 for DMD, development funding plus upfront and milestones, royalties undisclosed). Bionyra with TrueLab, Ollin with Innovent, and Oblenio with Leads Biolabs sit inside financings; four collaborations carried undisclosed or capped economics (Bayer with Iambic, Sanofi with Pangaea Data, Coherus with Zumutor, Boehringer Ingelheim with Immunai up to $15M).
  • Structured finance and non-dilutive debt: 2 prints. Ligand priced $625M of 0% convertible senior notes due 2031 (plus a $75M option, about $605.3M net), funding note hedges, a $60M repurchase, and its pending XOMA Royalty acquisition (aggregator balance-sheet debt, not a royalty purchase). LigaChem Biosciences disclosed about $323M (500B KRW) of National Growth Fund convertibles (330B won preferred, 170B won bonds, 10-year tenor) to fund in-house late-stage ADC development; LigaChem is a royalty holder via its ConjuALL platform but this print originates no royalty.
  • Equity financings: about $3.1B gross across the in-window prints, none a royalty origination: Definium $805M (closed), Ollin $330M, Serapha about $230M, Legend about $226M, uniQure $225M, MoonLake $200M, Taysha $200M, Osanni $190M, Bionyra $165M, RQ Bio $115M, Absci about $100M, Remix $100M, Lycia $75M, Nura $73.8M, Oblenio $62M, Anodyne $12.6M, Artivila about $12.8M, FibroBiologics about $3.0M, LyncBio undisclosed. Ollin's OLN324 (Innovent), MoonLake's sonelokimab (Merck KGaA), and Oblenio's LBL-051 (option from Leads Biolabs) carry upstream layers; Absci's offering was led by Lilly as a strategic investor, Oblenio's by Pfizer Ventures, and Lycia's by Janus Henderson and Balyasny with Lilly continuing.
  • Royalty re-rates: 0 re-rates of running third-party royalties, but one royalty activation. Two of the three FDA approvals (Ionis TRYNGOLZA, Gilead Trodelvy with the companion Keytruda sBLA) were label expansions on company-owned products. The third, Viridian Lumvoa (veligrotug-vvze) in thyroid eye disease, started the clock on an upstream mid-single-digit royalty to AbbVie (ex-ImmunoGen) and a downstream DRI Capital synthetic royalty, and triggered a near-term DRI milestone. The Phase 3 and Phase 2 readouts move company-owned or upstream-origin assets.
  • 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 across the full June 21 to 28 window found no royalty monetisation, synthetic royalty, or revenue-interest transaction. The closest items were Ligand's $625M convertible (June 23) and LigaChem's about $323M convertibles (disclosed June 26), both balance-sheet or growth capital rather than royalty purchases. Blackstone's $800M synthetic royalty on zumilokibart was signed May 27 (prior window) and now sits inside the AbbVie and Apogee change of control.

M&A and Restructuring

AbbVie and Apogee Therapeutics: $10.9B Acquisition, with an Embedded Royalty Stack (Signed June 18, Announced June 22)

AbbVie (NYSE: ABBV) agreed to acquire Apogee Therapeutics (Nasdaq: APGE), whose lead asset zumilokibart (APG777) is a half-life-extended anti-IL-13 antibody for atopic dermatitis (AbbVie release). Apogee carries an upstream royalty to Paragon Therapeutics and a Blackstone Life Sciences synthetic royalty on zumilokibart (signed May 27), the latter with change of control provisions the deal now triggers.

Term Detail
Acquirer AbbVie (NYSE: ABBV)
Target Apogee Therapeutics (Nasdaq: APGE); zumilokibart (APG777, anti-IL-13), APG273 (IL-13 plus TSLP)
Per share $135.11 cash
Total consideration About $10.9B equity value; about $10.1B net; about 49% premium to the June 18 close
Structure Merger via AbbVie subsidiaries; no financing condition; funded with debt
Upstream royalty Apogee antibodies in-licensed from Paragon Therapeutics (Fairmount Funds); upstream royalty to Paragon
Synthetic royalty Blackstone Life Sciences, signed May 27: up to $800M for low-to-mid single-digit tiered royalties for 15 years on zumilokibart net sales, zero above $8B annual sales; change of control allows buyback of a significant portion
Termination fee $381,273,716 (reciprocal)
Advisers AbbVie: Morgan Stanley (financial), Paul, Weiss (legal). Apogee: Jefferies and Goldman Sachs (financial), Kirkland & Ellis (legal)
Date Signed June 18, 2026; announced Mon June 22, 2026; close Q3 2026

Merck KGaA and Bio-Techne: about $11.3B Life-Science Tools Acquisition (June 25)

Merck KGaA, Darmstadt, Germany (FWB: MRK) agreed to acquire Bio-Techne (Nasdaq: TECH), a Minneapolis provider of reagents, proteins, antibodies, immunoassays, and analytical instruments (Merck KGaA and Bio-Techne release). Its largest deal since Sigma-Aldrich (2014); a tools transaction with no therapeutics royalty layer.

Term Detail
Acquirer Merck KGaA, Darmstadt, Germany (FWB: MRK); Life Science division
Target Bio-Techne (Nasdaq: TECH); reagents, proteins, antibodies, immunoassays, ProteinSimple instruments
Per share $73.00 cash
Total consideration About $11.3B enterprise value (EUR 9.9B); 36% premium to the one-month VWAP (about 24% to the June 24 close)
Structure Merger; funded with existing cash and new debt; investment-grade rating preserved
Royalty None
Advisers Merck KGaA: Guggenheim Securities and J.P. Morgan (financial), Sullivan & Cromwell (legal). Bio-Techne: Goldman Sachs (exclusive financial), Sidley Austin (legal)
Date Thu June 25, 2026; close late 2026 or early 2027

Sangamo Therapeutics: Chapter 11 and Stalking-Horse Asset Sales to Lilly and Astellas (June 23)

Sangamo Therapeutics (OTCQB: SGMO) filed voluntary Chapter 11 in Delaware, concurrent with two stalking-horse asset sale agreements ahead of a Section 363 auction (Sangamo release).

Term Detail
Seller Sangamo Therapeutics (OTCQB: SGMO); debtor-in-possession
Buyer 1 (stalking horse) Eli Lilly; capsid delivery, zinc-finger, and MINT platforms plus prion program ST-506; $50M plus assumed liabilities
Buyer 2 (stalking horse) Astellas Pharma; Fabry program ST-920 (isaralgagene civaparvovec); up to $50M
Process Section 363 auction; up to $30M DIP financing (initial draw about $10.5M)
Restructuring About 40% workforce reduction (51 roles); about 77 retained; ST-503 and other programs unsold
Royalty None disclosed
Advisers Sangamo: Cooley and Richards, Layton & Finger (legal), MERU (financial), Raymond James (restructuring banker), Verita Global (claims agent). DIP lender: Northridge ATM (JMB Capital Partners affiliate), $30M superpriority term loan at 12.0%. Lilly: Paul, Weiss (legal)
Date Tue June 23, 2026 (stalking-horse agreements signed June 22)

Boundless Bio and Serapha Bio: All-Stock Reverse Merger, about $230M Concurrent Placement (June 23)

Boundless Bio (Nasdaq: BOLD) agreed to an all-stock reverse merger with Serapha Bio, renamed Serapha Bio (Nasdaq: AATD) (Boundless release). Lead asset SERP-01 is an in vivo base editor for AATD, in-licensed from China's YolTech.

Term Detail
Public shell Boundless Bio (Nasdaq: BOLD)
Operating company Serapha Bio (private; combined company Nasdaq: AATD)
Structure All-stock reverse merger; pre-merger Boundless holders about 3.7%, Serapha about 96.3%
Concurrent financing About $230M placement ($138M funded as Series A, about $92M at closing); RA Capital and RTW co-leads
Cash dividend Boundless $44M to $48M pre-close dividend to legacy holders
Upstream license SERP-01 from YolTech (China): minority equity, upfront, China rights, more than $2B in milestones
Advisers Boundless: Lucid Capital Markets (exclusive financial), Latham & Watkins (legal). Serapha: Wedbush Securities (exclusive financial), Gibson, Dunn & Crutcher and Goodwin (legal)
Date Mon June 23, 2026; close Q4 2026

Passage Bio and Remix Therapeutics: All-Stock Reverse Merger, $100M Concurrent Placement (June 24)

Passage Bio (Nasdaq: PASG) agreed to an all-stock reverse merger with Remix Therapeutics, to operate as Remix Therapeutics (Nasdaq: RMTX) (Passage and Remix release). Lead asset REM-422 is an oral MYB mRNA degrader, internally owned.

Term Detail
Public shell Passage Bio (Nasdaq: PASG)
Operating company Remix Therapeutics (private; combined company Nasdaq: RMTX)
Structure All-stock reverse merger; Remix about $226M against about $20M for Passage; pre-merger Passage holders about 7%
Concurrent financing Oversubscribed $100M placement; combined cash funds operations into 2028
Assets and indications REM-422, oral MYB mRNA degrader; registrational Phase 2 in adenoid cystic carcinoma; Phase 1 in AML and high-risk MDS
Royalty None disclosed (internally owned)
Concurrent placement investors Decheng Capital (lead), with Lynx1 Capital Management, Forge Life Science Partners, and existing investors
Advisers Remix: Latham & Watkins (legal). Passage: Fenwick & West (legal). Wedbush Securities (exclusive financial adviser to the transaction). Placement agents: Goldman Sachs, Jefferies, Evercore ISI, with Cooley as their counsel; RBC Capital Markets and Canaccord Genuity as capital markets advisers
Date Wed June 24, 2026

Saturnus Bio and Merck KGaA: $50M Build-to-Buy NewCo, Rare Cardiomyopathies (June 23)

Versant Ventures and Merck KGaA, Darmstadt, Germany (FWB: MRK) launched Saturnus Bio, a research-stage precision-cardiology company using targeted gene modulation for rare monogenic cardiomyopathies, under a build-to-buy structure (Merck KGaA release). Merck KGaA funds the research and holds an exclusive option to acquire the company.

Term Detail
Founder Versant Ventures; entrepreneur-in-residence Rick Dewey as CEO
Partner Merck KGaA, Darmstadt, Germany (FWB: MRK); Research organisation, cardiovascular
Company Saturnus Bio (private; US); targeted gene modulation for rare monogenic cardiomyopathies
Upfront $50M from Merck KGaA to fund Saturnus research
Milestones Success-based preclinical milestones
Structure Build-to-buy; Merck KGaA holds an exclusive option to acquire Saturnus on success-based earnouts
Royalty None (earnouts and acquisition option, not a royalty)
Advisers Saturnus: Wilson Sonsini Goodrich & Rosati (legal)
Date Tue June 23, 2026

Royalty-Bearing License-Outs and Platform Layers

Antengene and K2 Therapeutics: Ex-Greater China License of ATG-106, about $20M Upfront (June 21)

Antengene (SEHK: 6996) granted K2 Therapeutics, a Singapore company established by MPM BioImpact, exclusive rights outside Greater China to ATG-106, a preclinical CDH6 x CD3 bispecific T-cell engager for solid tumors, with a parallel option on a second undisclosed bispecific TCE (Antengene release). Antengene is the royalty holder. Second deal on the AnTenGager platform after the UCB license of ATG-201 (March 2026).

Term Detail
Originator / royalty holder Antengene (SEHK: 6996); AnTenGager TCE platform
Licensee K2 Therapeutics (Singapore; established by MPM BioImpact); exclusive rights outside Greater China
Asset and indication ATG-106 (CDH6 x CD3 bispecific T-cell engager); preclinical, solid tumors
Upfront / near-term About $20M (cash plus a minority equity stake in a newly established K2 asset subsidiary), subject to near-term conditions
Milestones Up to $960.5M in development, regulatory, and sales milestones
Royalty Tiered royalties on net sales (undisclosed); outbound to Antengene
Option K2 option on an undisclosed second preclinical bispecific TCE (ex-Greater China); on exercise, about $20M (option fee, near-term and upfront payments, minority equity), up to $960.5M milestones, tiered royalties
Date Sun June 21, 2026

Nuvectis Pharma and Haisco: Ex-China License to NXP100 and NXP200 (June 22)

Nuvectis Pharma (Nasdaq: NVCT) in-licensed exclusive worldwide ex-China rights to two clinical-stage assets from Haisco Pharmaceutical Group (SHE: 002653) (Nuvectis 8-K). Haisco is the royalty holder.

Term Detail
Originator / royalty holder Haisco Pharmaceutical Group (SHE: 002653)
Licensee Nuvectis Pharma (Nasdaq: NVCT); worldwide ex-China (Haisco retains NXP100 in India and certain Southeast Asian territories)
Assets and indications NXP100 (HSK39297), oral Complement Factor B inhibitor (PNH, IgA nephropathy, lupus nephritis); NXP200 (HSK42360), oral BRAF inhibitor
Upfront / near-term Up to $40M
Milestones Up to $1.421B
Royalty Tiered royalties on net sales (undisclosed); outbound to Haisco
Date Mon June 22, 2026

Insilico Medicine and SK Biopharmaceuticals: AI Drug-Discovery Collaboration, CNS Neuroimmune (June 22)

Insilico Medicine (3696.HK) and SK Biopharmaceuticals (KRX: 326030) entered an R&D collaboration to discover AI-enabled CNS neuroimmune candidates, announced at BIO 2026 (Insilico release). Insilico is the royalty holder.

Term Detail
Originator / royalty holder Insilico Medicine (3696.HK); Pharma.AI platform
Partner SK Biopharmaceuticals (KRX: 326030); leads late-stage development and worldwide commercialisation
Scope AI-enabled small molecules and new modalities for CNS neuroimmune disorders
Upfront / near-term Up to $18M
Total potential value More than $2.5B
Royalty Single-digit royalties on net sales to Insilico
Date Mon June 22, 2026 (BIO 2026)

Combotope Therapeutics and Boehringer Ingelheim: Tumor-Selective Antibody Discovery (June 23)

Combotope Therapeutics (private; Copenhagen) entered a strategic research collaboration with Boehringer Ingelheim, applying its SMART-Phage platform to tumor-selective antibodies against cancer-specific glycan-protein targets (Combotope release). Combotope is the royalty holder.

Term Detail
Originator / royalty holder Combotope Therapeutics (private; Copenhagen); SMART-Phage platform
Partner Boehringer Ingelheim; global development and commercialisation rights
Scope Tumor-selective antibodies against glycan-protein targets (Tn and STn), multiple Boehringer-nominated oncology targets
Upfront / near-term Upfront plus research funding per target (undisclosed)
Milestones Development, regulatory, and commercial milestones across multiple targets (undisclosed)
Royalty Royalties on net sales (undisclosed); outbound to Combotope
Date Tue June 23, 2026

Abbisko Therapeutics and Lilly: Multi-Target Discovery and License, up to $1.9B (June 24)

Abbisko Therapeutics (HKEX: 02256) entered a strategic research collaboration and license with Eli Lilly, expanding a 2022 alliance across multiple targets selected by Lilly (Abbisko release). Abbisko is the royalty holder. The PRNewswire dateline reads June 23 in Shanghai, with Western coverage June 24.

Term Detail
Originator / royalty holder Abbisko Therapeutics (HKEX: 02256); Shanghai
Partner Eli Lilly; selects targets, advances programs after Abbisko's early development
Scope Discovery and early development against multiple undisclosed targets
Upfront / near-term Undisclosed
Milestones Up to about $1.9B
Royalty Tiered royalties on annual net sales (undisclosed); outbound to Abbisko
Date Wed June 24, 2026 (Shanghai dateline June 23)

Antares Therapeutics and Novartis: Undruggable-Oncology Discovery, $105M Upfront, up to $1.8B (June 24)

Antares Therapeutics (a Scorpion Therapeutics spinout) entered a strategic collaboration with Novartis on historically undruggable oncology targets, leading research until option exercise (Antares release). Antares is the royalty holder.

Term Detail
Originator / royalty holder Antares Therapeutics (private; Boston); covalent discovery engine
Partner Novartis; option holder
Scope A limited number of undruggable oncology targets; Antares leads research until option exercise
Upfront / near-term $105M
Milestones Up to $1.8B in option-exercise, development, regulatory, and commercial milestones
Royalty Tiered royalties on global net sales to the low double-digit range; outbound to Antares
Date Wed June 24, 2026

Ionis Pharmaceuticals and Recordati: Ex-US License of Zilganersen, $30M Upfront (June 24)

Ionis Pharmaceuticals (Nasdaq: IONS) granted Recordati exclusive ex-US rights to zilganersen (antisense oligonucleotide, Alexander disease), retaining US rights and global development lead (Ionis release). The US NDA carries a PDUFA date of September 22, 2026.

Term Detail
Royalty holder Ionis Pharmaceuticals (Nasdaq: IONS); retains US rights, leads global development
Licensee Recordati; exclusive ex-US rights
Asset and indication Zilganersen, antisense oligonucleotide targeting GFAP; Alexander disease
Upfront / near-term $30M
Milestones Additional milestone payments (undisclosed)
Royalty Tiered royalties to the mid-20% range on annual net sales; outbound to Ionis
Date Wed June 24, 2026; US PDUFA September 22, 2026

Elixirgen Therapeutics and Nippon Shinyaku: Worldwide Option on EXG-7001, DMD (June 26)

Elixirgen Therapeutics (private; Baltimore) granted Nippon Shinyaku a worldwide exclusive option to EXG-7001, a locally administered full-length dystrophin mRNA therapeutic for Duchenne muscular dystrophy, with Nippon Shinyaku funding development (Elixirgen release). Elixirgen is the originator and would retain milestone economics on option exercise; NS Pharma, Nippon Shinyaku's US subsidiary, would commercialise.

Term Detail
Originator Elixirgen Therapeutics (private; Baltimore); leads development
Partner Nippon Shinyaku (TSE: 4516); funds development; worldwide exclusive option; NS Pharma to commercialise on exercise and US approval
Asset and indication EXG-7001, locally administered full-length dystrophin mRNA; Duchenne muscular dystrophy; preclinical
Structure Option-to-license; Nippon Shinyaku funds developmental costs
Upfront / near-term Upfront payment to Elixirgen (undisclosed)
Milestones Development and sales-based milestone payments on option exercise (undisclosed)
Royalty Not separately disclosed
Date Fri June 26, 2026

Structured Finance and Non-Dilutive Debt

Ligand Pharmaceuticals: $625M 0% Convertible Senior Notes due 2031 (Priced June 23, Closing June 25)

Ligand Pharmaceuticals (Nasdaq: LGND), a royalty aggregator, priced an upsized private placement of zero-coupon convertibles ahead of its pending XOMA Royalty acquisition (Ligand release). Aggregator balance-sheet debt, not a royalty purchase.

Term Detail
Issuer Ligand Pharmaceuticals (Nasdaq: LGND); royalty aggregator
Instrument $625.0M of 0.0% convertible senior notes due September 15, 2031; Rule 144A; 13-day option for $75.0M more
Proceeds About $605.3M net (up to $678.2M if the option is exercised)
Conversion About $334.27 per share (27.5% premium to the $262.17 June 22 close); warrant strike $524.34
Use of proceeds Note hedges (about $72.9M), a $60M share repurchase (228,859 shares at $262.17), general corporate purposes including the pending XOMA Royalty acquisition
Initial purchasers H.C. Wainwright & Co. (initial purchaser, per its deal tombstone); the public releases do not name the full Rule 144A syndicate
Date Priced Tue June 23, 2026; closing Thu June 25, 2026

LigaChem Biosciences: about $323M (500B KRW) National Growth Fund Convertibles (Board Approved June 25, Disclosed June 26)

LigaChem Biosciences (KOSDAQ: 141080) secured 500B KRW (about $323M) of policy growth capital from Korea's National Growth Fund, the fund's first direct investment in a listed biotech, to advance its ADC pipeline through late-stage development in-house rather than out-licensing earlier (Seoul Economic Daily). LigaChem is a royalty holder through its ConjuALL platform; this print originates no royalty.

Term Detail
Issuer LigaChem Biosciences (KOSDAQ: 141080); ADC platform (ConjuALL)
Instrument 330B won convertible preferred shares and 170B won convertible bonds; both 10-year tenor; one-year transfer and conversion lock, full conversion from 24 months
Gross About $323M (500B KRW)
Investors Korea Development Bank (Advanced Strategic Industry Fund) 250B won; Pan Orion (Orion affiliate, largest shareholder) and domestic institutions 250B won
Terms Restricted voting rights; full conversion adds about 3.35M shares (about 9% of shares outstanding)
Use of proceeds In-house late-stage development of LCB02A (CLDN18.2), LCB36 (CD20 x CD22), LCB58A (CEACAM5), and other ADC programs; staged deployment 90B won (2026), 180B won (2027), 230B won annually from 2028
Royalty None originated; LigaChem retains royalties on its existing ConjuALL out-licenses
Date Board approved Thu June 25, 2026; disclosed Fri June 26, 2026

Financings

Definium Therapeutics: $805M Public Offering at Close (Priced June 23, Closed June 25)

Definium Therapeutics (Nasdaq: DFTX) priced an upsized public offering after its DT120 Phase 3 win in major depressive disorder, then closed at a higher total after the underwriters exercised the over-allotment in full (Definium release).

Term Detail
Issuer Definium Therapeutics (Nasdaq: DFTX)
Structure Priced at 20,588,236 common shares at $34.00; over-allotment of 3,088,235 shares exercised in full; 23,676,471 shares at close
Gross About $805M at close (priced about $700M); about $758M net
Book-runners J.P. Morgan, Jefferies, Leerink Partners, BofA Securities (joint lead book-runners); Evercore ISI and Stifel (book-runners); Oppenheimer & Co. and LifeSci Capital (co-lead managers)
Royalty None
Date Priced Tue June 23, 2026; closed Thu June 25, 2026

Ollin Biosciences: $330M Series B (June 24)

Ollin Biosciences (private; Austin) raised an oversubscribed $330M Series B for global Phase 3 of OLN324, a VEGF/Ang2 bispecific for DME and wet AMD (Ollin release). OLN324 (Innovent code IBI324) was discovered by Innovent Biologics, an upstream layer.

Term Detail
Issuer Ollin Biosciences (private; Austin)
Round $330M oversubscribed Series B
Investors TCGX and ARCH Venture Partners (co-leads); a16z Bio+Health, Blackstone Multi-Asset Investing, Commodore Capital, CPP Investments, RA Capital, T. Rowe Price, Mubadala Capital, Monograph Capital
Assets and indications OLN324 (IBI324), VEGF/Ang2 bispecific, Phase 3 in DME and wet AMD; OLN102, TSHR/IGF-1R bispecific, into the clinic
Upstream license OLN324 discovered by Innovent Biologics; outbound layer to Innovent (undisclosed)
Date Wed June 24, 2026

uniQure: $225M Public Offering (Priced June 23, Closing June 25)

uniQure (Nasdaq: QURE) priced an upsized public offering under an effective shelf (uniQure 8-K).

Term Detail
Issuer uniQure (Nasdaq: QURE); gene therapy (Lexington and Amsterdam)
Structure 4,945,055 ordinary shares at $45.50; 30-day option for 741,758 more (fully exercised June 24)
Gross About $225M (net about $242.7M with the option)
Book-runners Leerink Partners, Stifel, Guggenheim Securities, RBC Capital Markets; H.C. Wainwright lead manager
Royalty No new royalty layer
Date Priced Tue June 23, 2026; closing about Thu June 25, 2026

MoonLake Immunotherapeutics: $200M Public Offering (Priced June 23, Closing June 25)

MoonLake Immunotherapeutics (Nasdaq: MLTX) priced an upsized public offering to fund sonelokimab, two days after its Phase 3 VELA win (MoonLake release). Sonelokimab traces upstream to Merck KGaA.

Term Detail
Issuer MoonLake Immunotherapeutics (Nasdaq: MLTX); Zug, Switzerland
Structure 9,000,000 Class A shares at $20.00 plus pre-funded warrants for up to 1,000,000 at $19.9999; 30-day option for 1,500,000 more
Gross About $200M
Book-runners Leerink Partners, Guggenheim Securities, Cantor, LifeSci Capital (joint book-runners); H.C. Wainwright & Co. and Clear Street (lead managers)
Royalty Asset upstream to Merck KGaA (no new layer)
Date Priced Tue June 23, 2026; closing about Thu June 25, 2026

Taysha Gene Therapies: $200M Public Offering (Priced June 24, Closing about June 26)

Taysha Gene Therapies (Nasdaq: TSHA) priced a public offering for its AAV gene therapies for monogenic CNS diseases (Taysha release).

Term Detail
Issuer Taysha Gene Therapies (Nasdaq: TSHA); AAV gene therapy for CNS
Structure 32,500,001 shares at $6.00 plus pre-funded warrants for 833,333 at $5.999; 30-day option for 5,000,000 more
Gross About $200M
Book-runners Jefferies, Goldman Sachs, Piper Sandler, Cantor (joint book-running managers); Baird (lead manager)
Royalty None
Date Priced Wed June 24, 2026; closing about Fri June 26, 2026

Osanni Bio: $190M Series B (June 23)

Osanni Bio (private; Bay Area) raised a $190M Series B for seven internally discovered programs across ophthalmology, cardiology, and oncology, led by a dry AMD candidate (Osanni release).

Term Detail
Issuer Osanni Bio (private; Bay Area); CEO Michael Ackermann
Round $190M Series B
Investors Patient Square Capital (lead); the Horowitz Group, Invus Opportunities, the Retinal Degeneration Fund
Assets Seven internally discovered programs; lead dry AMD candidate (ex-US Phase 1b complete)
Royalty None (internally discovered)
Date Tue June 23, 2026

Bionyra Pharma: $165M Series A (June 22)

Bionyra Pharma (private; Paris and Boston) launched with an oversubscribed Series A anchored by TL1A assets in-licensed from China's TrueLab (Bionyra release).

Term Detail
Issuer Bionyra Pharma (private; Paris and Boston)
Round $165M oversubscribed Series A
Investors Jeito Capital and Sofinnova Partners (co-leads); Arkin Bio, Sanofi Ventures, Sixty Degree Capital, Vives Partners, Apollo Health Ventures
Assets BYN-002 and BYN-003 (anti-TL1A and TL1A x IL-23p19 bispecific), IBD; BYN-001 (IL-25), atopic dermatitis
Upstream license BYN-002 and BYN-003 from TrueLab (up to $985M plus single-digit equity); BYN-001 from NovaRock; ex-Greater China
Royalty Outbound to TrueLab and NovaRock
Date Mon June 22, 2026

RQ Bio: $115M Series A (June 24)

RQ Bio (private; London) closed an oversubscribed $115M (about £85.5M) Series A for RQB01, a long-acting antibody for full-season influenza prevention (RQ Bio release).

Term Detail
Issuer RQ Bio (private; London); CEO Mike Westby, Executive Chairman Christian S. Schade
Round $115M (about £85.5M) oversubscribed Series A
Investors Frazier Life Sciences (lead); EQT Life Sciences, Forbion, Monograph, Wellington Management, LifeArc Ventures; Oxford Science Enterprises and the University of Oxford as shareholders
Asset and indication RQB01, long-acting antibody; influenza prevention; IND-enabling
Royalty None disclosed
Date Wed June 24, 2026

Absci: about $100M Public Offering, Lilly-Led (June 24)

Absci (Nasdaq: ABSI) priced a public offering led by strategic investor Eli Lilly, supporting ABS-201, an AI-designed anti-PRLR antibody (Absci offering).

Term Detail
Issuer Absci (Nasdaq: ABSI); AI-driven antibody discovery
Structure Underwritten public offering, about $100M gross; 13,495,277 shares at $7.41
Investors Eli Lilly ($40M for equity, strategic investor); Adage, BVF Partners, Columbia Threadneedle, Invus, Redmile
Book-runners Jefferies, J.P. Morgan, TD Cowen, Guggenheim Securities
Asset ABS-201, anti-PRLR antibody (androgenetic alopecia, endometriosis)
Royalty None disclosed
Date Wed June 24, 2026; closing about June 25, 2026

Nura Bio: $73.8M Series B (June 22)

Nura Bio (private) raised a $73.8M Series B to advance NB-4746, an oral brain-penetrant SARM1 inhibitor now dosing in ALS.

Term Detail
Issuer Nura Bio (private)
Round $73.8M Series B
Investors The Column Group (lead); Euclidean Capital, Samsara BioCapital, Sanofi Ventures
Asset and indication NB-4746, oral SARM1 inhibitor; ALS
Royalty None disclosed
Date Mon June 22, 2026

Oblenio Bio: $62M Series B (June 25)

Oblenio Bio (private; Cambridge, MA) closed an oversubscribed $62M Series B to take LBL-051, a tri-specific T-cell engager, into the clinic, with first-in-human proof-of-concept targeted this year (Oblenio release).

Term Detail
Issuer Oblenio Bio (private; Cambridge, MA); CEO Samantha Truex
Round $62M oversubscribed Series B
Investors Pfizer Ventures (lead); Deep Track Capital, GV (new); Aditum Bio (founding, Series A)
Asset and indication LBL-051, tri-specific T-cell engager (BCMA x CD19 x CD3); refractory autoimmune disease; first-in-human start targeted 2026
Upstream license Exclusive option from Leads Biolabs (China) for a worldwide license to develop, manufacture, and commercialise LBL-051
Royalty Outbound to Leads Biolabs on option exercise (terms undisclosed)
Date Thu June 25, 2026

Lycia Therapeutics: $75M Series D (June 25)

Lycia Therapeutics (private; South San Francisco) closed an oversubscribed $75M Series D to advance its LYTAC and cataLYTAC extracellular-protein degraders into early clinical proof-of-concept (Lycia release).

Term Detail
Issuer Lycia Therapeutics (private; South San Francisco); LYTAC platform (co-founded with Carolyn Bertozzi)
Round $75M oversubscribed Series D
Investors Janus Henderson Investors and Balyasny Asset Management (co-leads); Adage Capital Management, HBM Healthcare Investments, OrbiMed (new); Eli Lilly, Franklin Templeton, Invus, RTW Investments, Venrock Healthcare Capital Partners (continuing)
Assets and indications LCA-0061, cataLYTAC IgE degrader (food allergy and other allergic diseases); LCA-0321, LYTAC TSHR autoantibody degrader (Graves' disease)
Royalty None (internally owned platform)
Date Thu June 25, 2026

Artivila Biopharma: about $12.8M Series A (Disclosed June 26)

Artivila Biopharma (private; China) raised about $12.8M to advance its AI-enabled drug discovery platform and lead dual IRAK4/IRAK1 inhibitor.

Term Detail
Issuer Artivila Biopharma (private; China); AIDD plus CADD discovery platform
Round About $12.8M Series A
Asset and indication ARD-885, dual IRAK4/IRAK1 small-molecule inhibitor; Phase 1 complete, Phase 2 preparation in rheumatoid arthritis and SLE
Royalty None disclosed
Date Disclosed Fri June 26, 2026

Anodyne Nanotech: $12.6M Series A (June 24)

Anodyne Nanotech (private; Boston) closed a $12.6M Series A to advance a once-weekly GLP-1 transdermal patch into Phase 1 in obesity (Anodyne release).

Term Detail
Issuer Anodyne Nanotech (private; Boston); CEO Jake Lombardo
Round $12.6M Series A
Investors Velocity Partners VC (lead); Evercurious VC (co-lead); Relativity Healthcare Partners (major participation)
Asset and indication ANN-101, once-weekly GLP-1 transdermal patch; Phase 1 in obesity
Royalty None disclosed
Date Wed June 24, 2026

LyncBio Therapeutics: Undisclosed Financing (June 24)

LyncBio Therapeutics secured financing to advance LYNC-101, an ADC for inflammatory bowel disease, and a bispecific oncology ADC platform. Amount not disclosed.

Term Detail
Issuer LyncBio Therapeutics (private)
Round Undisclosed (reported pre-A)
Assets and indications LYNC-101, ADC for IBD (Phase 1); bispecific oncology ADC platform
Royalty Not disclosed
Date Wed June 24, 2026

FibroBiologics: about $3.0M Private Placement (June 26, Closing about June 29)

FibroBiologics (Nasdaq: FBLG), a clinical-stage fibroblast-platform biotech, priced an at-the-market private placement (FibroBiologics release). Micro-cap raise, no royalty layer.

Term Detail
Issuer FibroBiologics (Nasdaq: FBLG); Houston; fibroblast-based therapeutics for chronic diseases
Structure 4,081,633 shares or pre-funded warrants at $0.735 (at-the-market under Nasdaq rules), plus Series A and short-term Series B warrants for up to 4,081,633 shares each at $0.735
Gross About $3.0M upfront; up to about $9.0M including full cash warrant exercise
Placement agent H.C. Wainwright & Co. (exclusive)
Royalty None
Date Fri June 26, 2026; closing about Mon June 29, 2026

Royalty Re-Rates

Viridian Therapeutics: Lumvoa (veligrotug-vvze) FDA Approval Activates Two Royalty Layers (June 25)

Viridian Therapeutics (Nasdaq: VRDN) won FDA approval for Lumvoa (veligrotug-vvze), its first commercial product, in thyroid eye disease (Viridian release). Veligrotug is an IGF-1R antibody in-licensed from ImmunoGen (acquired by AbbVie in 2024), and Viridian sold a synthetic royalty on it to DRI Capital in October 2025; the approval activates both layers and triggers a near-term DRI milestone.

Term Detail
Approval Lumvoa (veligrotug-vvze), IGF-1R antibody; first FDA approval, thyroid eye disease; Viridian's first commercial product
Upstream royalty Originated by ImmunoGen (now AbbVie) under an October 2020 license; mid-single-digit royalty on net sales, plus up to $48M development and $95M commercial milestones; outbound from Viridian
Downstream synthetic royalty DRI Capital (signed October 2025): purchase price up to $300M ($55M upfront plus up to $115M near-term milestones, shared across veligrotug and VRDN-003); DRI takes 7.50% of US net sales to $600M, 0.80% on $600M to $900M, 0.25% on $900M to $2.0B; approval triggers a near-term milestone
Other territory layers Japan license to Kissei (July 2025; $70M upfront, up to $315M milestones, royalties in the 20s to mid-30s percent); Greater China via Zenas to Zai Lab
Date Thu June 25, 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.

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