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By Sebastian Gensior —

The Weekly Term Sheet (2026-W27)

The Weekly Term Sheet (2026-W27)

The week in numbers

June 28 to July 3, 2026: four acquisitions (Zymeworks with Theravance ~$929M, Ipsen with Kartos $450M upfront, Ipsen with Memo Therapeutics EUR 200M upfront, United Therapeutics with Thymmune $140M upfront), one medtech divestiture (Pacira with Zimmer Biomet, up to $140M), one all-stock reverse-merger closing (Liminatus with InnocsAI, ~$320M implied),

one medtech CDMO acquisition (Kimball with Helvoet, EUR 90M), one biologics manufacturing divestiture (MacroGenics with Bora, $122.5M), one continuous-glucose-monitoring letter of intent (ALR Technologies with CGM Medical Technology), two M&A completions (Aptose with Hanmi, Aurobindo with Lannett),

seven royalty-bearing originations (METiS with Boulevard Bio, AlzeCure with QuantumCell, Vect-Horus with Servier, Insilico with Takeda, CSPC with AstraZeneca, Junshi with Fosun Wanbang,

and PureTech's retained royalty on the Celea spin-out), one CDMO platform revenue-share (Lonza with Nona, undisclosed), two commercialisation handoffs (Lilly with Innovent, Orion with Shilpa Medicare), one dedicated-aggregator royalty financing (Ligand with Zerion), and one acquisition-financing facility (OMERS funding Zymeworks).

On the capital-formation and re-rate side: one de-SPAC (Talawar with JATT II ~$285M), one Hong Kong IPO (Alebund ~$164M), two royalty re-rates (AbbVie and Genmab epcoritamab, and Vertex and CRISPR's Casgevy paediatric expansion), two further label expansions on marketed assets (Novartis's Itvisma in EU SMA, Novo Nordisk's Wegovy in UK MASH), two milestone events on live stacks ($100M AbbVie to REGENXBIO, $75M DRI Healthcare to Viridian), and about $3.0B in equity financings led by BridgeBio's $1B convertible preferred, Abivax's $920M follow-on, PureTech's $180M Celea Series Seed, and Neurogene's ~$135M follow-on, plus a $27.5M Fosun strategic equity investment into AriBio, Scribe Therapeutics' up-to-$75M IPO filing, and an undisclosed Pyrotech venture round.

No standalone royalty monetisation or secondary purchase of an existing stream by a dedicated aggregator was signed in the window. The one aggregator royalty print is Ligand with Zerion (undisclosed); HealthCare Royalty's participation in the BridgeBio preferred is an equity investment, not a royalty purchase.

  • Zymeworks / Theravance Biopharma (June 29): $17.00 per share cash (~$929M) plus a CVR, OMERS-financed. Acquires a 35% Yupelri profit share, an up-to-~20% Vibativ royalty, and a $100M contingent Trelegy milestone. A royalty portfolio moving via M&A. Close Q3 2026.
  • Ipsen / Kartos Therapeutics (June 29): $450M upfront, up to $1.75B total; oral MDM2 inhibitor navtemadlin (Phase 3 myelofibrosis). Equity acquisition, no retained royalty. Close Q3 2026.
  • Ipsen / Memo Therapeutics AG (July 1): EUR 200M upfront, over EUR 700M total (~$800M); potravitug, a first-in-class anti-BK polyomavirus antibody (Phase II complete). Ipsen's second buyout of the window; no royalty on the acquired asset. Close Q3 2026.
  • United Therapeutics / Thymmune Therapeutics (July 2): $140M cash upfront, up to $300M with earn-outs to end-2031; preclinical iPSC-derived thymic cell therapy THY-100 (congenital athymia). Full acquisition, worldwide rights, no royalty or equity terms disclosed.
  • Pacira BioSciences / Zimmer Biomet (June 30): up to $140M for the iovera° cryoneurolysis device ($70M upfront plus up to $70M in revenue-based milestones through 2031). A marketed medtech stream converting to a capped, synthetic-royalty-style receivable. Close Q3 2026.
  • Kimball Electronics / Helvoet Polymer Technologies (closed July 1): EUR 90M (~$103M), about 9x estimated CY2026 adjusted EBITDA; a European medical CDMO (elastomer and polymer components, microfluidics, diagnostics, drug delivery) bought from Hydratec Industries, over 70% medical revenue. A differentiated medtech vertical, no royalty layer.
  • Liminatus Pharma / InnocsAI (closing July 2): all-stock reverse merger, 1.6B shares at $0.20 (~$320M implied), for InnocsAI's oncology cell and biologic therapy assets, with a proceeds-based CVR. A pre-revenue Nasdaq microcap combination; no cash, no royalty layer.
  • METiS TechBio / Boulevard Bio (June 30): $20M upfront, up to $1.6B, tiered royalties to METiS; preclinical trispecific TCE MTS-128 (autoimmune). A China-outbound AI-platform out-licence.
  • AlzeCure / QuantumCell (July 1): USD 12M upfront (USD 5M as equity), tiered royalties (single-digit to low-double-digit), over USD 2.2B headline; NeuroRestore platform, lead ACD856. A Swedish-to-Danish out-licence.
  • Vect-Horus / Servier (June 30): research evaluation and exclusive licence-option on the VECTrans blood-brain-barrier platform for Servier oligonucleotides in rare CNS disease; single-digit royalties on exercise. Terms undisclosed, option-gated.
  • Lonza / Nona Biosciences (July 1): Lonza (SIX: LONN) licenses IP rights to Nona's single-domain-antibody blood-brain-barrier platform for upfront and option fees, with both sharing revenue on future third-party licences; a bilateral tech exchange (Harbour Mice HCAb for Lonza's GS and GlycoConnect systems). A CDMO-to-originator platform layer, undisclosed.
  • Insilico Medicine / Takeda (July 1): AI drug-discovery collaboration on the Pharma.AI platform; ~$60M near-term, up to ~$600M, tiered royalties to Insilico, with Takeda taking exclusive worldwide rights. A Hong Kong-to-Japan forward royalty origination.
  • CSPC Pharmaceutical / AstraZeneca (July 2): $30M upfront, up to $540M development and $1.2B sales milestones (~$1.77B headline), single-digit royalties to CSPC; siRNA renal-disease discovery on CSPC's platform, AstraZeneca optioning global or ex-China rights, CSPC retaining China. A China-outbound royalty origination.
  • Junshi Biosciences / Fosun Wanbang (June 30): RMB 215M (~$31.6M) upfront plus development and sales milestones and double-digit tiered royalties to Junshi; Greater China rights to roconkibart (JS005, anti-IL-17A mAb, Phase 3 psoriasis). A China-domestic royalty-bearing licence.
  • PureTech / Celea Therapeutics (July 2): $180M Series Seed spin-out (RA Capital, Leaps by Bayer, PureTech, a US healthcare fund, a sovereign wealth fund) plus asset transfer of deupirfenidone (LYT-100, IPF); PureTech contributes $30M, holds 35.4% fully diluted, and retains tiered royalties of 1% to 3% plus up to $190M in milestones. A retained-royalty origination on a founded-entity spin-out.
  • Eli Lilly / Innovent (June 30): commercialisation-rights transfer for Verzenios (abemaciclib) in mainland China; Innovent takes sole commercialisation, Lilly stays MAH. Terms undisclosed.
  • Orion Pharma / Shilpa Medicare (June 30): European commercialisation of Shilpa's in-development IV nivolumab (Opdivo) biosimilar; Orion distributes, Shilpa supplies for development and regulatory milestones. Terms undisclosed.
  • Ligand / Zerion Pharma (June 30): undisclosed royalty financing plus equity on Zerion's Dispersome platform. A dedicated-aggregator royalty print.
  • Talawar / JATT II (June 29): ~$285M de-SPAC ($225M PIPE, Access Biotechnology-led) to list as TLWR; preclinical anti-IL-13 x anti-IL-18 bispecific TALA-125. No royalty layer.
  • Alebund Pharmaceuticals HKEX IPO (June 29): ~HK$1.283B gross (~US$164M), up ~104% on debut; a China renal-disease developer (lead AP301, hyperphosphataemia). Primary equity, no royalty layer.
  • Nuvectis Pharma $100M follow-on (June 29): 5.0M shares at $20.00; funds NXP900, NXP100, NXP200 (the latter two Haisco ex-China in-licences). No royalty layer.
  • Neurogene ~$134.8M follow-on (priced June 30, closed July 2): 3.5M shares at $30.00 plus pre-funded warrants, underwriter option exercised in full; up to ~$134.8M net funds NGN-401 (Rett syndrome gene therapy) into Q1 2029. No royalty layer.
  • Scribe Therapeutics S-1, up to $75M (filed July 2): proposed Nasdaq IPO (SCTX) for a Phase 1 CRISPR cardiovascular biotech, lead STX-1150 using ELXR epigenetic PCSK9 silencing. No royalty on the offering, though Scribe holds an upstream royalty-bearing CRISPR licence with Lilly and Prevail.
  • BridgeBio Pharma $1B convertible preferred (July 1): ~$933.9M funded at close ($800M Sixth Street, $133.9M HealthCare Royalty); 7.00% dividend, permanent equity. Funds the Attruby ramp plus three US launches. The largest financing of the week; HCRx deploys via equity, not a royalty.
  • Abivax $920M follow-on (July 1 to 2): upsized $800M ADS offering priced July 1 at $125.00/ADS; greenshoe exercised in full July 2 for $920M (€807M) gross. Funds obefazimod commercialisation and development. No royalty layer.
  • Flare Therapeutics $85M Series C (June 30): insider-led (Third Rock, Nextech); funds the ARON degrader FX-111. No royalty layer.
  • Beeline Medicines $126.3M Series A extension (June 30): Bain, CPP Investments, BMS; funds afimetoran toward a 2H 2026 lupus readout. Pipeline in-licensed from BMS (upstream interest).
  • Xellar Biosystems ~$50M round (June 29): venture financing for the 3D Bio Intelligence platform. No royalty layer.
  • Fosun Pharma / AriBio $27.5M strategic equity investment (July 3): $7.5M first tranche then $20M second; Fosun becomes AriBio's third-largest shareholder. Follows May's up-to-$4.7B AR1001 global option and licence (low-double-digit royalty on exercise). Equity leg, royalty sits upstream in the licence.
  • Pyrotech (Beijing) Biotechnology venture round (July 3): China pyroptosis and innate-immunity platform (co-founders Feng Shao, TJ Deng; lead ALPK1 agonist PTT-936). Round size undisclosed in accessible sources. No royalty layer.
  • Smaller equity, no royalty layer: Elicio ~$15M registered direct (July 2), Cereno ~SEK 60M (June 30), and five microcaps (CollPlant, FibroBiologics, Akari, Hofseth BioCare, XTL).
  • AbbVie / Genmab epcoritamab re-rate (June 29): positive Phase 3 PFS in r/r DLBCL; re-rates Genmab's 50:50 US and Japan profit share and 22% to 26% ex-US royalty on EPKINLY. No new capital.
  • AbbVie / REGENXBIO $100M milestone (June 29): first patient dosed in the Phase IIb/III sura-vec diabetic retinopathy trial triggers a $100M payment to REGENXBIO on a live royalty stack; a second identical milestone to follow.
  • DRI Healthcare / Viridian $75M milestone (June 29): on the Lumvoa approval, DRI pays Viridian $75M and holds a tiered US royalty (7.5% top tier) under its October 2025 synthetic royalty. An aggregator-to-originator milestone.
  • Eisai / BioArctic Leqembi (June 30): a conference-data announcement (AAIC), not a discrete royalty event; BioArctic holds milestones plus a royalty on global Leqembi net sales.
  • Vertex / CRISPR Casgevy paediatric expansion (July 1): FDA clears Casgevy for ages 2 and older in sickle cell disease and transfusion-dependent beta-thalassemia (via a Commissioner's National Priority Voucher), adding ~5,500 eligible US children. Re-rates the Vertex and CRISPR 60:40 profit share on a commercial asset. No new capital.
  • Novartis / Itvisma EC approval (July 2): European Commission approves Itvisma (onasemnogene abeparvovec) for 5q SMA patients aged 2 and older, a broad-population label expansion on the STEER data (2.39-point HFMSE gain). Profit read-through, no new capital.
  • Novo Nordisk / Wegovy MASH UK (July 3): UK MHRA grants conditional approval of semaglutide (Wegovy) in MASH with moderate-to-advanced fibrosis, a NICE appraisal ongoing for NHS access. A label expansion, no new capital.

M&A and restructuring:

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

Structured finance and non-dilutive debt:

Financings:

Royalty re-rates (no new capital):

Window totals

Disclosed figures only; deals with undisclosed terms are excluded from the totals below. A six-day window (Sunday to Friday), with most deal flow in the closing three days.

  • M&A cash: ~$1.75B upfront across four acquisitions (Zymeworks ~$929M, Kartos $450M, Memo EUR 200M, United Therapeutics / Thymmune $140M). Ceilings up to ~$3.78B+ with milestones. Separately, the Liminatus / InnocsAI all-stock reverse merger closed July 2 (~$320M implied, no cash, no royalty), and Kimball / Helvoet added a EUR 90M (~$103M) medtech CDMO acquisition (closed July 1, no royalty). MacroGenics divested its Rockville, MD GMP biologics manufacturing operations to Bora Pharmaceuticals for $122.5M (closed July 2, a manufacturing carve-out plus a long-term CDMO supply agreement, no royalty). ALR Technologies also signed a letter of intent for CGM Medical Technology (Singapore and Shenzhen), a continuous-glucose-monitoring vertical integration for 200M shares plus up to US$45M, structured with an earn-out and a free-cash-flow share rather than a royalty.
  • Medtech divestiture: up to $140M, Pacira / Zimmer Biomet iovera° ($70M upfront plus up to $70M in revenue milestones). A synthetic-royalty-style tail.
  • Royalty-bearing originations: seven forward streams. METiS ($20M upfront), AlzeCure (USD 12M), Vect-Horus (undisclosed, option-gated), Insilico / Takeda (~$60M near-term), CSPC / AstraZeneca ($30M upfront, single-digit), Junshi / Fosun Wanbang (RMB 215M ~$31.6M, double-digit tiered), and PureTech's retained 1% to 3% royalty on the Celea spin-out. All future streams, not aggregator purchases. Separately, Lonza / Nona added a CDMO-to-originator platform revenue-share on future third-party out-licences (undisclosed, not a product royalty).
  • Royalty paper transferred (via M&A): the Zymeworks / Theravance deal moves a 35% Yupelri profit share and an up-to-~20% Vibativ royalty, plus a one-time $100M Trelegy milestone. The running Trelegy royalty stays with RPRX.
  • Re-rates and milestone cash: epcoritamab re-rated (Genmab 50:50 US and Japan, 22% to 26% ex-US royalty), and Casgevy re-rated on its FDA paediatric expansion to ages 2 and older (Vertex and CRISPR 60:40 profit share); plus label expansions on marketed assets for Novartis's Itvisma (EU 5q SMA) and Novo Nordisk's Wegovy (UK MASH), and $100M AbbVie to REGENXBIO and $75M DRI to Viridian, both on live stacks. BioArctic and Leqembi are flagged ahead of AAIC.
  • Structured finance: two prints. OMERS $350M non-recourse note (funds the Zymeworks deal); Ligand royalty financing of Zerion's Dispersome platform (undisclosed).
  • Equity financings: ~$3.0B, led by BridgeBio's ~$934M convertible preferred, Abivax's $920M follow-on (full greenshoe), and PureTech's $180M Celea Series Seed. Then Talawar ~$285M, Alebund ~$164M, Neurogene ~$135M, Beeline $126.3M, Nuvectis $100M, Flare $85M, Xellar ~$50M, Fosun / AriBio $27.5M, Elicio ~$15M, Cereno ~$6M, Pyrotech (undisclosed), and five microcaps. Scribe Therapeutics filed an up-to-$75M IPO S-1 (not yet priced). No royalty origination on the raises themselves; PureTech's is the exception, carrying its retained Celea royalty.
  • Aggregator royalty originated: one (Ligand / Zerion, undisclosed). No secondary stream purchase by Royalty Pharma, HealthCare Royalty, or Blackstone this window; HCRx's BridgeBio stake is equity, not a royalty buy.
  • Closings (prior deals): SERB completed its €115M acquisition of European and MENA Idefirix (imlifidase) rights from Hansa Biopharma (July 1; a May 2026 licensing and rights transfer). Hanmi completed its C$2.41-per-share take-private of Aptose (TSX delisting ~July 3), moving the milestone-bearing tuspetinib under Hanmi. Aurobindo Pharma USA completed its $250M acquisition of Lannett (effective June 29, post-FTC, with a four-product divestiture to Quagen). None is a new origination.
Capital-flow Sankey: disclosed capital by source (public equity markets, strategic acquirers, private credit and aggregators, venture and crossover, licensing partners) and recipient sector (listed biopharma, private biotech, AI and platform, medtech).

M&A and Restructuring

Zymeworks / Theravance Biopharma: Royalty-Portfolio Acquisition, ~$929M Plus a CVR (Mon June 29)

Zymeworks Inc. (Nasdaq: ZYME; Vancouver, BC) entered a definitive agreement to acquire Theravance Biopharma, Inc. (Nasdaq: TBPH; Dublin, Ireland) for $17.00 per share in cash, an equity value of about $929M, plus a contingent value right on ampreloxetine (BioSpace; Theravance release; Zymeworks release).

The $17.00 price is a 22% premium to Theravance's March 3, 2026 close (the day it disclosed the ampreloxetine CYPRESS Phase 3 failure) and a 10% premium to its volume-weighted average since, but about a 4% discount to the prior Friday's close. Zymeworks announced a November 2025 pivot to a royalty-driven model around lead asset Ziihera; closing is targeted for H2 2026, subject to a Theravance shareholder vote and HSR clearance, with matching $32.515M termination and reverse-termination fees.

Yupelri (revefenacin), the only nebulised LAMA approved in the US, is the durable asset: a 35% Theravance profit share (~$60M to $70M a year). The Trelegy line is a one-time $100M RPRX milestone, not a running royalty; Vibativ (up to ~20% from Cumberland) is the one running royalty; and a CVR routes 80% of any future ampreloxetine proceeds to legacy holders. Terms in the table below.

Term Detail
Acquirer Zymeworks Inc. (Nasdaq: ZYME; Vancouver, BC; pivoting to a royalty-driven model around Ziihera)
Target Theravance Biopharma, Inc. (Nasdaq: TBPH; Dublin, Ireland; Strategic Review Committee advised by Lazard)
Structure $17.00 per share in cash (about $929M equity value) plus a CVR; 22% premium to the March 3, 2026 post-CYPRESS close, about a 4% discount to the prior Friday
Financing A $350M non-dilutive, non-recourse note from OMERS Life Sciences, with 75% of Yupelri profit-share cash flows contractually assigned to OMERS to service the debt; secured on Theravance's Yupelri-related assets; merger not conditioned on financing; $32.515M termination and reverse-termination fees
Approved asset Yupelri (revefenacin): nebulised LAMA for COPD; 35% Theravance economic interest under a Viatris profit-share; $266.6M 2025 US net sales (up 12%); ~$60M to $70M annualised cash flow; up to $125M US commercial milestones plus royalties
Trelegy interest A single $100M contingent milestone receivable from Royalty Pharma, expected Q1 2027, gated on GSK's 2026 Trelegy net-sales thresholds. The underlying TRC royalty (6.5% to 10%) was already sold to RPRX in 2022 to 2023; Theravance monetised its outer-year residual for $225M in 2025
Vibativ royalty Up to ~20% on net sales of Vibativ (telavancin) from Cumberland; the one running royalty in the package
CVR 80% of net proceeds from any future ampreloxetine licence, divestiture, or monetisation over ten years to legacy Theravance shareholders; 20% to Zymeworks
Other ~$2.5B in Irish tax attributes; R&D assets retained for potential externalisation
Advisers Zymeworks: TD Cowen and MTS Health Partners (financial; TD Cowen on the OMERS royalty note), Kirkland & Ellis (legal), Matheson (Irish tax). Theravance: Lazard (lead financial) and Evercore (financial), Skadden Arps (legal). OMERS Life Sciences: Sidley Austin (legal), Maples and Calder (Ireland) and Davies Ward Phillips & Vineberg (Irish counsel)
Date Mon June 29, 2026

Ipsen / Kartos Therapeutics: Navtemadlin Myelofibrosis Acquisition, Up to $1.75B (Mon June 29)

Ipsen (Euronext Paris: IPN) entered a definitive agreement to acquire Kartos Therapeutics, Inc. (Redwood City, CA; clinical-stage), for $450M upfront and up to $1.3B in further payments including a significant regulatory-approval milestone and sales-based commitments, up to $1.75B total (BioSpace).

The centrepiece is navtemadlin, an oral MDM2 inhibitor in Phase 3 (POIESIS, 600+ patients) as a ruxolitinib add-on for high-risk myelofibrosis, with a potential 2028 launch. Navtemadlin (AMG-232 / KRT-232) was in-licensed from Amgen in the 2016 agreement that founded Kartos, so an undisclosed upstream Amgen royalty and a Tempus companion-diagnostic collaboration travel with the asset.

Term Detail
Acquirer Ipsen (Euronext Paris: IPN; CEO David Loew)
Target Kartos Therapeutics, Inc. (Redwood City, CA; clinical-stage; advisers Goldman Sachs and PJT Partners)
Structure Equity acquisition; $450M upfront plus up to $1.3B in milestones (up to $1.75B total)
Asset Navtemadlin (AMG-232 / KRT-232): oral MDM2 inhibitor restoring p53 activity
Lead indication / stage High-risk myelofibrosis, ruxolitinib add-on; Phase 3 POIESIS (600+ patients, 250+ sites); potential launch as early as 2028
Upstream economics An Amgen royalty from the 2016 founding license travels with the asset; a Tempus CDx collaboration also travels
Condition / timing Subject to HSR clearance; closing targeted Q3 2026; accretive to Ipsen core operating income from 2029
Royalty No retained Kartos royalty; an undisclosed upstream Amgen royalty (2016 founding license) travels with navtemadlin
Advisers Ipsen: Orrick Herrington & Sutcliffe (legal); no financial adviser disclosed. Kartos: Goldman Sachs and PJT Partners (UK) (financial), DLA Piper (legal)
Date Mon June 29, 2026

Ipsen / Memo Therapeutics AG: Potravitug BK Polyomavirus Acquisition, Over EUR 700M (Wed July 1)

Ipsen (Euronext Paris: IPN) entered a definitive share purchase agreement to acquire all issued and outstanding shares of Memo Therapeutics AG (Schlieren / Zurich, Switzerland; private, late-stage antibody company), a second Ipsen buyout in the same week after Kartos (Ipsen release).

Shareholders receive EUR 200M at close on a cash-free, debt-free basis, plus over EUR 500M in deferred development, regulatory-approval, and sales-based milestones, for a total potential consideration in excess of EUR 700M (about $800M).

The asset is potravitug, a first-in-class human monoclonal antibody neutralising BK polyomavirus (BKPyV) in kidney transplant recipients, a serious and frequent post-transplant infection with no targeted approved treatment. The totality of evidence from the Phase II SAFE KIDNEY II trial (90 US patients) supports a pivotal Phase II/III start later in 2026.

Potravitug was discovered on Memo's proprietary DROPZYLLA antibody-discovery platform, so no upstream third-party running royalty travels with it. As a condition precedent to closing, all Memo assets and employees unrelated to potravitug, including the DROPZYLLA platform, the oncology programs, the Ono collaboration,

and the February 2026 CSL recombinant-polyclonal-IgG option (up to CHF 265M, single-digit royalty), transfer to a newly incorporated company, Memorises Bio, retained by existing Memo shareholders. Kurma Partners co-led the May 2024 Series C extension; other backers include Ysios Capital, Pureos Bioventures, Swisscanto, Vesalius Biocapital, and Adjuvant Capital.

Term Detail
Acquirer Ipsen (Euronext Paris: IPN; CEO David Loew)
Target Memo Therapeutics AG (Schlieren / Zurich, Switzerland; private, late-stage antibody company)
Structure Share purchase; EUR 200M upfront (cash-free, debt-free at close) plus over EUR 500M in milestones, over EUR 700M total (about $800M)
Asset Potravitug: first-in-class human anti-BK polyomavirus (BKPyV) neutralising antibody
Lead indication / stage BKPyV-associated nephropathy in kidney transplant recipients; Phase II SAFE KIDNEY II complete, pivotal Phase II/III to start later in 2026; up to ~$2B peak-sales potential
Carve-out Non-potravitug assets and employees, including the DROPZYLLA platform, oncology programs, the Ono collaboration, and the CSL option-to-license, transfer to Memorises Bio, a NewCo retained by existing Memo shareholders
Condition / timing Subject to customary closing conditions; closing targeted Q3 2026; impact factored into Ipsen's full-year guidance
Royalty No royalty on the acquired asset (potravitug homegrown on DROPZYLLA); the one live royalty tail (CSL option, single-digit royalty) stays with the seller-retained Memorises Bio
Advisers Ipsen: Bredin Prat (Paris) and Lenz & Staehelin (Switzerland) (legal); no financial adviser disclosed. Memo: Centerview Partners (financial), Goodwin (London) and Baker McKenzie (Switzerland) (legal)
Date Wed July 1, 2026

Pacira BioSciences / Zimmer Biomet: iovera° Cryoneurolysis Divestiture, Up to $140M (Tue June 30)

Pacira BioSciences (Nasdaq: PCRX) agreed to divest its iovera° cryoneurolysis device business to Zimmer Biomet (NYSE: ZBH) for up to $140M: $70M upfront plus up to $70M in revenue-based milestones (Pacira 8-K via Stock Titan; MassDevice). Zimmer Biomet acquires all rights to develop, manufacture, and commercialise iovera°, an FDA-cleared, drug-free focused-cold nerve-block device.

The milestone tail is structured as revenue thresholds: tranches of $18.5M, $23.5M, or $28.0M if annual iovera° net revenue reaches $50.0M, $60.0M, or $70.0M in any year from 2027 to 2031. The companies will also collaborate on a spasticity program, with Pacira eligible for incremental compensation contingent on a successful registrational study and regulatory approval. iovera° grew about 6% to $24.2M in 2025 net sales; Pacira originally obtained it through its 2019 Myoscience acquisition (~$220M). About 66 employees (~8% of Pacira's workforce) are expected to transfer; RBC Capital Markets advised Pacira, which will apply the upfront to pay down its senior secured revolving credit facility.

Term Detail
Seller Pacira BioSciences (Nasdaq: PCRX; adviser RBC Capital Markets)
Acquirer Zimmer Biomet (NYSE: ZBH)
Structure Asset divestiture; $70M upfront plus up to $70M in revenue-based milestones (up to $140M)
Asset iovera°: FDA-cleared, drug-free focused-cold cryoneurolysis nerve-block device
Milestone tail Tranches of $18.5M / $23.5M / $28.0M as annual iovera° net revenue reaches $50M / $60M / $70M in any year 2027 to 2031; plus contingent spasticity-program compensation on a successful registrational study and approval
Base revenue iovera° net sales ~$24.2M in 2025 (up ~6%); acquired by Pacira via the 2019 Myoscience deal (~$220M)
Condition / timing Closing targeted Q3 2026; ~66 Pacira employees expected to transfer; upfront applied to Pacira's revolver
Royalty No running royalty; the revenue-based milestone tail functions as a capped synthetic royalty on iovera° net sales through 2031
Advisers Pacira: RBC Capital Markets (exclusive financial), Perkins Coie (legal). Zimmer Biomet: Ice Miller (legal); no financial adviser disclosed
Date Tue June 30, 2026

United Therapeutics / Thymmune Therapeutics: iPSC Thymic Cell-Therapy Acquisition, Up to $300M (Thu July 2)

United Therapeutics (Nasdaq: UTHR) acquired privately held, preclinical-stage Thymmune Therapeutics in a full acquisition of worldwide rights to all Thymmune assets (United Therapeutics via Business Wire; BioSpace).

United Therapeutics paid $140M in cash upfront, subject to post-closing adjustments, plus earn-out payments to former Thymmune equityholders of up to $160M tied to clinical and regulatory milestones by the end of 2031, for up to $300M total.

The lead asset, THY-100, is in preclinical development for congenital athymia, an ultra-rare condition in which infants are born without a functional thymus; Thymmune's proprietary process converts iPSCs into thymic cells that can restore healthy T-cell function. The acquisition extends United Therapeutics' organ-manufacturing and immunomodulatory platform into thymic regenerative medicine, complementing its UThymoKidney xenotransplantation programme.

No royalty terms or equity components were disclosed, so no royalty travels with the asset; it is a straight M&A cash acquisition alongside the two Ipsen buyouts.

Term Detail
Acquirer United Therapeutics (Nasdaq: UTHR; organ alternatives and regenerative medicine; ~$1.28B cash at March 31, 2026)
Target Thymmune Therapeutics, Inc. (private, preclinical; founder and CEO Stan Wang)
Structure Full acquisition of worldwide rights; $140M cash upfront (post-closing adjustments) plus up to $160M earn-out by end-2031, up to $300M total
Asset THY-100: iPSC-derived thymic cell therapy generating an in vivo neo-thymus
Lead indication / stage Congenital athymia; preclinical; broader potential in transplant tolerance and immune-mediated disease
Royalty None disclosed; no royalty or equity terms travel with the acquired asset
Strategic fit Complements UThymoKidney and UHeart xenotransplantation programmes; adds a cellular immunology layer for post-transplant tolerance
Advisers Not disclosed by either party
Date Thu July 2, 2026

Liminatus Pharma / InnocsAI: All-Stock Reverse Merger, ~$320M Implied (Closing Thu July 2)

Liminatus Pharma (Nasdaq: LIMN), a pre-revenue clinical microcap, amended its merger agreement with InnocsAI to close ahead of stockholder approval, issuing 1,600,000,000 shares at $0.20 (about $320M implied) for InnocsAI's oncology cell and biologic therapy assets, with a proceeds-based contingent value right (BioSpace).

Term Detail
Listco Liminatus Pharma (Nasdaq: LIMN; pre-clinical, pre-revenue)
Target InnocsAI (oncology cell and biologic therapy assets)
Consideration All-stock: 1,600,000,000 shares at $0.20 (~$320M implied); a proceeds-based CVR
Cash / royalty No cash; no royalty layer
Advisers Not disclosed
Date Closing Thu July 2, 2026

Kimball Electronics / Helvoet Polymer Technologies: European Medical CDMO Acquisition, EUR 90M (Closed Wed July 1)

Kimball Electronics, Inc. (Nasdaq: KE; Jasper, IN) acquired Helvoet Polymer Technologies B.V. (Alken, Belgium) and its Indian affiliate Helvoet Rubber & Plastics Technologies from Hydratec Industries N.V. (Euronext Amsterdam) for EUR 90M (~$103M), about 9x Helvoet's estimated calendar-2026 adjusted EBITDA, funded with cash and existing credit lines with roughly EUR 1.8M held in escrow (Business Wire; Kimball 8-K via Stock Titan).

Helvoet is a medical contract development and manufacturing specialist in elastomer and polymer components, microfluidics, diagnostics, and drug delivery, with about $56M in calendar-2025 revenue, a mid-teens EBITDA margin, and over 70% of revenue from medical customers. The deal extends Kimball's medical manufacturing platform into higher-margin proprietary components. No royalty layer. Advisers: MP Corporate Finance (Helvoet), Roth Capital Partners (Kimball).

Term Detail
Acquirer Kimball Electronics, Inc. (Nasdaq: KE; Jasper, IN)
Target Helvoet Polymer Technologies B.V. (Alken, Belgium) plus Helvoet Rubber & Plastics Technologies (India), from Hydratec Industries N.V.
Structure Cash acquisition, EUR 90M (~$103M), ~9x estimated CY2026 adjusted EBITDA; ~EUR 1.8M escrow
Target profile Medical CDMO: elastomer and polymer components, microfluidics, diagnostics, drug delivery; ~$56M CY2025 revenue, mid-teens EBITDA margin, >70% medical revenue
Royalty None
Advisers MP Corporate Finance (Helvoet); Roth Capital Partners (Kimball)
Date Closed Wed July 1, 2026

MacroGenics / Bora Pharmaceuticals: GMP Biologics Manufacturing Divestiture, $122.5M (Closed Thu July 2)

MacroGenics, Inc. (Nasdaq: MGNX; Rockville, MD) completed the sale of its GMP drug-substance manufacturing operations to Bora Pharmaceuticals (TWSE: 6472; OTCQX: BORAY), through Bora's wholly owned subsidiary Bora Biologics USA, LLC, for total consideration of $122.5M before transaction fees and subject to customary post-closing adjustments (MacroGenics via GlobeNewswire; Stock Titan).

The transaction covers MacroGenics' Rockville, Maryland biologics drug-substance facility and its Frederick, Maryland warehouse, with about 140 MacroGenics employees hired by Bora. The parties simultaneously entered a long-term CDMO service agreement under which Bora provides process development and drug-substance production for MacroGenics' pipeline; with the close, Bora Biologics operates about 20,000 litres of single-use bioreactor capacity across Rockville, MD and San Diego, CA plus a Taiwan development site.

A manufacturing carve-out that converts an in-house cost base into an outsourced supply relationship; no royalty or profit-share attaches to the sale, and MacroGenics' partnered royalty economics are unaffected.

Term Detail
Seller MacroGenics, Inc. (Nasdaq: MGNX; Rockville, MD)
Acquirer Bora Pharmaceuticals (TWSE: 6472; OTCQX: BORAY), via Bora Biologics USA, LLC
Structure Asset sale; $122.5M total consideration (before fees, subject to post-closing adjustments) plus a long-term CDMO supply agreement
Assets Rockville, MD biologics drug-substance facility and Frederick, MD warehouse; ~140 employees transfer to Bora
Strategic fit Adds a second active US drug-substance site for Bora Biologics (~20,000 L single-use capacity across Rockville, MD and San Diego, CA, plus a Taiwan development site)
Royalty None; a manufacturing carve-out, MacroGenics' partnered royalty streams unaffected
Advisers Not disclosed by either party
Date Closed Thu July 2, 2026

Aptose Biosciences / Hanmi Pharmaceutical: Tuspetinib Take-Private (Closing ~Fri July 3)

Hanmi Pharmaceutical (KRX: 128940) completed its take-private of Aptose Biosciences (San Diego and Toronto) at C$2.41 per share, a roughly 28% premium to Aptose's 30-day VWAP, with the TSX delisting expected on or about July 3, 202

6. First announced November 19, 2025 and amended in February 2026, the deal cleared Aptose shareholders and a final court order on March 31, 2026 and Korean regulatory review (Aptose via BioSpace). It moves the milestone-bearing tuspetinib (a myeloid kinase inhibitor in frontline AML) fully under Hanmi. A 2025 transaction now completing.

Term Detail
Acquirer Hanmi Pharmaceutical (KRX: 128940)
Target Aptose Biosciences (San Diego / Toronto)
Structure Take-private, C$2.41 per share (~28% premium to 30-day VWAP); TSX delisting ~July 3
Timeline Announced Nov 19, 2025; amended Feb 2026; shareholder and court approval Mar 31, 2026; Korean clearance received
Asset Tuspetinib: myeloid kinase inhibitor, frontline AML (milestone-bearing)
Royalty None disclosed; asset moves under Hanmi
Advisers Aptose (Special Committee and Company): Locust Walk (financial adviser and independent valuator), McCarthy Tétrault (legal). Hanmi Purchaser: Stikeman Elliott (legal)
Date Closing ~Fri July 3, 2026

Aurobindo Pharma USA / Lannett: US Generics Acquisition Completion (Effective Mon June 29)

Aurobindo Pharma USA completed its acquisition of Lannett Company (from Lannett Seller Holdco) for $250M on a cash-free, debt-free basis, with Lannett becoming a wholly owned subsidiary (renamed Lannett Company LLC), after US Federal Trade Commission clearance on June 18, 2026 that required divesting four generic products (to Quagen), effective June 29, 2026 (Drug Store News). Sullivan & Cromwell advised Aurobindo (legal); the seller's advisers were not disclosed. A US generics and specialty combination; no royalty layer, a prior deal now completing.

ALR Technologies SG / CGM Medical Technology: Continuous Glucose Monitoring Vertical Integration, Letter of Intent (Tue June 30)

ALR Technologies SG (OTC: ALRTF), a diabetes-management company, signed a letter of intent to acquire 100% of CGM Medical Technology Singapore and the assets of CGM Medical Technology Shenzhen, bringing in-house the continuous glucose monitor technology behind its GluCurve Pet CGM and a planned human CGM. A diagnostics and medtech vertical integration, structured as a letter of intent rather than a definitive agreement, with an earn-out and a free-cash-flow share rather than a product royalty.

Term Detail
Acquirer ALR Technologies SG (OTC: ALRTF; diabetes management; Chairman and CEO Sidney Chan)
Target CGM Medical Technology Singapore (100% equity) and CGM Medical Technology Shenzhen (assets)
Structure Letter of intent, not yet definitive; aggregate 200,000,000 ALRT ordinary shares plus up to US$45M
Consideration detail Singapore: 200M shares plus a US$40M unsecured, non-interest-bearing earn-out promissory note. Shenzhen: up to US$5M (about US$1M at closing, up to US$4M paid as 25% of ALRT free cash flow), gated on reaching 300,000 CGMs per month capacity
Asset Continuous glucose monitor IP and manufacturing for the GluCurve Pet CGM and a planned human CGM
Royalty None; the contingent consideration is an earn-out and a free-cash-flow share, not a product royalty
Timeline Definitive agreement for Singapore targeted by July 31, 2026 (completion ~Aug 31); Shenzhen by Aug 31, 2026 (completion ~Jan 31, 2027)
Advisers Not disclosed
Date Tue June 30, 2026

Royalty-Bearing License-Outs and Platform Layers

Cross-border royalty origination: seven royalty-bearing streams by originator and licensee with the retained rate band, from METiS and Boulevard Bio through PureTech's retained Celea royalty.

METiS TechBio / Boulevard Bio: MTS-128 Trispecific TCE Global Out-Licence, Up to $1.6B (Tue June 30)

METiS TechBio (HKEX: 7666; Hong Kong and Shanghai; AI-driven drug-design and delivery company, listed May 13, 2026) entered an exclusive global licensing agreement granting Boulevard Bio (US; backed by Deerfield Management) worldwide development, manufacturing, and commercialisation rights to MTS-128, a proprietary trispecific T-cell engager for autoimmune disease developed on METiS's NanoForge platform (PR Newswire).

MTS-128 is a preclinical, AI-designed three-target binder; $20M upfront, up to $1.6B, tiered royalties to METiS. A US-China cross-border deal amid heightened scrutiny of outbound technology transfers.

Term Detail
Licensor / originator METiS TechBio (HKEX: 7666; Hong Kong and Shanghai; NanoForge AI platform)
Licensee / partner Boulevard Bio (US; Deerfield Management backed; worldwide rights)
Asset MTS-128: preclinical trispecific (three-target) T-cell engager for autoimmune disease; AI-designed via NanoForge
Geography Worldwide
Economics $20M upfront; up to $1.6B in development, regulatory, and commercial milestones; tiered royalties to METiS on net sales
Royalty Tiered royalties on net sales to METiS (rate band undisclosed); outbound to METiS
Date Tue June 30, 2026

AlzeCure Pharma / QuantumCell: NeuroRestore Global Out-Licence, Up to USD 2.2B+ (Wed July 1)

AlzeCure Pharma (Nasdaq First North Growth Market Stockholm: ALZCUR; Huddinge, Sweden) entered a licensing agreement granting Danish QuantumCell global rights to the NeuroRestore platform, including the clinical-stage lead candidate ACD856, in a deal valued at a total of over USD 2.2 billion (BioStock).

USD 12M upfront (USD 5M as a direct equity investment in AlzeCure at a 30% premium to the ten-day VWAP), milestones, and tiered royalties (single-digit to low-double-digit). ACD856 is a first-in-class Trk-PAM (TrkA and TrkB positive allosteric modulator), developed in-house to clinical phase, with potential in Alzheimer's, Parkinson's, and depression. AlzeCure's second out-licence in three weeks, after the early-June ACD680 Alzstatin licence to Eli Lilly (up to USD 1B, excluding royalties).

Term Detail
Licensor / originator AlzeCure Pharma (Nasdaq First North Stockholm: ALZCUR; Huddinge, Sweden)
Licensee / partner QuantumCell (Denmark; global rights)
Asset NeuroRestore platform, lead ACD856: first-in-class Trk-PAM (TrkA and TrkB positive allosteric modulator); clinical stage
Geography Global
Economics USD 12M upfront (USD 5M as a direct equity investment in AlzeCure at a 30% premium to ten-day VWAP); defined clinical and commercial milestones; tiered royalties single-digit to low-double-digit on net sales; total headline over USD 2.2B
Indications Alzheimer's disease, Parkinson's disease, depression
Royalty Tiered royalties, single-digit to low-double-digit, on global net sales to AlzeCure
Advisers AlzeCure: ABG Sundal Collier (financial), Cirio Law and Synch Law (legal); FNCA Sweden AB (Certified Adviser). QuantumCell: not disclosed
Date Wed July 1, 2026

Eli Lilly / Innovent Biologics: Verzenios (Abemaciclib) China Commercialisation, Terms Undisclosed (Tue June 30)

Eli Lilly (NYSE: LLY) and Innovent Biologics (HKEX: 1801) entered a commercialisation agreement under which Innovent takes sole commercialisation rights (importation, marketing, distribution, and promotion) for Verzenios (abemaciclib) in mainland China, while Lilly remains the Marketing Authorisation Holder responsible for manufacturing, supply, and development (PR Newswire).

No financial terms were disclosed: no upfront, no milestones, and no royalty, margin, or profit-split direction is public. Verzenios is an oral CDK4/6 inhibitor already approved and NRDL-reimbursed in China (since 2021) for HR-positive, HER2-negative breast cancer, and recorded roughly RMB 1.5B (about $221M) in 2025 China sales per PharmCube data cited by Jefferies. This is distinct from the broader historical Lilly and Innovent collaboration.

Term Detail
Licensor / MAH Eli Lilly (NYSE: LLY; retains manufacturing, supply, and development; Marketing Authorisation Holder)
Commercialisation partner Innovent Biologics (HKEX: 1801; sole China commercialisation: import, marketing, distribution, promotion)
Asset Verzenios (abemaciclib): oral CDK4/6 inhibitor; HR-positive, HER2-negative breast cancer; marketed, NRDL-reimbursed in China since 2021
Structure Commercialisation-rights transfer on a marketed product; terms undisclosed (no upfront, milestone, or royalty/margin split public)
Base revenue ~RMB 1.5B (about $221M) 2025 China sales (PharmCube via Jefferies)
Royalty None disclosed; likely a supply or transfer-price arrangement rather than a royalty, and no royalty layer should be assumed without disclosure
Date Tue June 30, 2026

Orion Pharma / Shilpa Medicare: European Nivolumab Biosimilar Commercialisation, Terms Undisclosed (Tue June 30)

Orion Pharma (Helsinki: ORNBV) and Shilpa Biologicals Private Limited, a wholly owned subsidiary of Shilpa Medicare (NSE: SHILPAMED), entered an agreement to commercialise Shilpa's intravenous nivolumab biosimilar (a biosimilar of Bristol Myers Squibb's Opdivo, an anti-PD-1 immune checkpoint inhibitor) in Europe (Orion via GlobeNewswire). Orion gains the exclusive right to distribute, market, and sell the product across Europe; Shilpa supplies the product and is entitled to receive certain development and regulatory milestone payments from Orion.

No financial terms were disclosed: no upfront, no milestone quantum, and no royalty, margin, or profit-split direction is public. The biosimilar is still under development at Shilpa, so this is a forward, supply-based commercialisation build rather than a transfer of a marketed asset. It extends a standing Orion and Shilpa partnership (the two already collaborate on other products) into immuno-oncology and supports Orion's stated push into the Continental European hospital segment. For the royalty desk, the milestones run from Orion to the supplier and there is no disclosed running royalty; the economics are more supply-and-distribution than royalty.

Term Detail
Commercialisation partner Orion Pharma (Helsinki: ORNBV; Espoo, Finland; exclusive European distribution, marketing, and sales)
Supplier / licensor Shilpa Biologicals, subsidiary of Shilpa Medicare (supplies product; receives development and regulatory milestones from Orion)
Asset Intravenous nivolumab biosimilar (anti-PD-1; reference product Opdivo); in development, various oncology indications
Territory Europe
Structure Exclusive commercialisation and supply agreement; terms undisclosed (no upfront, milestone quantum, royalty, or margin split public)
Royalty None disclosed; milestones payable by Orion to the supplier, not a running royalty, and no royalty layer should be assumed without disclosure
Strategic context Extends the standing Orion / Shilpa partnership into immuno-oncology; supports Orion's Continental European hospital-segment strategy
Date Tue June 30, 2026

Vect-Horus / Servier: VECTrans CNS Oligonucleotide Delivery Licence-Option (Tue June 30)

Vect-Horus (private; Marseille, France; a CNRS and Aix-Marseille University spinout building the VECTrans blood-brain-barrier shuttle platform) entered a research evaluation and exclusive licence-option agreement with Servier to apply VECTrans to Servier's oligonucleotide therapeutics for rare neurological and neurodevelopmental CNS disorders (Vect-Horus release).

Vect-Horus receives research and exclusivity fees during the option period. On option exercise, it is eligible for an upfront payment, development, regulatory, and commercial milestones, and single-digit royalties on annual net sales of any resulting products. No cash figures were disclosed. This extends a standing 2019 Servier scientific collaboration and follows Vect-Horus's CNS-delivery licences with Ionis (2024) and Novo Nordisk (2023). Preclinical; the royalty is real but option-gated, a forward contingent stream rather than a signed running royalty.

Term Detail
Licensor / platform Vect-Horus (private; Marseille; VECTrans BBB-shuttle delivery platform)
Partner Servier (foundation-governed international group; Global Head of Neurology Nitza Thomasson)
Structure Research evaluation plus exclusive licence-option; Servier may advance selected programs to development and commercialisation
Asset Servier oligonucleotide therapeutics for rare neurological and neurodevelopmental CNS disorders, delivered across the blood-brain barrier via VECTrans
Economics Research and exclusivity fees during the option period; on exercise, upfront plus development, regulatory, and commercial milestones (amounts undisclosed)
Royalty Single-digit royalties to Vect-Horus on annual net product sales, contingent on option exercise; a forward, option-gated stream
Stage Preclinical / discovery
Date Tue June 30, 2026

Insilico Medicine / Takeda: Pharma.AI Drug-Discovery Collaboration, Up to ~$600M plus Tiered Royalties (Wed July 1)

Insilico Medicine (HKEX: 3696; clinical-stage generative-AI drug discovery, Main Board listing December 30, 2025) entered a strategic collaboration with Takeda (JPX: 4502) to apply its end-to-end Pharma.AI platform to discover clinically differentiated drug candidates across Takeda therapeutic areas (Insilico via PR Newswire). Insilico leads AI-driven discovery to identify molecules meeting predefined scientific and early-development criteria; Takeda applies its global development capabilities to advance selected candidates through clinical validation and takes exclusive worldwide rights to develop, manufacture, and commercialise the resulting therapeutics.

Insilico receives about $60M in project initiation fees, near-term payments, and milestones, and is eligible for success-based preclinical, clinical, commercial, and sales milestones that could bring total deal value to about $600M, plus tiered royalties on future net sales. This is a forward, multi-program royalty origination rather than a single-asset out-licence: targets and lead series are not yet disclosed, so the royalty is real but discovery-stage and success-gated.

For the royalty desk it echoes the METiS / Boulevard shape (a Hong Kong-listed AI-design platform originating a tiered royalty to a larger partner), here running Hong Kong-to-Japan, and it fits the broader AI-discovery deal wave (Insilico's own $2.5B SK Biopharmaceuticals collaboration was signed at BIO on June 22, outside this window). The near-term cash is disclosed; the ceiling is milestone-loaded.

On the rate, the only comparable Insilico deal that discloses a band is the June 2026 SK Biopharmaceuticals CNS collaboration (up to $2.5B, single-digit royalties on net sales); across the rest of Insilico's book (Lilly, Menarini, Exelixis, Sanofi) the royalty is described only as tiered. Read against those comps, and given Takeda takes exclusive worldwide rights and carries all development and commercialisation, the undisclosed Takeda royalty most plausibly sits in the single-digit range, an inference benchmarked to SK Biopharmaceuticals rather than a disclosed term.

The about $60M near-term is a strong near-term component for a discovery collaboration (roughly three times the Menarini upfront), while the about $600M ceiling is modest against the SK Bio and Lilly collaborations, consistent with a Takeda-defined-target discovery deal rather than a named clinical asset.

Term Detail
Originator / platform Insilico Medicine (HKEX: 3696; Pharma.AI: target identification, generative chemistry, molecule optimisation)
Partner Takeda (JPX: 4502; exclusive worldwide rights to develop, manufacture, and commercialise selected candidates)
Structure Strategic AI drug-discovery collaboration and licence; Insilico leads discovery, Takeda leads development and commercialisation
Economics About $60M in project initiation fees, near-term payments, and milestones; up to about $600M total including success-based preclinical, clinical, commercial, and sales milestones
Royalty Tiered royalties to Insilico on future net sales; multi-program, discovery-stage, success-gated. Rate band undisclosed; benchmarked to the single-digit band disclosed in Insilico's June 2026 SK Biopharmaceuticals collaboration (inference, not a disclosed term)
Asset Not disclosed; candidates to be discovered across Takeda therapeutic areas via Pharma.AI
Stage Discovery
Date Wed July 1, 2026

CSPC Pharmaceutical / AstraZeneca: siRNA Renal-Disease Collaboration, Up to $1.77B plus Single-Digit Royalties (Thu July 2)

CSPC Pharmaceutical Group (HKEX: 1093) entered a strategic collaboration, option and license agreement with AstraZeneca (LSE / Nasdaq: AZN) to jointly discover and develop preclinical siRNA candidates for chronic kidney diseases across multiple indications, using CSPC's siRNA discovery platform and extrahepatic targeted delivery platform (BioSpace).

AstraZeneca pays $30M upfront and is on the hook for up to $540M in development milestones and up to $1.2B in sales milestones (about $1.77B headline), with single-digit royalties to CSPC on net sales. The parties work on two renal targets; AstraZeneca holds an option to license worldwide or ex-China rights, and CSPC retains rights to one asset in China. For the royalty desk this is a third China-outbound origination this week, alongside METiS and Insilico, and CSPC's fourth AstraZeneca deal in roughly a year (after the 2025 $5.3B AI research pact, the January 2026 up-to-$1.85B obesity peptide deal with $1.2B upfront, and a mid-2026 $110M oral chronic-disease programme).

Term Detail
Licensor / originator CSPC Pharmaceutical Group (HKEX: 1093; siRNA discovery and extrahepatic targeted delivery platforms; AI-enabled molecular design)
Licensee / partner AstraZeneca (LSE / Nasdaq: AZN; option to license worldwide or ex-China rights)
Asset Preclinical siRNA candidates for chronic kidney diseases, multiple indications, two targets
Geography Global option to AstraZeneca; CSPC retains China rights to one asset
Economics $30M upfront; up to $540M development milestones; up to $1.2B sales milestones (~$1.77B headline)
Royalty Single-digit royalties to CSPC on net annual sales of products reaching the market
Stage Preclinical
Date Thu July 2, 2026

Junshi Biosciences / Fosun Wanbang: Roconkibart (Anti-IL-17A) Greater China Licence, RMB 215M Upfront plus Double-Digit Royalties (Tue June 30)

Shanghai Junshi Biosciences (HKEX: 1877; SSE: 688180) entered a license agreement granting Fosun Wanbang Pharma Group (a wholly-owned subsidiary of Fosun Pharma, HKEX: 02196; SSE: 600196) the right to develop, register, manufacture, and commercialise roconkibart (JS005, an anti-IL-17A monoclonal antibody) in the Greater China region (mainland China, Hong Kong, Macao, and Taiwan) (Junshi via GlobeNewswire).

Junshi receives an upfront payment of RMB 215M (about $31.6M), plus development and sales milestones and double-digit tiered royalties on net sales. Roconkibart is in Phase 3 for plaque psoriasis (with reported 91% PASI 90 at week 16 and 65% PASI 100 at week 52 in the 150mg arm) and under regulatory review; ankylosing spondylitis is in Phase 2. This is a China-domestic royalty-bearing licence in which the innovator (Junshi) retains the royalty and hands commercial execution to Fosun Wanbang, distinct from the more common China-outbound structure. The signing date is June 30 per the HKEX filing; the press release carried July 1.

Term Detail
Licensor / originator Shanghai Junshi Biosciences (HKEX: 1877; SSE: 688180; anti-IL-17A originator, retains royalty)
Licensee / partner Fosun Wanbang Pharma Group (wholly-owned by Fosun Pharma; Greater China development, registration, manufacturing, commercialisation)
Asset Roconkibart (JS005): anti-IL-17A monoclonal antibody; Phase 3 plaque psoriasis (under review), Phase 2 ankylosing spondylitis
Geography Greater China (mainland China, Hong Kong, Macao, Taiwan)
Economics RMB 215M (~$31.6M) upfront plus development and sales milestones
Royalty Double-digit tiered royalties to Junshi on net sales
Date Tue June 30, 2026 (announced July 1)

PureTech / Celea Therapeutics: $180M Spin-Out With a Retained 1% to 3% Royalty on Deupirfenidone (Thu July 2)

PureTech Health (LSE: PRTC), a hub-and-spoke biotherapeutics company, completed the spin-out of its Founded Entity Celea Therapeutics through a $180M Series Seed Preferred financing and an associated transfer of the deupirfenidone asset from PureTech (PureTech via BioSpace; Investegate). Participants were RA Capital Management, Leaps by Bayer, PureTech, a large US-based healthcare fund, and a sovereign wealth fund; the Series Seed Preferred priced at $1.93 per share, with an initial $75M invested on June 29.

The structure matters more than the headline. PureTech contributed $30M to the round, reserved a further $70M from existing cash for potential future support, holds 35.4% of Celea's fully diluted share capital, and, critically for the royalty desk, is entitled to tiered royalties of 1% to 3% on annual net sales plus up to $190M in milestone payments. Deupirfenidone (LYT-100) is a deuterated form of pirfenidone in development as a next-generation antifibrotic for idiopathic pulmonary fibrosis, with FDA and European Commission Orphan Drug Designation; the Phase 3 SURPASS-IPF trial is targeted to start early Q3 2026.

This is the PureTech monetisation archetype: an originator seeding a founded entity with third-party capital while retaining equity plus a royalty on the out-transferred asset, the same shape that produced its Karuna (KarXT, sold to Bristol Myers Squibb) and Seaport economics. This is a royalty-bearing origination through a retained stream, with the $180M itself raised as equity.

Term Detail
Originator / royalty holder PureTech Health (LSE: PRTC; hub-and-spoke; retains 35.4% equity plus royalty)
Founded entity Celea Therapeutics (independent clinical-stage respiratory company; CEO Sven Dethlefs)
Structure $180M Series Seed Preferred ($1.93/share; initial $75M June 29) plus asset transfer of deupirfenidone from PureTech
Investors RA Capital Management, Leaps by Bayer, PureTech ($30M), a large US healthcare fund, a sovereign wealth fund
Asset Deupirfenidone (LYT-100): deuterated pirfenidone, next-generation antifibrotic; FDA and EC Orphan Drug Designation
Indication / stage Idiopathic pulmonary fibrosis; Phase 3 SURPASS-IPF targeted for early Q3 2026
Royalty Tiered royalties of 1% to 3% to PureTech on annual net sales, plus up to $190M in milestones
PureTech position 35.4% of Celea fully diluted; further $70M reserved; runway extended at least through end-2028
Date Thu July 2, 2026

Lonza / Nona Biosciences: Blood-Brain-Barrier Platform Licence and Revenue Share (Wed July 1)

Lonza (SIX: LONN) licensed certain IP rights to Nona Biosciences' single-domain-antibody blood-brain-barrier crossing technology, paying upfront and option fees to Nona (a wholly owned subsidiary of HBM Holding, HKEX: 02142), with both parties sharing revenue from future third-party licensing agreements generated through the collaboration (AllSci).

Structured as a bilateral technology exchange rather than a conventional platform licence: Nona contributes its Harbour Mice heavy-chain-only antibody platform for BBB-crossing candidate discovery, while Lonza contributes its GS Gene Expression System and GlycoConnect bioconjugation technology for candidate optimisation. No lead asset has been disclosed. The signal for the newsletter is a CDMO moving from pure contract manufacturing toward owning monetisable IP: a CDMO-to-originator platform layer that sits in the same blood-brain-barrier delivery cluster as Vect-Horus / Servier and the BioArctic franchise. Terms undisclosed, revenue-share on future out-licences.

Term Detail
Parties Lonza (SIX: LONN) and Nona Biosciences (subsidiary of HBM Holding, HKEX: 02142)
Structure IP licence plus bilateral technology exchange; upfront and option fees to Nona; shared revenue on future third-party licences
Contributions Nona: Harbour Mice HCAb platform for BBB-crossing discovery. Lonza: GS Gene Expression System and GlycoConnect bioconjugation
Asset Blood-brain-barrier delivery platform; no lead asset disclosed
Royalty Revenue-share on future out-licences (rate undisclosed), not a product royalty
Date Wed July 1, 2026

Structured Finance and Non-Dilutive Debt

Ligand / Zerion Pharma: Dispersome Royalty Financing Plus Equity, Undisclosed (Tue June 30)

Ligand Pharmaceuticals (Nasdaq: LGND) completed a combined royalty financing and equity investment in Zerion Pharma A/S (private; Copenhagen; a 2019 University of Copenhagen spin-out) to advance Zerion's Dispersome solubility and bioavailability platform toward first regulatory approvals (Zerion release). Ligand invested an undisclosed amount and in return takes a share of future Dispersome royalty income plus an equity position in Zerion.

Dispersome uses beta-lactoglobulin as a carrier to formulate poorly soluble small molecules into stable, high-drug-load amorphous systems. Zerion already licenses it to Hovione (a JV managing the IP), Insud Pharma, Aché, and dsm-firmenich, each carrying royalties back to Zerion; Ligand's investment sits on top of that base and extends its aggregator model into a platform-level royalty.

Term Detail
Financier / aggregator Ligand Pharmaceuticals (Nasdaq: LGND; royalty aggregator, 100+ assets)
Recipient / originator Zerion Pharma A/S (private; Copenhagen; University of Copenhagen spin-out)
Asset Dispersome platform: beta-lactoglobulin-carrier amorphous formulation technology for poorly soluble small molecules
Structure Combined royalty financing plus equity investment; Ligand funds development and first approvals, taking a share of future Dispersome royalty income plus an equity stake
Economics Investment amount undisclosed; royalty share and equity percentage not disclosed
Pre-existing royalty base Dispersome licences to Hovione (JV), Insud Pharma, Aché, dsm-firmenich, each carrying licence fees and royalties to Zerion
Royalty Share of future Dispersome royalty income to Ligand (percentage undisclosed), plus an equity stake; layered over Zerion's existing partner royalties
Date Tue June 30, 2026

Financings

Talawar Therapeutics / JATT II Acquisition Corp: ~$285M De-SPAC With a $225M PIPE (announced Mon June 29)

Talawar Tx Inc. (private; first spinout of London-based biotech builder Khanda Therapeutics) and JATT II Acquisition Corp (Nasdaq: JATT; a Cayman-incorporated SPAC) entered a definitive business combination agreement; the combined company will trade on Nasdaq as TLWR, with closing targeted for H2 2026 (JATT II Form 425, SEC).

About $285M (no redemptions): $60M JATT II trust plus a concurrent $225M PIPE at $10.00, led by Access Biotechnology with Bain Capital Life Sciences, Deep Track, RA Capital, Janus Henderson, Vianti, and Farallon; a $125M minimum-cash condition. Lead asset TALA-125 is a preclinical anti-IL-13 x anti-IL-18 bispecific for atopic dermatitis (clinic Q1 2027).

Term Detail
Company Talawar Tx Inc. (private; first Khanda Therapeutics spinout; CEO Marc Schegerin)
Vehicle JATT II Acquisition Corp (Nasdaq: JATT; combined company to trade as TLWR)
Structure De-SPAC; ~$285M combined (no redemptions): $60M JATT II trust plus a $225M PIPE at $10.00 per share; $125M minimum-cash closing condition
PIPE syndicate Access Biotechnology (lead); Bain Capital Life Sciences, Deep Track, RA Capital, Janus Henderson, Vianti, Farallon
Asset TALA-125: preclinical anti-IL-13 x anti-IL-18 bispecific for atopic dermatitis; clinic targeted Q1 2027
Advisers Placement agents (PIPE): Guggenheim Securities, Cantor, LifeSci Capital. Legal: Cooley (Talawar), Greenberg Traurig (JATT II), Davis Polk & Wardwell (placement agents)
Date Announced Mon June 29, 2026; close targeted H2 2026

Beeline Medicines: $126.3M Series A Extension, Over a BMS Upstream Interest (Tue June 30)

Beeline Medicines (private; a Bain Capital-founded autoimmune and inflammatory-disease company) raised a $126.3M Series A extension, bringing total Series A funding to $426.3M, from Bain Capital, CPP Investments, Bristol Myers Squibb, and management (BioSpace; Fierce Biotech).

Proceeds fund pivotal development of afimetoran, an oral, once-daily, equipotent TLR7/8 inhibitor, with a Phase 2 systemic lupus erythematosus readout expected 2H 2026. Beeline debuted in April 2026 with a $300M Series A led by Bain Capital, built around five programs in-licensed from Bristol Myers Squibb; CEO is Saqib Islam (formerly of SpringWorks, sold to Merck KGaA for $3.9B in April 2025).

Term Detail
Company Beeline Medicines (private; Bain Capital-founded; CEO Saqib Islam)
Structure $126.3M Series A extension; total Series A now $426.3M
Syndicate Bain Capital, CPP Investments, Bristol Myers Squibb, plus management
Asset Afimetoran: oral once-daily TLR7/8 inhibitor; Phase 2 SLE readout expected 2H 2026
Upstream interest Pipeline built on five programs in-licensed from Bristol Myers Squibb (BMS is both licensor and equity holder), so a BMS upstream royalty/economic interest likely travels with the assets
Date Tue June 30, 2026

Flare Therapeutics: $85M Insider-Led Series C (Tue June 30)

Flare Therapeutics Inc. (private; Cambridge, MA; a Third Rock Ventures-founded transcription-factor drug-discovery company) closed an $85M Series C led by existing investors and named Anna Protopapas, former Mersana Therapeutics CEO, as chief executive (BioSpace).

Led by Third Rock Ventures and Nextech Invest, with Pfizer Ventures, Eli Lilly, Novartis, Boxer, GordonMD, Invus, Casdin, Agent Capital, and Eventide. Flare will concentrate on FX-111, a first-in-class ARON degrader for prostate cancer, with a Phase 1A start targeted for Q3 2026.

Term Detail
Company Flare Therapeutics Inc. (private; Cambridge, MA; incoming CEO Anna Protopapas)
Structure Insider-led $85M Series C
Syndicate Third Rock and Nextech (co-leads); Pfizer Ventures, Eli Lilly, Novartis, Boxer, GordonMD, Invus, Casdin, Agent Capital, Eventide
Asset FX-111: ARON degrader for AR-driven prostate cancer; Phase 1A targeted Q3 2026
Use of proceeds Advance FX-111 to proof of concept; preclinical ARON RIPTAC program
Date Tue June 30, 2026

Xellar Biosystems: ~$50M Venture Round (Mon June 29)

Xellar Biosystems raised approximately $50M in Series A and A+ financing to advance its 3D Bio Intelligence preclinical platform (PR Newswire). Investors were not disclosed; no royalty layer is attached to the round itself.

Term Detail
Company Xellar Biosystems (private)
Structure Venture round, ~$50M
Asset / platform 3D Bio Intelligence preclinical platform
Royalty layer None on the financing; afimetoran in-licensed from BMS (upstream interest)
Date Mon June 29, 2026

Cereno Scientific: ~SEK 60M Directed Share Issue (Tue June 30)

Cereno Scientific AB (Nasdaq First North Growth Market Stockholm: CRNO B; Gothenburg, Sweden) carried out a directed share issue of SEK 60M at SEK 5.10 per share, about a 4% premium to the prior close, subscribed by existing shareholders and one new investor (BioStock).

A deliberately limited raise to strengthen Cereno's hand in ongoing partnering, ahead of a global Phase IIb of CS1 in pulmonary arterial hypertension. The company reported its strongest-ever partnering interest after BIO 2026.

Term Detail
Company Cereno Scientific AB (Stockholm First North: CRNO B; Gothenburg, Sweden; CEO Sten R. Sörensen)
Structure Directed share issue; SEK 60M at SEK 5.10 (about a 4% premium); existing holders plus one new investor
Pipeline CS1 (PAH; Phase IIb planned), CS014 (PH-ILD; Phase 1 PK bridging), CS585 (antiphospholipid syndrome; preclinical)
Use of proceeds Partnering and business-development processes from a stronger negotiating position
Date Tue June 30, 2026

Alebund Pharmaceuticals: HKEX Main Board IPO, ~HK$1.283B Gross (Mon June 29)

Alebund Pharmaceuticals (Jiangsu) Limited (HKEX: 09637) listed on the Hong Kong main board on June 29, a China renal-disease drug developer (PR Newswire). The global offering was 56,755,400 H shares at HK$22.60, for gross proceeds of about HK$1.283B (about US$164M) before the greenshoe; a full 8,513,300-share over-allotment would lift the total to about HK$1.475B (about US$189M). The stock closed its first day at HK$46.00, up about 104%.

The book was heavily oversubscribed and anchored by a cornerstone group including GIC, Loomis Sayles, RTW, SymBiosis, Tencent, and Cormorant. Proceeds fund a renal pipeline led by AP301 (oral phosphate binder, China Phase 3 complete, NDA planned), plus AP306 (pan-phosphate transport inhibitor; ex-Greater China rights licensed to R1 Therapeutics in an out-of-window March 2026 deal), AP303 (dual PPAR agonist), and AP308 (engineered IgA protease), alongside the commercial ESA Mircera. Primary equity capital, no royalty origination.

Term Detail
Company Alebund Pharmaceuticals (Jiangsu) Limited (HKEX: 09637; Shanghai; founded 2018)
Structure Global offering / H-share IPO; 56,755,400 shares at HK$22.60
Gross proceeds ~HK$1.283B (~US$164M) pre-greenshoe; ~HK$1.475B (~US$189M) if the 8,513,300-share over-allotment is fully exercised
Debut Closed first day at HK$46.00, up ~104%
Cornerstones GIC, Loomis Sayles, RTW, SymBiosis, Tencent, Cormorant, and others
Syndicate Joint managers BOCI Asia, CLSA, Huatai Financial, Jefferies, and Merrill Lynch (Asia Pacific); Jefferies (Hong Kong) as stabilising manager
Pipeline AP301 (hyperphosphataemia, Phase 3 complete), AP306, AP303, AP308; commercial product Mircera
Royalty angle None from the IPO; AP306 ex-Greater China rights were licensed to R1 Therapeutics in March 2026, outside this window
Date Mon June 29, 2026

Nuvectis Pharma: $100M Follow-On Offering (Mon June 29)

Nuvectis Pharma (Nasdaq: NVCT; Fort Lee, NJ) priced an underwritten offering of 5,000,000 shares at $20.00, for gross proceeds of $100M, with a 30-day option for up to 750,000 more shares; the offering was expected to close on or about July 1 (Nuvectis via GlobeNewswire). Cantor was sole bookrunner, with H.C. Wainwright, Laidlaw, Lucid Capital Markets, Maxim, Roth, and Titan Partners as co-managers.

Proceeds fund NXP900 (oncology) plus NXP100 (Complement Factor B inhibitor) and NXP200 (BRAF inhibitor), the two assets in-licensed ex-China from Haisco on June 22 (out of window). A primary equity raise, no royalty layer, though the upsized round follows the Haisco in-licence that carries its own upstream economics.

Term Detail
Company Nuvectis Pharma (Nasdaq: NVCT; Fort Lee, NJ; clinical-stage, immune-complement and oncology)
Structure Underwritten follow-on; 5,000,000 shares at $20.00; up to 750,000-share greenshoe
Gross proceeds $100M before the greenshoe; expected close on or about July 1
Bookrunner Cantor (sole); co-managers H.C. Wainwright, Laidlaw, Lucid Capital Markets, Maxim, Roth, Titan Partners
Use of proceeds NXP900, NXP100 (Complement Factor B inhibitor), NXP200 (BRAF inhibitor)
Royalty angle None on the raise; NXP100 and NXP200 were in-licensed ex-China from Haisco on June 22 (out of window), carrying upstream Haisco economics
Date Mon June 29, 2026

BridgeBio Pharma: $1B Convertible Preferred Equity, Sixth Street and HealthCare Royalty (Wed July 1)

BridgeBio Pharma, Inc. (Nasdaq: BBIO) entered an agreement under which funds managed by Sixth Street and funds managed by HealthCare Royalty, a business of KKR (HCRx) invested up to $1 billion in newly issued convertible preferred equity (BridgeBio via GlobeNewswire). Sixth Street funded $800M as lead investor and HCRx funded $133.9M at close, about $933.9M in aggregate at signing.

The instrument is Series A Cumulative Convertible Participating Preferred Stock: a 7.00% initial dividend payable in kind or in cash at BridgeBio's election, an initial conversion price of $137.79 per share (over 100% premium to the 30-day VWAP) stepping to $153.10 (over 125% premium) from the fifth anniversary, and permanent equity with no scheduled maturity and no redemption at the holder's option, redeemable for cash or convertible into common by BridgeBio on the terms in the definitive agreements.

Proceeds fund the Attruby (acoramidis) ATTR-CM ramp toward a targeted multi-billion-dollar franchise and three planned US launches over the next 12 months: BBP-418 in LGMD2I/R9, encaleret in ADH1, and infigratinib in achondroplasia.

For the royalty desk, the notable feature is the counterparty. HCRx is a dedicated royalty aggregator (founded 2006, majority owned by KKR, over $7B committed across more than 110 products) participating here through convertible preferred equity rather than a synthetic royalty. HCRx already holds an acoramidis royalty: in June 2025 it bought, with Blue Owl, 60% of BridgeBio's European BEYONTTRA royalties on the first $500M of annual net sales for $300M, capped at 1.45x. This financing deepens an existing royalty-aggregator relationship through a different instrument. No new royalty is originated.

Term Detail
Issuer BridgeBio Pharma, Inc. (Nasdaq: BBIO; Palo Alto, CA; commercial-stage genetic-disease biopharma)
Investors Sixth Street (lead, $800M) and HealthCare Royalty, a business of KKR ($133.9M)
Instrument Series A Cumulative Convertible Participating Preferred Stock; up to $1B, about $933.9M funded at close
Dividend 7.00% initial, payable in kind or in cash at BridgeBio's election
Conversion Initial conversion price $137.79 (over 100% premium to the 30-day VWAP), stepping to $153.10 (over 125% premium) from the fifth anniversary
Structure Permanent equity, no scheduled maturity, no holder redemption; BridgeBio may redeem for cash or convert to common in certain circumstances
Use of proceeds Attruby (acoramidis, ATTR-CM) ramp plus three planned US launches: BBP-418 (LGMD2I/R9), encaleret (ADH1), infigratinib (achondroplasia)
Royalty context HCRx deploys via preferred equity, not a synthetic royalty; already holds a BEYONTTRA European royalty on acoramidis (June 2025, with Blue Owl, $300M for 60% of the first $500M of annual EU net sales, capped at 1.45x)
Advisers BridgeBio: Latham & Watkins (legal). Sixth Street: Evercore (financial), Sullivan & Cromwell and Mintz (legal). HCRx: Gibson Dunn (legal)
Date Wed July 1, 2026

The underlying acoramidis royalty stack. This preferred sits on top of a live, multi-layer acoramidis royalty stack (Attruby in the US, BEYONTTRA ex-US), split between royalties BridgeBio earns from territory partners and royalties it has already sold to aggregators.

Layer Counterparty Terms
US commercialisation (inflow) BridgeBio, direct Attruby sold directly; net sales retained, subject to the 2024 global synthetic royalty below
Europe and UK licence (inflow) Bayer Consumer Care AG (Mar 2024) $210M in upfront and regulatory milestones received, up to $75M further near-term, tiered royalties to BridgeBio starting in the low-30% range on EU net sales
Japan licence (inflow) Alexion, AstraZeneca Rare Disease, via Eidos (Mar 2025) $30M approval milestone, low-double-digit royalties to BridgeBio on Japan net sales
Global synthetic royalty (outflow) Blue Owl and CPP Investments (Jan 2024) $500M on FDA approval ($300M Blue Owl, $200M CPPIB) for 5% of worldwide net sales, capped at 1.9x; alongside a $450M credit refinancing (maturity to 2029) and an optional further $300M. Live since the late-2024 FDA approval
European royalty monetisation (outflow) HealthCare Royalty and Blue Owl (Jun 2025) $300M for 60% of royalties on the first $500M of annual EU BEYONTTRA net sales, capped at 1.45x
Structural capital (Jul 2026) Sixth Street and HealthCare Royalty This $1B convertible preferred; equity-like, not a royalty

The through-line is investor overlap: Blue Owl holds both the 2024 global synthetic royalty and part of the 2025 European slice, while HCRx holds the 2025 European slice and now this 2026 preferred, so the raise deepens an existing position in the same asset rather than opening a new one. One modelling caveat: the 5% Blue Owl and CPP royalty is defined on worldwide net sales, but in out-licensed territories BridgeBio books royalty income rather than product net sales, so how the global layer and the European layer stack against each other turns on a net-sales definition that is not public.

Abivax: $920M Follow-On ADS Offering, Full Greenshoe Exercised (Wed July 1 to Thu July 2)

Abivax (Euronext Paris and Nasdaq: ABVX) priced an upsized offering of 6,400,000 ADSs at $125.00 on July 1 (a 2.39% premium to the three-day VWAP), and on July 2 the underwriters exercised their 960,000-ADS option in full, lifting gross proceeds to about $920M (€807M); closing expected July 6 (GlobeNewswire).

Term Detail
Issuer Abivax (Euronext Paris and Nasdaq: ABVX; clinical-stage immunology, obefazimod)
Instrument Follow-on ADS offering at $125.00 per ADS
Size ~$800M base; ~$920M (€807M) with the full greenshoe (960,000 additional ADSs, 15%)
Use of proceeds Obefazimod commercialisation and clinical development; runway into Q2 2029
Book-runners Leerink Partners, Morgan Stanley, Piper Sandler, Guggenheim Securities (joint bookrunning managers); LifeSci Capital (passive bookrunning manager); Van Lanschot Kempen (lead manager)
Royalty None; primary equity
Date Priced Wed July 1; greenshoe exercised Thu July 2, 2026

Elicio Therapeutics: $15M Registered Direct Offering (Thu July 2)

Elicio Therapeutics (Nasdaq: ELTX) priced a $15M registered direct offering of 4,380,313 common shares, led by two new institutional investors with an existing holder; closing expected July 6 (GlobeNewswire).

Term Detail
Issuer Elicio Therapeutics (Nasdaq: ELTX; clinical-stage, KRAS-driven cancers)
Structure Registered direct offering, 4,380,313 shares at $3.43 per share
Size ~$15M gross
Investors Two new institutional investors plus a large existing shareholder
Placement agents Titan Partners and B. Riley Securities
Use of proceeds Planned Phase 1 program
Royalty None; primary equity
Date Thu July 2, 2026

Fosun Pharma / AriBio: $27.5M Strategic Equity Investment, Following the AR1001 Licence (Fri July 3)

AriBio (South Korea; Seongnam) signed a strategic equity investment agreement with Fosun Pharma (SSE: 600196; HKEX: 02196) for about $27.5M (approximately KRW 42.5B), structured as a $7.5M first tranche followed by a $20M second tranche (Wowtale; Seoul Economic Daily). On completion, Fosun becomes AriBio's third-largest shareholder, after Solux (renaming to AriBio Holdings) and Samjin Pharmaceutical.

The investment is a follow-on to the May 13, 2026 global option and licence for AR1001 (mirodenafil), an oral PDE5 inhibitor in the global Phase 3 POLARIS-AD trial for early Alzheimer's disease. That licence carried a $60M option fee, up to $180M in upfront and regulatory milestones on exercise, sales milestones, and a low-double-digit royalty for 15 years per country from first commercialisation; the equity leg deepens the relationship into development, manufacturing, and commercialisation and follows AriBio's completion of Phase 3 dosing across 13 countries and 230 sites. The royalty economics sit in the underlying licence, not in this equity print.

Term Detail
Company AriBio (South Korea; clinical-stage neurodegeneration; lead AR1001 / mirodenafil)
Investor Fosun Pharma (SSE: 600196; HKEX: 02196); becomes AriBio's third-largest shareholder
Structure Strategic equity investment, ~$27.5M (~KRW 42.5B): $7.5M first tranche then $20M second tranche
Context Follows the May 13, 2026 AR1001 global option and licence (up to $4.7B headline; $60M option, up to $180M on exercise; low-double-digit royalty for 15 years per country)
Royalty angle None on the equity; the low-double-digit royalty sits in the underlying AR1001 licence on exercise
Date Fri July 3, 2026

Pyrotech (Beijing) Biotechnology: Venture Round, Pyroptosis and Innate-Immunity Platform (Fri July 3)

Pyrotech Therapeutics (Beijing; also Shanghai and San Diego) completed a venture financing for its pyroptosis and small-molecule immunomodulator platforms. The company, founded in 2021 by Feng Shao (National Institute of Biological Sciences, Beijing) and TJ Deng, develops first-in-class innate-immunity modulators across inflammation and oncology, led by the ALPK1 agonist PTT-936. The round size was not disclosed in accessible sources; a private China venture print with no royalty layer.

Term Detail
Company Pyrotech Therapeutics (Beijing, Shanghai, San Diego; founders Feng Shao, TJ Deng)
Platform Pyroptosis and innate-immunity modulation; small molecules and biologics; lead ALPK1 agonist PTT-936
Structure Private venture round; size undisclosed in accessible sources
Royalty None; primary equity
Date Fri July 3, 2026

Neurogene: ~$134.8M Follow-On, NGN-401 Rett Gene Therapy (Priced Tue June 30, Closed Thu July 2)

Neurogene Inc. (Nasdaq: NGNE) priced a public offering of 3,500,000 shares of common stock at $30.00, plus pre-funded warrants for a further 666,666 shares at $29.999999, for about $125M gross before the option (Neurogene 424B5). Underwriters Leerink Partners, Stifel, and Guggenheim Securities exercised their 624,999-share option in full on July 1; net proceeds are about $117.2M, or about $134.8M with the option exercised in full. The raise funds NGN-401 (Rett syndrome gene therapy) into Q1 2029. The offering closed July 2, 2026. No royalty layer.

Term Detail
Issuer Neurogene Inc. (Nasdaq: NGNE)
Structure Public offering: 3.5M shares at $30.00 plus pre-funded warrants for 666,666 shares; 624,999-share option exercised in full July 1
Proceeds ~$117.2M net, ~$134.8M with option exercised in full
Underwriters Leerink Partners, Stifel, Guggenheim Securities
Use of proceeds NGN-401 (Rett syndrome gene therapy) into Q1 2029
Royalty None
Date Priced Tue June 30; closed Thu July 2, 2026

Scribe Therapeutics: S-1 for a Nasdaq IPO of Up to $75M, CRISPR Cardiovascular (Filed Thu July 2)

Scribe Therapeutics Inc. (proposed Nasdaq: SCTX) filed a Form S-1 on July 2, 2026 to raise up to $75M (Scribe S-1). Scribe is a Phase 1 CRISPR company whose lead STX-1150 uses its ELXR epigenetic-silencing approach to lower LDL-C via PCSK9 repression, with a first-in-human trial under Australia's TGA in up to 64 adults and initial data expected in H1 2027. The S-1 frames a PCSK9 LDL-C-lowering market above $5B a year with fewer than 1% of eligible patients treated. Underwriters: Leerink Partners, Goldman Sachs, Guggenheim Securities, Wells Fargo Securities. No royalty on the offering itself, though Scribe separately holds a royalty-bearing CRISPR licence with Eli Lilly and Prevail (2023), worth noting for a royalty audience.

Term Detail
Issuer Scribe Therapeutics Inc. (proposed Nasdaq: SCTX)
Structure Form S-1 filed July 2, 2026; proposed IPO up to $75M
Asset STX-1150: ELXR epigenetic PCSK9 silencing to lower LDL-C; FIH in Australia (up to 64 adults), data H1 2027
Underwriters Leerink Partners, Goldman Sachs, Guggenheim Securities, Wells Fargo Securities
Royalty None on the offering; upstream royalty-bearing CRISPR licence with Lilly and Prevail (2023)
Date Filed Thu July 2, 2026

Microcap raises (no royalty layer)

Five further equity prints, none royalty-bearing: CollPlant (Nasdaq: CLGN, ~$2.6M PIPE at $0.34, June 30), FibroBiologics (Nasdaq: FBLG, $3.0M upfront, up to ~$9.0M with warrants, June 29), Akari Therapeutics (Nasdaq: AKTX, ~$8.3M Q2 capital, June 29), Hofseth BioCare (Oslo: HBC, ~NOK 144.5M, allotted June 28), and XTL Biopharmaceuticals (Nasdaq: XTLB, stock-funded Psyga Bio acquisition, June 29). Sub-$10M, warrant-heavy, mostly H.C. Wainwright: the dilutive funding against which non-dilutive royalty structures compete.

Royalty Re-Rates

Royalty stacks in focus: the Zymeworks-acquired Theravance portfolio (Yupelri, Vibativ, Trelegy) and the Casgevy and epcoritamab re-rates, showing who holds the economics.

AbbVie / Genmab: Epcoritamab (EPKINLY) EPCORE DLBCL-4 Phase 3 (Mon June 29)

AbbVie (NYSE: ABBV) and Genmab (Nasdaq: GMAB) reported positive topline results from the Phase 3 EPCORE DLBCL-4 trial, evaluating fixed-duration epcoritamab (a subcutaneous CD3 x CD20 T-cell-engaging bispecific) plus lenalidomide against standard R-GemOx chemotherapy in relapsed or refractory diffuse large B-cell lymphoma after at least one prior line (Genmab announcement via BioSpace).

The combination met its PFS primary endpoint: a 60% risk reduction under US censoring (HR 0.40) and 56% ex-US (HR 0.44); OS immature. Epcoritamab is a DuoBody bispecific co-developed under the 2020 Genmab and AbbVie collaboration; Genmab shares US and Japan profit 50:50 and takes a 22% to 26% royalty on AbbVie's ex-US and ex-Japan net sales.

Term Detail
Developer / partner AbbVie (NYSE: ABBV; leads global commercialisation outside the US and Japan)
Originator / royalty holder Genmab (Nasdaq: GMAB; DuoBody originator; shares US and Japan commercial responsibilities)
Asset Epcoritamab (EPKINLY / TEPKINLY): subcutaneous CD3 x CD20 bispecific T-cell engager
Indication / stage Relapsed or refractory DLBCL; Phase 3 EPCORE DLBCL-4 (NCT06508658), epcoritamab plus lenalidomide vs R-GemOx
Data PFS primary endpoint met; 60% risk reduction (HR 0.40) US censoring, 56% (HR 0.44) ex-US; OS immature
Royalty structure Genmab and AbbVie share US and Japan pre-tax profit 50:50 (Genmab books those sales); AbbVie commercialises ex-US and ex-Japan with tiered royalties of 22% to 26% to Genmab, subject to certain reductions
Date Mon June 29, 2026

AbbVie / REGENXBIO: $100M sura-vec Milestone, Diabetic Retinopathy (Mon June 29)

REGENXBIO (Nasdaq: RGNX) dosed the first patient in the Phase IIb/III NAAVIGATE trial of surabgene lomparvovec (sura-vec, ABBV-RGX-314) in diabetic retinopathy using suprachoroidal delivery, triggering a $100M milestone payment from AbbVie (NYSE: ABBV) under their existing eyecare collaboration, expected July 2026 (REGENXBIO via PR Newswire).

Sura-vec is a one-time AAV8 gene therapy encoding an anti-VEGF antibody fragment, developed with AbbVie for wet AMD and diabetic retinopathy; AbbVie leads development funding and commercialisation, and REGENXBIO retains downstream royalties plus development and commercial milestones. Under the amended DR structure, AbbVie pays $100M on first patient dosed in the Phase IIb/III trial and a further $100M on first patient dosed in a second Phase III. Topline wet AMD data from the ATMOSPHERE and ASCENT pivotal trials is expected in Q4 2026.

Term Detail
Developer / payer AbbVie (NYSE: ABBV; leads DR development funding and global commercialisation)
Originator / royalty holder REGENXBIO (Nasdaq: RGNX; retains downstream royalties plus milestones on sura-vec)
Asset Surabgene lomparvovec (sura-vec, ABBV-RGX-314): one-time AAV8 anti-VEGF gene therapy
Event First patient dosed, Phase IIb/III NAAVIGATE in diabetic retinopathy (suprachoroidal delivery)
Payment $100M milestone from AbbVie, expected July 2026; a further $100M on first patient in a second Phase III
Royalty structure REGENXBIO holds tiered downstream royalties on AbbVie net sales of sura-vec (rates not disclosed here), plus development and commercial milestones
Date Mon June 29, 2026

Eisai / BioArctic: Lecanemab (Leqembi) Royalty Read-Through Ahead of AAIC (Tue June 30)

BioArctic (Nasdaq Stockholm: BIOA B) noted that partner Eisai will present new lecanemab (Leqembi) clinical and real-world data at AAIC 2026 (London, July 12 to 15) (BioArctic via PR Newswire). The June 30 item is a conference-data announcement, not a discrete royalty event; it is noted because BioArctic, a Swedish originator, co-invented Leqembi and is entitled to sales milestones plus a royalty on global Leqembi net sales, with no development costs in Alzheimer's disease. Eisai's FY2026 Leqembi forecast of JPY 143.5B implies roughly SEK 880M in BioArctic royalty income.

Term Detail
Developer / commercialiser Eisai (with Biogen); global development, regulatory, and commercialisation of Leqembi
Originator / royalty holder BioArctic (Nasdaq Stockholm: BIOA B; co-inventor; no Alzheimer's development costs; Nordic co-commercialisation rights)
Asset Lecanemab (Leqembi): anti-amyloid-beta protofibril antibody; approved in 50+ countries for early Alzheimer's disease
Economics BioArctic entitled to sales milestones plus a royalty on global Leqembi net sales; FY2026 Eisai forecast JPY 143.5B implies ~SEK 880M BioArctic royalty
Event AAIC 2026 data presentation (not a discrete royalty event)
Date Tue June 30, 2026

DRI Healthcare / Viridian: $75M Lumvoa Milestone on a Live 7.5% US Royalty (Mon June 29)

DRI Healthcare Trust (TSX: DHT.UN, DHT.U) confirmed that, following the FDA approval and immediate launch of Viridian Therapeutics' (Nasdaq: VRDN) Lumvoa (veligrotug-vvze) for thyroid eye disease, it will pay Viridian a $75M milestone and holds a tiered royalty on annual US net sales of the TED franchise (DRI via CNW). The Lumvoa approval printed around June 25 to 26; DRI's milestone and royalty confirmation is the royalty event captured here.

The economics come from DRI's October 2025 synthetic royalty financing of up to $300M ($55M upfront plus up to $115M in near-term clinical and regulatory milestones). The royalty is tiered: 7.5% of annual US net sales up to $600M, 0.8% from $600M to $900M, 0.25% from $900M to $2B, and none above, against a US TED market Viridian frames near $2B. The $75M is an aggregator-to-originator milestone (DRI paying Viridian), the mirror image of the AbbVie to REGENXBIO milestone above.

Term Detail
Royalty holder DRI Healthcare Trust (TSX: DHT.UN, DHT.U; CIO Navin Jacob)
Originator Viridian Therapeutics (Nasdaq: VRDN; first commercial product)
Asset Lumvoa (veligrotug-vvze): anti-IGF-1R antibody for thyroid eye disease; FDA-approved and launched around June 25 to 26
Event $75M milestone from DRI to Viridian on FDA approval, under the October 2025 royalty agreement (June 29)
Royalty Tiered US royalty to DRI: 7.5% up to $600M net sales, 0.8% to $900M, 0.25% to $2B, none above; also covers VRDN-003 (elegrobart)
Financing base Up to $300M synthetic royalty (October 2025): $55M upfront plus up to $115M near-term milestones
Treatment A milestone cash event on a newly live aggregator royalty; not a new origination
Date Mon June 29, 2026

Vertex / CRISPR Therapeutics: Casgevy Paediatric Expansion to Ages 2 and Older (Wed July 1)

Vertex Pharmaceuticals (Nasdaq: VRTX) announced FDA approval of expanded use of Casgevy (exagamglogene autotemcel) for people ages 2 and older with sickle cell disease or transfusion-dependent beta-thalassemia, the first genetic therapy indicated for children as young as 2 in both diseases, cleared via a Commissioner's National Priority Voucher (Vertex via Business Wire). The expansion adds roughly 5,500 eligible US children.

Casgevy is developed and commercialised under the Vertex and CRISPR Therapeutics (Nasdaq: CRSP) collaboration, in which Vertex leads and books sales while sharing profits and losses 60:40 with CRISPR. A paediatric label expansion widens the addressable population and re-rates the CRISPR 40% economics on a commercial asset, though the near-term revenue effect is gated by the therapy's complex autologous manufacturing and centre onboarding. No new capital.

Term Detail
Lead / commercial Vertex Pharmaceuticals (Nasdaq: VRTX; leads development and books sales)
Partner / economics CRISPR Therapeutics (Nasdaq: CRSP); 60:40 Vertex/CRISPR profit-and-loss share
Asset Casgevy (exagamglogene autotemcel): ex vivo CRISPR gene-edited therapy
Event FDA approval of expanded use for ages 2 and older (SCD and TDT), via Commissioner's National Priority Voucher
Population ~5,500 additional eligible US children
Re-rate Widens the CRISPR 40% profit share on a commercial asset; effect gated by manufacturing and centre ramp
Date Wed July 1, 2026

Novartis / Itvisma: EC Approval for Broad 5q SMA Population (Thu July 2)

Novartis received European Commission approval for Itvisma (onasemnogene abeparvovec) for patients with 5q spinal muscular atrophy aged 2 and older carrying a bi-allelic SMN1 mutation, described as the first and only gene-replacement therapy approved for this broad SMA population in the EU, on the STEER study's statistically significant 2.39-point improvement on the Hammersmith Functional Motor Scale Expanded (Novartis). A label expansion that widens the addressable base for the Zolgensma-class franchise; profit read-through, no new capital.

Novo Nordisk / Wegovy: UK MHRA MASH Authorisation (Fri July 3)

Novo Nordisk secured UK MHRA approval on July 3, 2026 of semaglutide (Wegovy) to treat metabolic-associated steatohepatitis (MASH) in adults with moderate-to-advanced liver fibrosis, a conditional marketing authorisation pending confirmatory data, with a NICE appraisal ongoing for NHS access (GOV.UK). A label expansion into a large new indication for an already-marketed asset; no new capital.

Clinical Catalysts Reviewed, No Royalty Read-Through (Mon June 29)

Noted for completeness, and excluded because neither moves external royalty paper: Evommune reported that its oral MRGPRX2 antagonist EVO756 missed the UAS7 primary endpoint in a Phase 2b chronic spontaneous urticaria trial (about 160 patients) (Evommune), a wholly-owned asset with no out-licensed royalty; and BioCryst ended internal discovery programs and moved to close its Alabama research facility, a restructuring that does not alter the pre-existing Orladeyo royalty already sold to Royalty Pharma. Both are negative or neutral catalysts, not royalty events.

In renal, Unicycive Therapeutics (Nasdaq: UNCY) received its second FDA Complete Response Letter (June 30) for oxylanthanum carbonate (OLC), its 505(b)(2) oral phosphate binder for hyperphosphataemia in dialysis CKD, citing the same third-party manufacturing-vendor deficiencies flagged in the June 2025 CRL, with no efficacy or safety concerns raised and no new data requested (Unicycive via GlobeNewswire); shares re-rated down roughly 48% on the day. OLC is a wholly-owned asset with no out-licensed royalty, so the read-through is to UNCY equity, not to external royalty paper.

In oncology, 92Bio dosed the first patient in a Phase 1 of NTB-928 (a FOLR1 x CD3 T-cell engager for platinum-resistant ovarian cancer) that it reclaimed from Amgen after Amgen shelved the program; the license-back terms are undisclosed, so there is no confirmable royalty read-through to Amgen. Separately, Merck's tulisokibart (MK-7240) Phase 3 ulcerative-colitis win is a June 22 catalyst, outside this window.

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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