By Sebastian Gensior — 16 Aug 2026

The Weekly Term Sheet (2026-W33)

Two aggregators printed on consecutive days, in opposite structures. Royalty Pharma bought Zealand's remaining rusfertide economics outright for $100M, half on closing and half a year later, leaving the seller 0.25% of net sales above $1.5B. HealthCare Royalty took OPKO's mazdutide royalty as security on notes of $125M priced at SOFR plus 7.5%, capping what the pledged stream can pay at $187.5M. A true sale with a thin tail, and a pledged stream behind a capped note, forty-eight hours apart.

The window's two monetisations: cash to the seller against economics retained, on a true sale and on a capped note.

Licence origination ran to seven deals, four carrying disclosed royalties. Gan & Lee took the largest, granting Menarini 39 European countries on bofanglutide for $839M (EUR 726M) plus tiered royalties to double digits, keeping China, the US and every other indication. Innate priced lacutamab to Sobi at $75M upfront against tiered double digits, Mereo sold Sentynl a US option on alvelestat, and Gilead paid MacroGenics $10M to convert an option into a licence. Oculis ran the other way, buying out its Accure licence to cut what it owes.

M&A came to three new prints and three completions. Jazz paid $820M upfront, up to $1.32B, for Actio and a first-in-class oral KCNT1 inhibitor with 2,500 US patients and no approved therapy. Amneal closed Kashiv on a 25%-of-excess-gross-profit royalty running twelve years, funded in part by a $350M incremental term loan.

In Delaware the Sangamo auction cleared above the stalking horse, PTC taking the Fabry programme at $111M plus up to $100M against Astellas at $25M plus up to $25M. On the Friday, Skye Bioscience agreed to take Redx Pharma by UK scheme of arrangement on roughly $125M of concurrent financing, renaming to Fibrx.

Funding ran to fourteen events, though only about $1.31B of it is new money: Avere's $500M placement leads, while its earlier $320M, K2's 2024 seed and Boulevard's aggregate capital were disclosed rather than raised this week. Vogenx priced at the top of its range and closed Thursday, resolving the W32 carry-forward, and Zentalis priced an $80.5M follow-on that closes Monday.

The clinical tape split cleanly, Silence hitting in polycythemia vera and Tenax missing in PH-HFpEF, and the FDA approved the first CELMoD in a combination that runs through Halozyme's ENHANZE. On Friday the EMA validated the Pfizer and Valneva Lyme filing, moving a disclosed 14% to 22% royalty from development risk to review risk, and the MHRA cleared vimseltinib in tenosynovial giant cell tumour.

Who funded W33: twelve equity events and one term loan, by source.

Highlights:

Royalty events: 9, two of them aggregator prints. OPKO / HealthCare Royalty ($125M senior secured notes on the mazdutide royalty, maturing 2044, capped at 1.5x funded, 13 Aug); Zealand / Royalty Pharma ($100M for the rusfertide milestones and royalties, 0.25% to Zealand and 0.75% to RPRX above $1.5B, 12 Aug); Gan & Lee / Menarini (tiered to double digits, 39 European countries, 10-11 Aug); Innate / Sobi (tiered double-digit, global, 10 Aug); Mereo / Sentynl (double-digit tiered US on exercise, 11 Aug); MacroGenics / Gilead ($10M option-to-licence conversion, 11 Aug); Oculis / Accure (legacy royalty terminated, low single-digit academic royalties substituted, 10 Aug); Amneal / Kashiv (25% excess-gross-profit earn-out to 12 years, 10 Aug); Zelluna / Inven2 (EUR 791,667 TTO milestone settled in equity, 10 Aug).
Rate disclosure. Eleven in-window items carry a public rate, band or cap. Three publish a number: Valneva at 14% to 22% (EU filing validated), Nicox at 6% to 12% (China NDA submitted) and Zealand's rusfertide interest at 1% of global net sales, stepping down to 0.75% above $1.5B (US PDUFA in Q3 2026). All three sit at or just before a regulatory decision. All three late-stage licences signed this week say "double digits" without a figure. The eleventh is Avere's upstream Hansoh licence on AVR-001, which resolved this week to $120M upfront, up to $2.18B in milestones and mid-single to low double-digit royalties, disclosed in the July merger release rather than in the placement. Numeric disclosure tracks regulatory proximity more closely than deal size.
M&A: 3 new prints, 3 completions. Jazz / Actio ($820M upfront, up to $500M contingent, spin-out NewCo, closing Q4 2026, 10 Aug); Sangamo section 363 auction (PTC takes ST-920 at $111M plus up to $100M, beating the Astellas stalking horse at $25M plus up to $25M; Lilly takes the capsid, zinc-finger and MINT platforms plus ST-506 at $50M; ~$163.55M cash at closing across all lots, 13 Aug); Skye Bioscience / Redx Pharma (all-share UK scheme, ~$125M concurrent financing, renaming to Fibrx Therapeutics, closing Q4 2026, 14 Aug); Amneal / Kashiv completion ($375M cash, $375M equity, up to $350M milestones, 25% excess-gross-profit royalty, ~$1.1B total, 10 Aug); Boehringer Ingelheim / Evax (equine vaccines, terms undisclosed, 11 Aug); IASO Bio / MediSix completion (Singapore CAR-T, PEBL platform, terms undisclosed, 13 Aug).
Licence-outs and collaborations: 8. Gan & Lee / Menarini ($71.6M / EUR 62M upfront, up to $767M / EUR 664M milestones, 10-11 Aug); Innate / Sobi ($75M upfront, up to ~$580M, 10 Aug); Mereo / Sentynl (option fee undisclosed, up to $40M upfront and R&D on exercise, up to $435M milestones, 11 Aug); MacroGenics / Gilead ($10M, 11 Aug); Innovent / Daiichi Sankyo (Vanflyta China, terms undisclosed, 9 Aug); Novo Nordisk / AWS (no stream, 10 Aug); Abbott / Google Health (no stream, 11 Aug); Aizen / undisclosed San Diego public biotech (several million initial revenue plus up to $100M in milestones per nominated target, 15 Aug).
Funding: 14 events, but roughly $1.31B of genuinely new money. New capital raised in-window, ten financings: Avere ($500M placement, 10 Aug); Vaderis ($152M Series B, 11 Aug); Skye / Redx concurrent financings ($67.9M placement plus a $36.0M Redx Series A, committed at merger closing, plus an equity line of up to $22.0M not counted as raised, 14 Aug); Aureka ($100M Series B, 10 Aug); Epicrispr ($90M Series C, 11 Aug); Vogenx ($81.25M IPO at $13.00, priced 11 Aug, closed 13 Aug); Zentalis ($80.5M follow-on at $3.50, priced 13 Aug, closing 17 Aug); InduPro ($77M Series B, 12 Aug); Infinimmune ($75M Series A, 11 Aug); Khartis ($50M Series B, 13 Aug). Disclosed in-window but not new money: Avere's separate $320M concurrent investment (announced with the July merger); K2 Therapeutics' $50M MPM seed (2024 founding capital, first disclosed 11 Aug); Boulevard Bio's ~$65M (aggregate equity and convertible notes surfaced at unstealth, 12 Aug). Also in-window: Bios Life ($25M seed, digital health, 10 Aug) and NeuroSense (no raise, an open solicitation, 13 Aug). Debt: Amneal's $350M incremental Term Loan B (10 Aug).
Clinical: 1 win, 1 failure. Silence / divesiran (Phase 2 SANRECO in polycythemia vera met primary, 88% vs 19%, p<0.0001, SLN +29%, Phase 3 H1 2027, 10 Aug); Tenax / TNX-103 (Phase 3 LEVEL missed 6MWD by 3.5 metres at p=0.63, KCCQ secondary missed, stock -89% to a record low, 10 Aug).
Regulatory: 2 approvals, 1 CRL, 2 filings. Pfizer / Valneva (EMA validated the MAA for PF-07307405, the 6-valent OspA Lyme vaccine, on VALOR efficacy above 70%; Valneva funds 40% of remaining development costs against tiered royalties of 14% to 22% plus up to $100M in sales milestones, 14 Aug); BMS / ZENBEXUS (iberdomide, accelerated approval as the first CELMoD, in combination with daratumumab and hyaluronidase-fihj and dexamethasone, on EXCALIBER-RRMM MRD-negative CR of 41% against 21%; BMY +1.49%, 13 Aug); ITM / ITM-11 (CRL on CMC and third-party facility items only, no clinical issues, received 7 Aug, disclosed 10 Aug, ahead of a 28 Aug PDUFA date); Nicox / Ocumension (NCX 470 China NDA submitted, with EUR 18M of licence fees paid to date and 6% to 12% tiered royalties restated, 10 Aug); MHRA / Romvimza (vimseltinib approved for adults with tenosynovial giant cell tumour where the tumour impairs movement or surgery is not an option, 14 Aug).
Legal and IP: 3. Novartis / Accord, London High Court ([2026] EWHC 2127 (Pat), 13 Aug): all validity attacks on the Entresto patent fail, the SPC to 2028 is valid, and Accord's intended product would infringe. Align / Angelalign, Jinan Intermediate People's Court (judgment 10 Aug, announced 11 Aug): first-instance infringement finding on the extraction-gap-closure patent, cessation ordered and RMB 10M ($1.4M) in damages, with an appeal signalled. No royalty and no settlement in either. Veloxis / DOJ (10 Aug): a $46M criminal and civil resolution on Envarsus XR, comprising a $10.04M criminal penalty under a three-year deferred prosecution agreement, a $34.45M False Claims Act settlement and a $1.55M Open Payments penalty, the largest Sunshine Act recovery since 2010.
Earnings: 4 with royalty read-through. Atrium Q2 (second BMS cardiovascular milestone achieved, collaboration restated at up to $1.35B R&D milestones, up to $825M commercial milestones and tiered royalties up to low double digits, with BMS funding all development; ATR 1072 IND cleared, 13 Aug); Harrow Q2 (VEVYE record $29.4M, branded dry-eye share to 14.6% from 7.8%, guidance reaffirmed, 10 Aug); Eton Q2 (product sales $37.6M, +99%, guidance raised above $145M, 13 Aug); Fortress Biotech Q2 (net revenue +14% to $18.7M, with $0.2M of Cyprium royalty on ZYCUBO and $0.1M of contingent-consideration royalty income on UNLOXCYT, 13 Aug).
Standing passes. Monetisations: two, both above. Veterinary: three, Boehringer / Evax (11 Aug), LIMPID Corp (Korea TIPS, $1.1M / KRW 1.5B, 10 Aug), Zoetis Simparica TRIO screwworm EUA 006691 (treatment only, 13 Aug). Fund formation: no launch or close. PRV: no purchase, no sale. Policy: one device item, the FDA's 14 Aug proposed order reclassifying blue light cystoscopy from Class III to Class II, which lowers the barrier for competitors to Photocure (OSE: PHO). Weekend: one item on Sat 15 Aug, nothing on Sun 16 Aug.
Benchmark. Current Partnering analysis (12 Aug) of 2026 licensing agreements with disclosed royalty structures. On Phase III, regulatory-stage or marketed assets, 80% of deals provide for rates that can reach double digits. For discovery, preclinical or Phase I assets, the figure is 50%.
W32 carryover. Vogenx resolved (priced 11 Aug at the top of range, traded 12 Aug, closed 13 Aug). Eton Q2 resolved. Harrow / Viatris still 2H 2026. AZ / BMS denial holding. Rolling on: TUDRIQEV launch and the Hercules draw; Ingenia Kosdaq first trade (18 Aug); argenx / Forte tender (Q3); Section 232 second wave (29 Sep).
Watch into W34: OPKO Q3 10-Q for the note exhibit and the $250M-against-$125M arithmetic; Sangamo sale hearing (20 Aug) and Lilly closing (~4 Sep); Skye / Redx shareholder votes, High Court sanction and the 1-for-8 reverse split (~24 Aug); Zentalis closing (17 Aug); Vogenx overallotment, open to ~25 Sep; Avere / NextCure S-4; NYB Holdings F-4 (333-294461), still not effective; any Angelalign appeal; Gan & Lee US partnering; Mereo / Sentynl option exercise; Boulevard / METiS economics; Jazz / Actio merger exhibits.
Resolved off the watch list. RFAI / Nanyang neither closed nor terminated: the 12 Aug EGM approved six further one-month extensions to 15 Feb 2027 at $75,000 per month, with 833,157 shares redeemed at ~$11.13, leaving ~$44.52M in trust (8-K, 14 Aug). Entresto judgment posted as [2026] EWHC 2127 (Pat); no Accord appeal.

Royalty Monetisations and Restructuring

The disclosed royalty bands of the window as a rate ladder. Three publish a number; the rest resolve to a verbal band.

OPKO Health (Nasdaq: OPK) amended its senior secured note purchase agreement with HealthCare Royalty, a business of KKR, taking the notes to $125M aggregate initial principal and adding OPKO's mazdutide royalty interest as security (release; 8-K).

Pricing: three-month SOFR, 4.0% floor, plus 7.5%, quarterly. Maturity 17 July 2044. Identical to the original notes, so a drawdown on existing terms rather than a repricing
Servicing waterfall: quarterly interest is paid from EirGen's Pfizer profit share on NGENLA, defined in the agreement as the "Royalty Payments". Mazdutide covers any shortfall, with the remainder applied to principal. Mazdutide is second-loss, not the first source of cash
The cap: mazdutide payments are capped at $187.5M, exactly 1.5 times $125M. The cap attaches to the mazdutide leg, not the facility in aggregate
Not a separate deal: this amends the 17 July 2024 note purchase agreement, with HCR Injection SPV, LLC as agent and OPKO Biologics Ltd and EirGen Pharma Ltd as guarantors
Unreconciled: the 2024 facility has been reported at $250M; the 8-K puts the notes at $125M aggregate initial principal. Those cannot both describe the same quantity, and the likely reconciliation is committed against funded. The exhibit is due with the Q3 10-Q, which should also give the tranche split and the percentage of the royalty pledged
Collateral chain: Innovent commercialises mazdutide in China, Lilly holds the licence under a 25 February 2010 agreement, EirGen holds the royalty, HCRx holds the security. OPKO recorded $4.3M from Lilly for H2 2025 sales
Structure: royalty-backed debt, not a true sale. The pledged stream supports a note serviced by a different one, which is credit enhancement rather than monetisation. A thin royalty priced alone is hard to clear; attached as overcollateralisation behind an established profit share, it takes the parent facility's spread
Date: Announced Thu Aug 13, 2026; 8-K filed Fri Aug 14, 2026 (accession 0001193125-26-352370)

Zealand / Royalty Pharma: $100M for the Rusfertide Economics, With the Super-Threshold Split Disclosed (Wed Aug 12)

Zealand Pharma (Nasdaq: ZEAL) sold its remaining economic interests in rusfertide to Royalty Pharma for $100M (announcement 38/2026).

Terms: $50M on closing and $50M on the first anniversary of closing, for a 1% royalty on future global net sales plus the regulatory and commercial milestones Zealand still held, those not already returned to former partner Protagonist Therapeutics. One of only three numeric rates in the window
Retained tail: above $1.5B of annual global net sales, Zealand keeps 0.25% and Royalty Pharma keeps 0.75%. A disclosed carve of the super-threshold tier rather than the usual silence on retained economics
Asset: rusfertide is a first-in-class hepcidin mimetic for polycythemia vera, commercialised globally by Takeda, with a US PDUFA target in Q3 2026. Divesiran, whose Phase 2 read out two days earlier, is in the same indication
Date: Announced Wed Aug 12, 2026

Oculis / Accure: A Legacy In-Licence Bought Out to Cut the Royalty Burden (Mon Aug 10)

Oculis Holding AG (Nasdaq/XICE: OCS) agreed to acquire all of Accure Therapeutics' worldwide rights to Privosegtor (ACT-01), plus preclinical ACT-02 at a later closing (6-K).

Terms: $3.8M (CHF 3.1M) cash at first closing plus up to 2,050,000 Oculis shares, split between a locked-up upfront tranche and milestone earnout shares
Royalty: the acquisition terminates the existing Oculis-Accure licence, including its per-indication milestones and royalties. Oculis assumes only low single-digit academic royalties to IDIBAPS / Hospital Clinic Barcelona and CSIC. CEO Riad Sherif framed it as securing global rights at significantly reduced royalties (release)
Asset: the PIONEER-1 registrational trial in acute optic neuritis is enrolling (Breakthrough Therapy, PRIME, orphan); an IND for acute multiple sclerosis relapse is planned for Q4 2026
Backers: Accure is a private Barcelona company launched in 2020 with a Series A led by Alta Life Sciences Spain I alongside Spain's CDTI
Closings: expected by Feb 28, 2027 and Mar 31, 2027
Date: Announced Mon Aug 10, 2026

Zelluna / Inven2: A TTO Milestone Settled in Shares, EUR 791,667 Registered (Mon Aug 10)

Zelluna ASA (OSE: ZLNA) registered a share capital increase issuing 446,752 new shares to Inven2 AS at NOK 19.7752, settling by set-off $0.92M (EUR 791,666.70 / NOK 8,834,604.54) owed under the option and licence agreement between Inven2 and Zelluna Immunotherapy (announcement).

Trigger: first-patient dosing of ZI-MA4-1, the first MAGE-A4-targeting TCR-NK therapy, in the ZIMA-101 Phase 1 at The Christie (13 Jul). The board resolved the issuance on 4 Aug; registration completed 10 Aug
Context: Inven2 held above 10% of Zelluna before the November 2025 placement diluted it below the threshold; this issuance rebuilds part of the position. The second such conversion logged in two weeks, after the 4 Aug set-off in W32
Currency basis: EUR is the contractual currency; NOK equivalent as stated in the announcement; USD converted at spot
Date: Registration Mon Aug 10, 2026

M&A and Restructuring

The M&A and asset-sale prints of the window on a square-root scale, with contingent consideration as outline.

Jazz / Actio: $820M Upfront and Up to $1.32B for a First-in-Class Oral KCNT1 Inhibitor (Mon Aug 10)

Jazz Pharmaceuticals (Nasdaq: JAZZ) agreed to acquire privately held Actio Biosciences for $820M upfront plus up to $500M in contingent approval and sales milestones (release).

Terms: $820M cash upfront, up to $500M in milestones, funded from cash on hand and existing facilities, closing expected Q4 2026
Asset: ABS-1230, a first-in-class oral small-molecule KCNT1 ion channel inhibitor for KCNT1+ epilepsy, a rare developmental and epileptic encephalopathy affecting approximately 2,500 patients in the United States with no approved therapy; roughly 80% present in infancy. The Phase 1b/2a KYRON trial is designed as the registrational study
Designations: Fast Track, Rare Pediatric Disease and Orphan Drug, plus acceptance into the FDA's Rare Disease Evidence Principles programme. The Rare Pediatric Disease designation is the gateway to a priority review voucher on approval, an unpriced component of the contingent tail
Structure: Actio spins out a new private entity retaining certain management, employees and assets, excluding ABS-1230. The spin-out keeps ABS-0871, a TRPV4 inhibitor for CMT2C, and Jazz takes a minority stake in it with related rights
Stack: no royalty in the consideration. ABS-1230's upstream is not in the public record, the largest unknown stack in the window, and sits with the merger-agreement exhibits. The Rare Pediatric Disease designation implies a priority review voucher on approval, unpriced in the consideration
Backers: Actio raised a $66M Series B in June 2025 co-led by Regeneron Ventures and Deerfield, with Canaan, Droia and Euclidean, on a $55M 2023 Series A (Series B)
Advisers: Moelis financial and Hogan Lovells and Cadwalader legal to Jazz; J.P. Morgan Securities and Centerview financial and Cooley legal to Actio
Date: Announced Mon Aug 10, 2026

Amneal / Kashiv: Completion, With a 25% Excess-Gross-Profit Royalty to 12 Years and a $350M Incremental Term Loan (Mon Aug 10)

Amneal Pharmaceuticals (NYSE: AMRX) completed its acquisition of Kashiv BioSciences, agreed in April 2026 (release).

Terms: $375M cash plus $375M in equity (28,942,098 Class A shares after fractional adjustment). On top of that, up to $350M in regulatory-milestone payments covering up to six candidates. And royalties equal to 25% of the amount by which annual aggregate gross profits on certain products exceed specified hurdles, for up to 12 years. Total up to approximately $1.1B
Financing: the closing 8-K (Item 2.03) discloses a $350M New Incremental Term Loan from Bank of America, under Amendment No. 4 to the Term Loan Credit Agreement. It prices at SOFR plus 250 basis points following the July repricing, and funds part of the cash consideration
Stack: the 25% profit share is a seller-retained interest running twelve years. Any biosimilar in-licences travelling with the Kashiv portfolio are undisclosed and will surface in purchase accounting
Advisers: Goldman Sachs financial and Richards, Layton & Finger legal to the Committee of Independent Directors; Simpson Thacher legal to Amneal; J.P. Morgan financial and Holland & Knight and Dhinal Shah Associates legal to Kashiv
Date: Agreement April 2026; completion announced Mon Aug 10, 2026

Boehringer Ingelheim / Evax: Equine Therapeutic Vaccines, Terms Undisclosed (Tue Aug 11)

Boehringer Ingelheim acquired Evax AG, a Swiss equine-health biotech founded at the University of Zurich developing virus-like-particle therapeutic vaccines for allergic skin disease in horses (release).

Terms: not disclosed; no royalty component disclosed
Context: builds on Boehringer's virus-like-particle position, including its collaboration with and 2024 acquisition of Saiba Animal Health. Evax founder and CEO is Dr Antonia Gabriel
Date: Announced Tue Aug 11, 2026

Sangamo: The Section 363 Auction Beats the Stalking Horse, PTC Takes Fabry at $111M Plus Up to $100M (Thu Aug 13)

Sangamo Therapeutics announced the successful bidders from the auction in its Chapter 11 case (Case 26-10989, D. Del.), held 10 to 12 August.

Fabry: PTC Therapeutics wins ST-920 (isaralgagene civaparvovec) at $111M cash at closing plus up to $100M in milestones ($80M on accelerated approval, $20M on full). PTC outbid the stalking horse, Astellas at $25M plus up to $25M, and TerSera
Platforms: Eli Lilly took the capsid delivery, zinc-finger and MINT platforms plus the prion programme ST-506 for $50M, closing on or about 4 September. Tools and equipment went to various bidders for $2.55M
Total: ~$163.55M cash at closing plus up to $100M contingent. ST-503, giroctocogene fitelparvovec and the cell and Treg assets remain unsold
Structure: a section 363 sale moves licence positions free of most encumbrances, which is what let the Fabry lot clear at over four times the stalking-horse upfront. Stalking-horse agreements were signed 23 June
Sourcing note: the Astellas figures come from sell-side commentary (Leerink's Joseph Schwartz), not the Sangamo release, which names winners without restating under-bids
Conditions: the PTC purchase is subject to HSR clearance. Docket at Verita, Case No. 26-10989-CTG, Hon. Craig T. Goldblatt
Date: Auction Mon Aug 10, 2026; successful bidders announced Thu Aug 13, 2026; sale hearing Thu Aug 20, 2026, 10:00 ET (release; docket)

IASO Bio / MediSix: A Singapore CAR-T Acquisition Completes, Terms Undisclosed (Thu Aug 13)

IASO Biotechnology completed its acquisition of MediSix Therapeutics, a Singapore cell-therapy company, adding the PEBL protein-expression-blocker T-cell engineering platform and the lead programme IASO107, formerly PCART7.

Terms: not disclosed; no royalty component disclosed
Note: the company's own release carries a 13 August dateline. A separate Asia-Pacific re-issue two days later carries a 14 August dateline and is the same announcement, not a second event
Date: Completion announced Thu Aug 13, 2026 (release)

Skye Bioscience (Nasdaq: SKYE) agreed to acquire the entire issued share capital of Redx Pharma, a UK fibrosis company, by scheme of arrangement under Part 26 of the Companies Act. The combined company will be renamed Fibrx Therapeutics and remain Nasdaq-listed (release; 8-K).

Terms: all-share scheme. Pre-transaction Redx holders take ~46.17%, Skye holders ~5.38%, financing investors ~48.45%, subject to net cash adjustment. ~934,235,920 shares fully diluted
Financing: ~$125M gross: a $67.9M placement (Abingworth, British Business Bank, NEXTBio, 5AM, Redmile), a $36.0M Redx Series A led by Abingworth, and an equity line of up to $22.0M. Funds the company into 2029
Asset: RXC008, a gut-restricted pan-ROCK inhibitor for fibrostenotic Crohn's disease, with an open US IND and Fast Track designation
Stack: no royalty disclosed on RXC008. Skye shareholders take a CVR over 90% of net proceeds from any nimacimab monetisation within twelve months of closing, a disposal participation rather than a royalty
Conditions: shareholder votes both sides, regulatory approvals and English High Court sanction; closing expected Q4 2026. A 1-for-8 reverse split takes effect ~24 Aug for Nasdaq bid-price compliance
Date: Agreement dated Tue Aug 12, 2026 per the 8-K event date; announced Fri Aug 14, 2026 (accession 0001628280-26-056966, with the merger agreement at EX-2.1, the PIPE purchase agreement at EX-10.6 and the amended charter at EX-3.1)

Royalty-Bearing Licence-Outs and Collaborations

Gan & Lee / Menarini: $839M (EUR 726M) for Bofanglutide Across 39 European Countries, Tiered Royalties to Double Digits (Mon Aug 10, SSE; Tue Aug 11 International)

Gan & Lee Pharmaceuticals (SSE: 603087) granted The Menarini Group exclusive rights to register and commercialise bofanglutide (GZR18), a biweekly GLP-1 receptor agonist, for obesity and overweight (coverage).

Terms: $71.6M (EUR 62M) non-refundable upfront; milestones of up to $767M (EUR 664M), which the SSE disclosure splits across R&D, launch and sales categories without publishing the numeric split; tiered royalties reaching double-digit percentages of annual net sales. Total excluding royalties $839M (EUR 726M). No co-development cost sharing disclosed
Term: to the latest of ten years from first commercial sale in each country, expiry of the last valid claim, and expiry of regulatory exclusivity
Territory: the EU27 plus the UK, Switzerland, Norway, Iceland, Liechtenstein and seven Balkan countries, for obesity and overweight only. Gan & Lee retains all other indications in those countries, plus China and the US, where GZR18 is in a Phase 2 head-to-head against tirzepatide
Asset: 17.29% mean weight loss at 30 weeks in the Chinese Phase 2b, with a biweekly dosing claim
Stack: no upstream royalty disclosed, the asset is internally discovered. Downstream, bofanglutide now carries four separate territorial stacks, after Latin America, India (Lupin) and South Korea (JW Pharmaceutical, April 2026, $5M upfront and up to $81.1M), with China and the US unlicensed. Gan & Lee shares hit the daily limit up on 11 Aug
Date: Disclosed on the SSE the evening of Mon Aug 10; announced internationally Tue Aug 11, 2026

Innate Pharma / Sobi: $75M Upfront, Up to ~$580M, Tiered Double-Digit Royalties on Lacutamab (Mon Aug 10)

Innate Pharma (Euronext Paris: IPH; Nasdaq: IPHA) and Sobi entered a partnership licensing lacutamab, a first-in-class anti-KIR3DL2 antibody, in cutaneous T-cell lymphoma (release).

Terms: $75M on closing, up to a further $40M in near-term Sezary syndrome development milestones, and up to $465M tied to Sobi's option for full development rights plus regulatory and commercial milestones. That is an aggregate of roughly $580M, plus tiered double-digit royalties on net sales
Structure: Innate runs the TELLOMAK-3 confirmatory Phase 3 toward an accelerated approval filing in Sezary syndrome; Sobi takes exclusive global commercialisation rights on potential accelerated approval and may assume full global development rights on positive Phase 3 results
Asset: Fast Track, PRIME, orphan and breakthrough designations. The upfront extends Innate's cash runway into Q3 2027
Stack: no upstream royalty disclosed; Innate carries Phase 3 execution cost against a global downstream tier
Date: Announced Mon Aug 10, 2026

Mereo / Sentynl: US Option and Licence on Alvelestat, Double-Digit Tiered US Royalties on Exercise (Tue Aug 11)

Mereo BioPharma (Nasdaq: MREO) and Sentynl Therapeutics, a US subsidiary of Zydus Lifesciences, entered an option and licence agreement for US commercial and global manufacturing rights to alvelestat, a Phase 3-ready oral neutrophil elastase inhibitor for alpha-1 antitrypsin deficiency-associated lung disease (release).

Terms: a non-refundable option fee now, amount undisclosed. On exercise: up to $40M in upfront and R&D payments through NDA filing, up to $435M in milestones, and double-digit tiered royalties on US net sales. Sentynl funds the global Phase 3, which could initiate in early 2027
Structure: during a short option period the parties refine the Phase 3 design. Mereo leads the study and regulatory interactions through completion and retains rest-of-world commercial rights; Sentynl takes US commercialisation and global manufacturing
Stack: nothing crystallises until exercise, so this is an option on a royalty rather than a royalty. No upstream disclosed; Mereo retains rest-of-world commercial rights alongside the US tier
Context: completes Mereo's partnering across its rare-disease trio, after setrusumab with Ultragenyx and vantictumab with ashibio. AATD-LD affects an estimated 50,000 to 80,000 people in the US with no approved oral therapy
Date: Announced Tue Aug 11, 2026

MacroGenics / Gilead: $10M as Gilead Converts an Option on a Preclinical TRIDENT Bispecific (Tue Aug 11)

MacroGenics (Nasdaq: MGNX) announced that Gilead exercised its option to take an exclusive licence to a preclinical bispecific programme under the companies' October 2022 collaboration (release).

Terms: $10M on exercise. The programme uses MacroGenics' TRIDENT platform against two undisclosed solid-tumour targets
Remaining economics: across the collaboration ($60M upfront in 2022), MacroGenics remains eligible for up to approximately $1.6B in further development, regulatory and commercial milestones plus royalties on worldwide net sales. This is the first option-to-licence conversion under the 2022 agreement
Market: MGNX rose about 4.3% after hours
Date: Announced Tue Aug 11, 2026

Innovent / Daiichi Sankyo: Exclusive China Commercialisation of Vanflyta, Terms Not Disclosed (Sun Aug 9)

Innovent Biologics (HKEX: 01801) and Daiichi Sankyo (TSE: 4568) entered an exclusive agreement for Innovent to commercialise Vanflyta (quizartinib), an oral type II FLT3 inhibitor, in China (release).

Terms: structure confirmed, quantum undisclosed. Daiichi Sankyo receives upfront and milestone payments plus royalties on net sales, and remains responsible for development, manufacturing and supply; Innovent holds sole China commercialisation rights and leads market promotion
Asset: approved in China in June 2026 for newly diagnosed FLT3-ITD-positive AML across induction, consolidation and maintenance, on QuANTUM-First. The 20th product in Innovent's commercialised portfolio
Stack: Innovent adds an upstream obligation here while sitting on the other side of the ledger elsewhere in the window, as the Chinese commercialiser generating the mazdutide royalty that OPKO pledged to HealthCare Royalty
Date: Announced Sun Aug 9, 2026

Aizen / Undisclosed San Diego Biopharma: Milestones Priced Per Target Rather Than Per Deal (Sat Aug 15)

Aizen Therapeutics, a San Diego AI-native biotech spun out of Caltech, entered a multi-program collaboration with an unnamed San Diego-based public biotech to design oral peptide therapeutics using its DaX foundation model.

Terms: several million dollars in initial revenue, plus up to $100M in milestones for each nominated target
Structure: the ceiling is per target, not per deal, so the figure scales with targets nominated and the aggregate is unknowable at signature
Scope: validated targets in immunology and neurology. DaX explores non-canonical amino acid peptide space, building on Aizen's work in D-amino acid mirror peptides
Stack: no royalty disclosed. The counterparty is not named despite being a public company, so the obligation will surface in the licensee's filings before it surfaces in any release
Background: Aizen unstealthed in November 2024 with $13M from Madrona, Wilson Hill and Cercano
Date: Announced Sat Aug 15, 2026

Novo Nordisk / AWS and Abbott / Google Health: Two Large AI Partnerships, No Streams (Mon Aug 10 and Tue Aug 11)

Novo Nordisk (NYSE: NVO) named AWS its preferred cloud provider and strategic AI partner, with a London co-innovation hub built to compress the path from target to first human dose, using Amazon Bio Discovery and Amazon Bedrock. No financial terms disclosed (release). It follows Novo's April 2026 OpenAI partnership.

Abbott (NYSE: ABT) and Google Health announced a multi-year partnership pairing glucose data from Abbott's over-the-counter Lingo continuous glucose monitor with Google's AI. Lingo trends surface in the Google Health app and feed a paid Google Health Coach feature, alongside a large real-world metabolic health study. No financial terms disclosed (release). Integrations roll out later this year.

Royalty: neither creates a stream. Logged for completeness.

Regulatory and Clinical

The European Medicines Agency validated the Marketing Authorization Application for PF-07307405, the 6-valent OspA-based Lyme disease vaccine candidate from Pfizer (NYSE: PFE) and Valneva (Nasdaq: VALN; Euronext Paris: VLA), and will begin its assessment (release).

Basis: efficacy above 70% in the Phase 3 VALOR trial (NCT05477524, approximately 10,000 participants aged five and over across Lyme-endemic areas of the US and Europe), reported 73.2% in March 2026. Well tolerated, with no safety concerns identified
Stack, as amended in June 2022: Valneva funds 40% of remaining shared development costs, raised from 30%, and Pfizer pays tiered royalties of 14% to 22% on sales, restructured from a flat start at 19%. Royalties are complemented by up to $100M in cumulative-sales milestones, with $168M of development and early-commercialisation milestones outstanding at the time of the amendment. Pfizer holds an equity stake taken at EUR 90.5M ($95M) for 8.1% in 2022. Pfizer leads late-stage development and controls commercialisation
Why it belongs here: a validated EU filing moves a disclosed 14% to 22% tiered royalty from development risk to review risk on what would be the only Lyme vaccine on the market, the first since LYMErix was withdrawn in 2002. The rate band, the cost share and the sales-milestone overlay are all public, which is rare at this stage and makes the stack directly usable as a vaccine comparable
Date: Announced Fri Aug 14, 2026

BMS / ZENBEXUS: Accelerated Approval for the First CELMoD, in a Combination That Runs Through ENHANZE (Thu Aug 13)

The FDA granted accelerated approval to Bristol Myers Squibb's ZENBEXUS (iberdomide), in combination with daratumumab and hyaluronidase-fihj and dexamethasone. The indication is adults with multiple myeloma who have had at least one prior line, including a proteasome inhibitor and an immunomodulatory agent (release).

Basis: the Phase 3 EXCALIBER-RRMM analysis, in which the ZDd combination doubled MRD-negative complete response rates against daratumumab, bortezomib and dexamethasone, 41% against 21%. Full approval is contingent on confirmatory verification. Boxed warnings for embryo-fetal toxicity and venous and arterial thromboembolism
Class: the first approved cereblon E3 ligase modulator, a new class alongside the IMiDs that BMS established through Celgene. A second CELMoD, mezigdomide with carfilzomib and dexamethasone, is under review with a PDUFA date of 13 May 2027
Royalty read-through: the approved regimen is combination-only with daratumumab and hyaluronidase-fihj, the subcutaneous DARZALEX FASPRO formulation built on Halozyme's ENHANZE technology, on which Halozyme receives royalties from Johnson & Johnson. An approval that positions an oral BMS agent as a partner to subcutaneous daratumumab as early as first relapse expands the setting in which the royalty-bearing formulation is used, without any new agreement being signed
Market: BMY rose 1.49% on the day
Date: Approved Thu Aug 13, 2026

Nicox / Ocumension: China NDA Submitted for NCX 470, With EUR 18M of Fees Paid and 6% to 12% Tiered Royalties Restated (Mon Aug 10)

Nicox (Euronext Growth: ALCOX) announced that its exclusive Greater China licensee Ocumension Therapeutics submitted the NDA for NCX 470, an NO-donating bimatoprost, in open-angle glaucoma and ocular hypertension to China's CDE (release).

Licence economics, as restated in the release: Ocumension has paid Nicox $20.9M (EUR 18M) in licence fees to date for China, Korea and Southeast Asia, funded 50% of the Denali Phase 3, and Nicox receives tiered royalties of 6% to 12% on Ocumension's NCX 470 sales
Stack: no upstream disclosed. Downstream, NCX 470 carries two territorial stacks, Ocumension across Greater China, Korea and Southeast Asia at 6% to 12%, and Kowa in the US on separate terms
Timeline: China approvals typically follow 12 to 18 months post-submission. Kowa recently submitted the US NDA, with US approval expected summer 2027 and launch 2H 2027. Ocumension is also a principal Nicox shareholder
Date: Announced Mon Aug 10, 2026

ITM / ITM-11: Complete Response Letter on CMC and Facility Items Only, Eighteen Days Before the PDUFA Date (Received Fri Aug 7; Disclosed Mon Aug 10)

ITM Isotope Technologies Munich SE received a Complete Response Letter for its NDA for n.c.a. 177Lu-edotreotide (ITM-11) in gastroenteropancreatic neuroendocrine tumours (release; STAT).

The letter: received 7 Aug, disclosed 10 Aug, ahead of a 28 Aug PDUFA goal date. It cites Chemistry, Manufacturing and Controls items and third-party commercial facility inspection items. The FDA cited no clinical safety or efficacy issue and requested no additional clinical or nonclinical data. ITM intends to resubmit
Data package: the Phase 3 COMPETE results (published in The Lancet, 2026) showed 23.9 months median progression-free survival against 14.1 months for everolimus. The CRL leaves that package untouched
Read-through: ITM is private and among the principal global suppliers of no-carrier-added lutetium-177 to third-party radiopharmaceutical developers, so a CMC and third-party-facility CRL on its own lead asset is a datapoint on manufacturing capacity across the 177Lu class
Date: CRL received Fri Aug 7, 2026; announced Mon Aug 10, 2026

MHRA / Romvimza: Vimseltinib Approved in the United Kingdom for Tenosynovial Giant Cell Tumour (Fri Aug 14)

The MHRA approved vimseltinib (Romvimza), an oral CSF1R inhibitor, for adults with tenosynovial giant cell tumour where the tumour impairs movement or where surgery is not an option.

Asset: vimseltinib originated with Deciphera Pharmaceuticals, now an Ono Pharmaceutical (TYO: 4528) subsidiary and the marketing authorisation holder, and follows pexidartinib into the indication (notice)
Stack: no royalty disclosed on the UK approval. Any upstream economics sit inside the Deciphera acquisition and are not in the public record
Date: Approved Fri Aug 14, 2026

Silence / Divesiran: Phase 2 SANRECO Meets Its Primary in Polycythemia Vera, 88% Against 19% (Mon Aug 10)

Silence Therapeutics (Nasdaq: SLN) reported positive topline results from the Phase 2 SANRECO trial of divesiran (SLN124), a first-in-class siRNA targeting TMPRSS6, in 48 phlebotomy-dependent patients (release).

Result: primary endpoint met, 88% clinical responders against 19% on placebo (p<0.0001), response defined as no phlebotomy with hematocrit control in weeks 18 to 36; 93.8% on Q6W dosing and 81.3% on Q12W. Key secondary met: mean phlebotomies per patient 0.2 against 2.1. No new safety findings
Market: SLN rose roughly 29%. Phase 3 planned to initiate H1 2027 with the Q12W dose
Stack: divesiran is wholly owned, with no upstream and no partner downstream. The 2021 Hansoh collaboration ($16M upfront, up to $1.3B milestones plus royalties at low double-digit to mid-teens tiers) covers three undisclosed mRNAi GOLD targets and confers no rights over SLN124; the AstraZeneca discovery collaboration is separate. An unencumbered asset heading into Phase 3 in a chronic indication
Date: Announced Mon Aug 10, 2026

Tenax / TNX-103: Phase 3 LEVEL Misses Its Primary Endpoint, Stock Falls Roughly 89% (Mon Aug 10)

Tenax Therapeutics (Nasdaq: TENX) reported topline results from the Phase 3 LEVEL trial of TNX-103 (oral levosimendan) in PH-HFpEF (release; Orion partner release).

Result: LEVEL (n=241) missed its primary endpoint of improvement in 6-minute walk distance, a least-squares mean difference of 3.5 metres (p=0.63), with treated patients improving 14 metres against 10.4 metres for placebo. The key secondary, KCCQ total symptom score, also missed
Secondary signals, nominal: a 49% greater reduction in NT-proBNP against placebo (nominal p<0.0001), a 3.5 mmHg reduction in RVSP (nominal p=0.0045), and a 26.3-metre improvement in a prespecified subgroup with baseline walk distance below 333 metres (nominal p=0.0112)
Safety: serious adverse events balanced at 10.8% against 10.7%; overall adverse events 86.7% against 71.9%
Market: TENX fell roughly 89% to a record low (Stocktwits)
Upstream: levosimendan is licensed from Orion, on undisclosed terms, and the miss impairs whatever that stack was worth. Orion issued its own partner statement
Next: an FDA Type C meeting is intended on a revised registrational path, with parallel EMA consultation, pivoting to the enriched subgroup. Full results at a Late-Breaking session at ESC Congress 2026 in Munich (28-31 Aug)
Date: Announced Mon Aug 10, 2026

Atrium: Q2 2026, a Second BMS Milestone Achieved and the Collaboration Economics Restated (Thu Aug 13)

Atrium Therapeutics (Nasdaq: RNA), the precision-cardiology RNA company spun out of Avidity Biosciences in February 2026, reported Q2 2026 alongside FDA clearance of the IND for ATR 1072 and the achievement of a second milestone under its global cardiovascular collaboration with Bristol Myers Squibb (release).

Stack, as restated: under the BMS collaboration Atrium is eligible for up to approximately $1.35B in research and development milestones, up to approximately $825M in commercial milestones, and tiered royalties up to low double digits on net sales. BMS funds all future clinical development, regulatory and commercialisation activity. The first milestone, $15M, was earned in April on delivery of a development candidate
Pipeline: ATR 1072 (siRNA against PRKAG2, for PRKAG2 syndrome) enters the Phase 1/2 Corventis trial. It is the first clinical study of a potential disease-modifying treatment in the indication, with a Health Canada No Objection Letter enabling Canadian sites. ATR 1086 follows in PLN cardiomyopathy, plus two undisclosed rare-cardiomyopathy research targets
Context: Atrium was capitalised with roughly $270M at the February spin-off from Avidity, which Novartis then acquired for $12B, the same transaction that frames the competitive backdrop to Epicrispr's Series C in this issue
Date: Reported Thu Aug 13, 2026

Legal and IP

Novartis / Accord: The London High Court Upholds the Entresto Patent and the SPC to 2028 (Thu Aug 13)

The High Court of England and Wales (Meade J) rejected Accord Healthcare's (Intas Pharmaceuticals) claim that Novartis's Entresto (sacubitril/valsartan) patent was invalid.

Held: all attacks on the patent fail; the patent was valid while in force; the supplementary protection certificate running to 2028 is valid; and Accord's intended product would infringe it. Accord had planned a UK launch later this year
Duration read-through: the base European patent expired in 2023, so the exclusivity deciding the case, and carrying any residual UK royalty on the asset, is the SPC rather than the patent. The Amsterdam Court of Appeal upheld EP 1 467 728 and its SPC earlier this year against Synthon. In the US, pediatric exclusivity lapsed in July 2025 and generics launched at risk
Date: Judgment Thu Aug 13, 2026. Approved judgment [2026] EWHC 2127 (Pat), Case No. HP-2025-000010 (judgment). No appeal announced through 16 Aug, and neither party commented publicly

Align / Angelalign: A Chinese First-Instance Judgment on Aligner Patents, RMB 10M in Damages (Judgment Mon Aug 10; Announced Tue Aug 11)

The Jinan Intermediate People's Court found that Angelalign's MasterForce and ATreat systems, and the A7 and A7 Speed aligners produced with them, infringe Align Technology's extraction-gap-closure patent CN113693748B.

Held: infringement at first instance, cessation ordered, and damages of RMB 10M, approximately $1.4M. Angelalign (HKEX: 6699) has said it will appeal (release)
Stack: no royalty and no settlement. A ruling of this kind precedes a licence rather than creating a stream
Date: Judgment Mon Aug 10, 2026; announced Tue Aug 11

Veloxis / DOJ: $46M and a Deferred Prosecution Agreement on Envarsus XR, With the Largest Sunshine Act Recovery on Record (Mon Aug 10)

Veloxis Pharmaceuticals is a Cary, North Carolina manufacturer and a subsidiary of Asahi Kasei since March 2020. It agreed to pay more than $46M to resolve criminal and civil allegations that it paid kickbacks to induce prescriptions and purchases of Envarsus XR, its extended-release tacrolimus for kidney transplant immunosuppression.

Decomposition: $10.04M criminal penalty under a three-year deferred prosecution agreement; $34.45M to settle False Claims Act allegations, split $21,211,251 federal and $13,238,749 to participating states; and a $1.55M civil penalty for Open Payments reporting failures. A five-year corporate integrity agreement with HHS-OIG runs alongside
Charge and conduct: a criminal information in the District of Massachusetts charging conspiracy to violate the federal Anti-Kickback Statute. Veloxis admitted liability. Conduct ran October 2016 to June 2023: dinners, trips, resort stays, gifts and consulting fees for work not performed, concealed by falsified expense reports and padded attendee lists
First: the $1.55M is the largest Sunshine Act recovery since the law took effect in 2010
Stack: no upstream royalty. Veloxis developed Envarsus XR on its own MeltDose technology and is the licensor. Chiesi holds ex-US rights in two tranches: Europe, Turkey and ex-CIS (Oct 2012), and China and Taiwan (Jun 2017, $6M upfront plus an approval milestone, 15-year initial term)
Royalty read-through: an Anti-Kickback resolution re-bases US net sales rather than touching a royalty directly. The Chiesi arrangement is a transfer-price supply agreement, not a net-sales royalty, and covers territories the action does not reach, so ex-US economics are insulated by both territory and structure
Note on dating: the Department of Justice announced on 10 Aug. A plaintiffs'-side release on 15 Aug from the qui tam firms restates the same resolution and is not a second event
Date: Announced Mon Aug 10, 2026

Earnings

Harrow: Q2 2026, VEVYE at a Record $29.4M, Guidance Reaffirmed (Mon Aug 10)

Harrow (Nasdaq: HROW) reported Q2 2026 after the close (release).

Print: full-year 2026 guidance reaffirmed at $350M to $365M revenue and $80M to $100M adjusted EBITDA; cash and equivalents $83.9M at June 30
Portfolio: VEVYE revenue $29.4M, up roughly 40% sequentially and 58% year over year, with branded dry-eye share at 14.6% against 7.8% a year earlier and a top-three national commercial PBM coverage win effective 1 Aug; IHEEZO $15.6M on record unit demand; TRIESENCE record unit demand
Royalty read-through: the TYRVAYA acquisition from Viatris (announced 6 Aug, pre-window) is expected to close in 2H 2026; its up-to-$70M net-sales-contingent earn-out functions as a retained seller royalty
Date: Reported Mon Aug 10, 2026; call Tue Aug 11

Eton: Q2 2026, Product Sales Up 99% to $37.6M, Guidance Raised Above $145M (Thu Aug 13)

Eton Pharmaceuticals (Nasdaq: ETON) reported record Q2 product sales of $37.6M, up 99% year on year (release).

Print: net income $11.6M against a prior-year loss of $2.6M; adjusted EBITDA $16.2M; cash $26.8M with net debt $27.9M under the SWK Holdings facility; full-year revenue guidance raised to above $145M from above $120M. Shares rose roughly 20%
BD alongside: acquired US commercialisation rights to orphan drug IMPAVIDO (approximately $1M per the 10-Q) and late-stage candidate ASN-001, extending the infantile haemangioma franchise toward a potential 2027 NDA; filed a Prior Approval Supplement to expand the KHINDIVI indication; took Fast Track for AMGLIDIA
Concentration: AnovoRx accounted for 90.4% of H1 2026 product sales
Date: Reported after market Thu Aug 13, 2026

Fortress Biotech: Q2 2026, Two Small Royalty Lines and a Priority Review Voucher on the Balance Sheet (Thu Aug 13)

Fortress Biotech (Nasdaq: FBIO) reported second-quarter net revenue up 14% to $18.7M.

Royalty lines: Cyprium recognised $0.2M on ZYCUBO net sales; Fortress recognised $0.1M of contingent-consideration royalty income on UNLOXCYT. Sub-scale disclosed streams of the kind that rarely reach a comparables set
Balance sheet: strengthened by the ZYCUBO priority review voucher sale at $205M gross, closed in Q1 2026 and recited in the quarter rather than transacted in-window. The figure goes to the PRV price series (release)
Partnered programmes: Crystalys Therapeutics raised a $130M Series B for dotinurad
Date: Reported Thu Aug 13, 2026

Funding

Avere: $500M Private Placement on Top of $320M, Ahead of the NextCure Reverse Merger (Mon Aug 10)

Avere Therapeutics announced a $500M private placement of common stock and pre-funded warrants, in addition to a previously announced $320M concurrent private investment, a combined $820M funding operations into 2029 (release).

Structure: common stock and pre-funded warrants, closing immediately before the all-stock merger with NextCure (Nasdaq: NXTC), agreed 14 July, expected 2H 2026. Combined company trades as AVRX on 449,668,672 as-converted shares. On the split, a reverse merger
Backers: Venrock Healthcare Capital Partners, General Atlantic, Blackstone Multi-Asset Investing, RTW Investments, Eventide Asset Management, BB Biotech, Sirenia Capital Management, ADAR1 Capital Management, Wellington Management and Janus Henderson Investors
Asset: AVR-001, a once-weekly oral IL-23 receptor antagonist advancing first in psoriasis, with potential expansion into ulcerative colitis, Crohn's disease and psoriatic arthritis
Stack: AVR-001 is in-licensed from Hansoh on ex-Greater China rights: $120M upfront, up to $2.18B in milestones, mid-single to low double-digit royalties, disclosed in the 14 July merger release rather than the placement (terms). Hansoh co-led the separate $320M investment, so the licensor sits on the equity register too. An $820M pre-merger stack sits on an asset whose economics run back to a Chinese licensor, and Hansoh appears twice in this window, here and behind Silence's untouched 2021 collaboration
Advisers: Jefferies, TD Cowen, Evercore ISI, UBS Investment Bank and Wedbush placement agents; Cooley counsel to the agents; Gibson, Dunn & Crutcher counsel to Avere
Date: Announced Mon Aug 10, 2026

Vaderis: $152M Oversubscribed Series B, and the Phase 3 HEROIC Start in HHT (Tue Aug 11)

Vaderis Therapeutics AG, a Basel biotech, announced an oversubscribed $152M Series B alongside initiation of the global Phase 3 HEROIC study of engasertib (VAD044) in hereditary haemorrhagic telangiectasia (release; EQT).

Terms: co-led by Goldman Sachs and TCGX, with Omega Funds, Perceptive Advisors, Kalehua Capital and EQT Life Sciences, plus existing investors Medicxi and Droia Ventures
Asset: engasertib is a once-daily oral allosteric AKT1/2 inhibitor targeting the vascular biology of HHT, the second most common inherited bleeding disorder (prevalence around 1 in 3,800), with no approved therapy. FDA Fast Track (November 2025); proof-of-concept and long-term extension data published in The New England Journal of Medicine in December 2025
Royalty: none; equity only
Date: Announced Tue Aug 11, 2026

Aureka: $100M Series B Closed, Granite Asia Exclusive on the First Tranche (Mon Aug 10)

Aureka Biotechnologies (Laguna Hills and Shanghai) closed a $100M Series B (release).

Terms: Granite Asia funded the first tranche exclusively, a strategic investor led a subsequent tranche, with HighLight Capital and follow-on from MPCi and NRL Capital, taking lifetime funding to nearly $200M
Platform: biological foundation models (AuraIDE, with open-source OpenDDE) plus a Lab-in-the-Loop engine; proceeds fund large-scale model training. The company claims tens of millions in revenue over two years from antibody-discovery partnerships with global pharma, whose economics are undisclosed
Date: Series B closed Mon Aug 10, 2026

Epicrispr: $90M Oversubscribed Series C Toward Pivotal Studies of EPI-321 in FSHD (Tue Aug 11)

Epicrispr Biotechnologies closed a $90M oversubscribed Series C co-led by Octagon Capital and Janus Henderson Investors, with Fidelity, Cormorant, Duquesne Family Office, Sanofi Ventures, funds managed by abrdn, Angelini Ventures, Readout Capital and existing investors (release).

Asset: EPI-321, an AAV-delivered programmable epigenetic therapy suppressing DUX4, in a fully enrolled Phase 1/2 in facioscapulohumeral muscular dystrophy, with lean-muscle-volume gains after a single dose and further data due later this year
Context: the round lands 16 months after a $68M raise, against Novartis, which took Phase 3 FSHD asset delpacibart braxlosiran via the $12B Avidity acquisition in February. Founder Stanley Qi's CRISPR lineage makes upstream academic licensing a diligence item; none is disclosed
Date: Announced Tue Aug 11, 2026

Vogenx: IPO Priced at the Top of the Range for $81.25M, Closed Thursday (Priced Tue Aug 11; Closed Thu Aug 13)

Vogenx (Nasdaq: VOGX) priced its IPO at $13.00, the high end of the $11 to $13 range: 6,250,000 shares for $81.25M gross, sole book-runner JonesTrading, with a 45-day option for up to 937,500 additional shares.

Timeline: registration (File No. 333-297487) effective 11 Aug; first trade 12 Aug; offering closed 13 Aug, with no overallotment exercise disclosed at closing and none filed through 16 Aug. The 45-day option runs from the 11 Aug pricing to approximately 25 Sep and would add roughly $12.2M gross if exercised in full
Stack: lead asset mizagliflozin is an oral minimally absorbed SGLT1 inhibitor for post-bariatric hypoglycaemia, gastroparesis and GIP-dependent Cushing's. It is licensed from Kissei Pharmaceutical (2021, worldwide excluding Japan, Korea and Taiwan) at a high single-digit running royalty, with approximately $27M in milestones per the DRS/A. A newly listed issuer carrying a Japanese licensor's stack
Context: the smallest of the early-August listing cohort after Braveheart, Latigo, Attovia and BlossomHill, and the W32 carry-forward now closed. Proceeds are guided to fund the company into 2028
Date: Priced Tue Aug 11; closed Thu Aug 13, 2026

Zentalis: $80.5M Follow-On Priced at $3.50, Closing Monday (Priced Thu Aug 13)

Zentalis Pharmaceuticals (Nasdaq: ZNTL) priced an underwritten public offering of 23,000,000 shares at $3.50, for approximately $80.5M gross.

Terms: 23,000,000 shares at $3.50, plus a 30-day option for up to 3,450,000 additional shares. Closing expected 17 Aug
Syndicate: TD Cowen, Guggenheim Securities and Oppenheimer book-running managers, H.C. Wainwright passive book-runner, Rodman & Renshaw manager
Use of proceeds: azenosertib, a WEE1 inhibitor, in ovarian cancer
Stack: no royalty component disclosed
Filings: preliminary 424B5 filed 13 Aug, final 424B5 filed 14 Aug (accession 0001628280-26-057108, File 333-286122). No closing 8-K yet, the closing falling on 17 Aug, one day outside the window
Date: Priced Thu Aug 13, 2026; releases circulated 13 to 14 Aug

InduPro: $77M Series B With Three Large-Pharma Venture Arms on the Register (Wed Aug 12)

InduPro (Seattle) raised a $77M Series B led by The Column Group and Vida Ventures, with MRL Ventures Fund (Merck), Sanofi, Eli Lilly, Emerson Collective, Euclidean Capital and Solasta Ventures (release).

Asset: IDP-001, a first-in-class bispecific antibody-drug conjugate against EGFR and TAPA-E1, a novel Tumor-Associated Proximity Antigen, with first patient dosed in an open-label Phase 1 in advanced NSCLC and other solid tumours
Stack: the January 2026 Lilly collaboration is valued at up to approximately $950M with milestone and royalty economics undisclosed, and Lilly then joined the equity. Large biobucks without a rate, on the extraction list
Context: follows an $85M Series A in June 2024
Date: Announced Wed Aug 12, 2026

Infinimmune: $75M Series A for Human-Derived Antibodies in Atopic Dermatitis (Tue Aug 11)

Infinimmune, an Alameda antibody-discovery company, raised a $75M Series A to fund clinical development of two atopic dermatitis candidates, led by IFX-101 (anti-IL-22) with an anti-IL-13 behind it, first-in-human studies planned for next year (coverage).

Stack: the round itself carries no disclosed royalty. Separately, Infinimmune holds a March 2026 antibody collaboration with Merck worth up to approximately $838M, whose milestone and royalty economics are undisclosed and which pre-dates this window
Date: Announced Tue Aug 11, 2026

Khartis: $50M Series B and an Unstealth at $95M Total, for an Oral IGF-1R Inhibitor in Thyroid Eye Disease (Thu Aug 13)

Khartis Therapeutics (San Diego) emerged from stealth with $95M raised in total, including a new $50M Series B led by Forge Life Science Partners, with Longwood Fund and Alexandria Venture Investments joining existing investors Foresite Capital, Lilly Asia Ventures and Nextech Invest (release).

Terms: $50M Series B led by Forge Life Science Partners, with Longwood Fund and Alexandria Venture Investments joining existing investors Foresite Capital, Lilly Asia Ventures and Nextech Invest, taking total capital raised to $95M
Asset: the first oral selective IGF-1R inhibitor designed for thyroid eye disease, against an indication where existing treatments carry safety trade-offs, plus a broader pipeline of oral small molecules on clinically validated immunology pathways. Preclinical, advancing toward the clinic
Team: founded in 2024 by CEO and Head of Drug Discovery Robert Hoffman, CSO Craig Murphy and executive chairman Chris LeMasters, who previously worked together at XinThera, acquired by Gilead Sciences in 2023. Originally incubated within Foresite Labs. Heather Berger of Forge is quoted for the lead investor
Stack: no upstream or downstream royalty disclosed; the programme is internally discovered
Date: Announced Thu Aug 13, 2026

Boulevard Bio: ~$65M From Deerfield at Unstealth, With a METiS In-Licence in the Pipeline (Wed Aug 12)

Boulevard Bio emerged from stealth with approximately $65M in aggregate financing from founding investor Deerfield Management and affiliates, alongside interim Phase 1 healthy-volunteer data for BLVD101, a dual BAFF/APRIL bispecific supporting quarterly dosing in IgA nephropathy (release).

Composition: aggregate equity capital plus convertible notes from a single investor group, disclosed at unstealth. Deerfield's 3DC invented BLVD101 (formerly DFX-1092) in-house and founded the company in 2024
Stack: BLVD101 was invented in-house at 3DC, so presumably carries no third-party layer. BLVD201 (formerly MTS-128), a trispecific CD19/BCMA/CD3 T-cell engager in IND-enabling studies, came from METiS TechBio under an exclusive global licence in June 2026, economics undisclosed
Team: CEO Mahesh Karande, CMO Neil Solomons, co-founders Georg Schett and Frank Nestle, chair Brian Chow, advisor Jonathan Barratt
Date: Announced Wed Aug 12, 2026

K2 Therapeutics: Ying Huang Named CEO, and a $50M MPM Seed Disclosed for the First Time (Tue Aug 11)

K2 Therapeutics (Boston and Singapore) announced the appointment of Dr Ying Huang as CEO and disclosed a $50M seed financing from MPM BioImpact (release).

Composition: MPM BioImpact founded K2 in 2024 and the release states the seed "has supported" portfolio expansion. This is the first public disclosure of a completed founding seed, not new money dated 11 Aug
Model: worldwide asset sourcing across eight programmes spanning ADCs and T-cell engagers, preclinical to clinical. Huang is the former Legend Biotech CEO who took CARVYKTI, a China-originated CAR-T, to a $2B+ run rate, and was previously head of biotech equity research at BofA Merrill Lynch. He left Legend on 24 July
Royalty: none disclosed. The model implies in-licence economics owed upstream on each sourced programme, none of which are public
Leadership: Ansbert Gadicke (MPM) chairs; Frank Neumann is CMO
Date: Disclosed Tue Aug 11, 2026 (seed completed at 2024 founding)

NeuroSense: A Cleared Phase 3 With No Funding, and an Open Solicitation for Non-Dilutive Capital (Thu Aug 13)

NeuroSense Therapeutics (Nasdaq: NRSN) issued a CEO letter disclosing that its FDA-cleared pivotal Phase 3 PARAGON study of PrimeC in ALS (approximately 300 patients) remains unfunded (letter).

Financing posture: management says it is pursuing several routes in parallel, discussions with pharmaceutical companies and strategic partners, investors, other financing sources, and explicitly grants and other non-dilutive funding
Regulatory workaround: rather than wait on PARAGON, NeuroSense is preparing a Canadian New Drug Submission for PrimeC, targeted for December 2026. It is built on Phase 2b PARADIGM data, after completing the pre-NDS process with Health Canada. The company is evaluating other territories where existing data may support a pathway
Balance sheet: the April 2026 insider round totalled $600K; a shareholder proposal authorises a reverse split in a 1:4 to 1:40 range if needed for Nasdaq continued listing
Date: Letter issued Thu Aug 13, 2026

Bios Life: $25M Seed for an AI Cancer-Surveillance Virtual Clinic (Mon Aug 10)

Bios Life launched with $25M in seed financing led by Redmile, Vsquared Ventures and Kindred Capital (Endpoints).

Founders: ex-BioNTech chief strategy officer Ryan Richardson is CEO; former BioNTech SVP Zach Taylor is COO
Model: a virtual clinic for high-risk individuals and cancer survivors, in partnership with US oncology centres, targeting launch before year end. No therapeutic asset and no royalty
Date: Announced Mon Aug 10, 2026

Adviser league table: J.P. Morgan led with three in-window mandates.

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