By Sebastian Gensior — 30 Aug 2026

The Weekly Term Sheet (2026-W35)

The FDA approved RASONQUE on 26 Aug, starting royalty obligations under a Royalty Pharma synthetic royalty with $500M funded since May, and compelling the first $250M draw on a $750M term loan from the same counterparty. Rates run 4.55% to $2B of annual net sales, 2.50% to $4B, 1.00% to $8B, nothing above.

Neuren declared its first dividend the same day, under a policy paying 70% to 100% of after-tax royalty income less corporate costs. H1 royalty income was $23.3M on DAYBUE net sales of $226M, against a published mid-teens to low-twenties tiered rate from Acadia.

Four royalty streams were originated. SK Biopharmaceuticals paid Biohaven Bioscience Ireland $400M against a $795M headline for the Kv7 epilepsy franchise and platform, with tiered royalties of mid-teens to low twenties on US net sales and mid-single digits ex-US. Hanmi granted Genentech worldwide rights outside Korea to HM17321, a Phase 1 long-acting urocortin-2 analogue for obesity, for $190M upfront, up to $2.3B and tiered royalties at an undisclosed rate.

Two GSPT1 degraders moved on consecutive days, both wholly owned. Orum's prior GSPT1 programme went to BMS for $100M upfront, up to $180M and no royalty; Monte Rosa's 2025 Novartis agreement carries a high single to low double-digit band.

The FDA approved Ziihera in first-line HER2+ gastroesophageal adenocarcinoma on 25 Aug, releasing a $250M milestone to Zymeworks and moving a 10% to 20% tiered royalty out of a previously treated biliary indication into first line. Royalty Pharma's March note is repaid from 30% of those royalties and not from milestones, so Zymeworks retains the $250M and the note amortises faster.

McKesson agreed to pay $2.25B for Precision Medicine Group, the CRO, biomarker and market-access services group, from Blackstone. Kedaara put $200M into Tynor Orthotics the same day. Samsung Biologics announced a $2.17B rights offering on 28 Aug KST.

Valerio Therapeutics signed definitive agreements to acquire Etherna Immunotherapies at a $35M (EUR 30M) enterprise value in cash and shares, with undisclosed earn-outs and a $47M (EUR 40.25M) PIPE alongside.

United Therapeutics' ralinepag NDA was accepted on 24 Aug, PDUFA 24 Jun 2027. The asset was licensed from Arena in 2018 for $800M upfront against low double-digit tiered royalties on net sales by any route, with $150M and $250M one-time payments on specific approvals. Pfizer holds the position after acquiring Arena in 2022.

Verastem and Oberland set a synthetic royalty to fund on 28 Aug at 4.50% stepping to 1.75%.

Nine royalty streams originated across W34 and W35 to date. Two published a rate: Biohaven at mid-teens to low twenties in the US and mid-single digits elsewhere, and Haisco at mid-single to low double digits. Royalty Pharma discloses 4.55%, 2.50% and 1.00% across daraxonrasib sales bands. The other disclosed bands sit on agreements signed years earlier: Zymeworks at 10% to 20% from Jazz and up to 19.5% from BeOne, Arena and now Pfizer at low double digits on ralinepag, Monte Rosa at high single to low double digits from Novartis, Verastem at 4.50% stepping to 1.75%.

Highlights

Royalty events: 8. Four originated (Hanmi, Haisco, Biohaven, DualityBio), one milestone paid, one re-rated by approval, one switched on by approval, one converted into a dividend. No royalty was bought or sold in the window. One funded synthetic royalty switched from dormant to paying.

Hanmi / Genentech (24 Aug): $190M upfront, up to $2.3B (KRW 3.19tn) with milestones, plus tiered royalties on net sales. Worldwide ex-Korea. Phase 1. Rate undisclosed.
Revolution Medicines / Royalty Pharma (26 Aug): FDA approval of RASONQUE (daraxonrasib) in previously treated metastatic pancreatic adenocarcinoma starts royalty obligations under a synthetic royalty with $500M funded and dormant since May, and compels the first $250M draw on a $750M senior secured term loan. Published rates on the funded amount: 4.55% to $2B of annual net sales, 2.50% to $4B, 1.00% to $8B, and nothing above. A further $750M is available at the company's option, which would lift those rates to 7.80%, 4.55% and 2.40%.
Neuren (26 Aug): the first formal dividend policy paid out of royalty income. H1 royalty income $23.3M (A$33.2M), up 29%, on DAYBUE net sales of $226M. Interim dividend of 15 cents fully franked, A$19.0M, 90% of an Available Pool of A$21.1M defined as after-tax royalty income less corporate costs. Policy targets 70% to 100% of that pool, semi-annually.
Zymeworks / Jazz (25 Aug): FDA approval of Ziihera in first-line HER2+ GEA triggered a $250M milestone, taking total upfront and milestones received from Jazz to $650M. Zymeworks remains eligible for up to $1.3B further and holds tiered royalties of 10% to 20% on Jazz net sales. BeOne adds up to $144M and tiered royalties up to 19.5%.
Lexicon / Novo Nordisk (24 Aug): $10M milestone earned on a patient-dosing achievement in the Phase 1 of LX9851. Third $10M of 2026 on the 2025 licence, which runs to up to $1B in upfront and milestones plus tiered royalties on net sales. Rate undisclosed.

Rate disclosure: two of four originations published a band. Biohaven at mid-teens to low twenties on US net sales and mid-single digits ex-US; Haisco at mid-single to low double digits on a preclinical asset. Hanmi and DualityBio published nothing, both on licences to Genentech. Lexicon publishes nothing on a Novo Nordisk agreement three milestones deep. Royalty Pharma publishes daraxonrasib at 4.55%, 2.50% and 1.00% across sales bands.

M&A and restructuring: 8 prints, 2 corporate actions, 1 Chapter 11 sale, 1 supply-agreement termination.

Valerio Therapeutics / Etherna (24 Aug): definitive agreements, 100% of Etherna at a $35M (EUR 30M) enterprise value in cash and shares with undisclosed earn-outs. $47M (EUR 40.25M) PIPE alongside at a 25% discount. EGM around 6 Oct; irrevocable undertakings above 70% of votes.
Lxbio Pharmaceuticals / Cellaris Biotech (24 Aug, unverified): a definitive agreement announced on the acquirer's own channel. Terms undisclosed. No wire release, filing or press coverage located.
Kedaara / Tynor Orthotics (25 Aug): $200M into the Indian orthopaedic supports, mobility aids and rehabilitation manufacturer. Stake size not disclosed.
argenx / Forte Biosciences (completed 27 Aug): cash tender at $77.00 per share completed and squeezed out by merger. 19,894,879 shares tendered, taking argenx and affiliates to approximately 87.13%, followed by a back-end merger converting the remainder at the same price. Forte delists from Nasdaq. Adds FB102, a first-in-class anti-CD122 antibody with clinical proof of concept in vitiligo and coeliac disease.
DKSH Performance Materials / P.R. Chemicals (reported in-window, unverified): agreement to acquire 100% of the Thai active pharmaceutical ingredient and specialty ingredient distributor. Terms undisclosed; closing expected Q4 2026.
Schaerer Medical / Reinsberg Group (reported late Aug): the Reinsberg Group acquired the Swiss manufacturer of mobile operating tables and orthopaedic positioning accessories, founded 1892. Terms undisclosed; the primary announcement date is not established. Reinsberg reports combined revenues above $175M (EUR 150M) and 850-plus employees.
Bristol Myers Squibb / Cellares (confirmed 25 Aug): BMS ended its 2024 capacity reservation and supply agreement, worth up to $380M, after determining the Cell Shuttle system could not meet requirements for commercial Breyanzi manufacture. Cellares is restructuring, with roughly 100 positions to be eliminated by 20 Oct per its WARN filing. No royalty attached.
Teva / BioXcel Therapeutics (petition 27 Aug, agreement announced 28 Aug): Teva is the stalking horse bidder in a court-supervised Section 363 sale for BioXcel's dexmedetomidine sublingual film assets, including IGALMI and BXCL501. $57.5M upfront plus assumption of certain liabilities, and up to $67.5M contingent on the outcome and timing of the pending at-home sNDA. $125M on the cash and contingent terms; reported at up to $145M where assumed liabilities are counted. Chapter 11 in Delaware with $19M of debtor-in-possession financing from Oaktree and the Qatar Investment Authority. BTAI fell about 46% on the day. Worldwide rights. Subject to bankruptcy court approval and higher bids; Teva takes a break-up fee if outbid. PDUFA 14 Nov 2026. Guggenheim Securities and Ropes & Gray advised Teva.
McKesson / Precision Medicine Group (25 Aug): $2.25B cash for the clinical research and biopharma commercialisation services group, from Blackstone.
Dongcheng Pharmaceutical / Andike (24 Aug): the radiopharmaceutical group's wholly owned subsidiary bought 100% of Kunming Huixuan for $5.6M (RMB 40.2M) and 100% of Sichuan Huixuan for $5.6M (RMB 40M), while selling 45% of Guangdong Huixuan for $17M (RMB 121M). Within the general manager's authority, so no board or shareholder vote.
Arbutus Biopharma (commenced 24 Aug): modified Dutch auction tender to repurchase and cancel up to $230M of common shares at $5.00 to $5.75, expiring 29 Sep. Not conditioned on financing or a minimum tender. If fully subscribed, roughly 20.2% to 23.2% of shares outstanding. Funded from the $178.4M Arbutus received on 8 Jul as its share of Moderna's $950M non-contingent settlement payment. Roivant, at about 19.6%, intends to tender proportionately. J.P. Morgan dealer-manager.
Skye Bioscience (effective 24 Aug): 1-for-8 reverse split, 35,421,413 shares to approximately 4,427,676, ahead of the Redx combination closing and a 14 Sep Nasdaq bid-price deadline.

Licence-outs and collaborations: 6.

Hanmi / Genentech (24 Aug): HM17321, obesity, worldwide ex-Korea. Hanmi completes Phase 1, Genentech takes over from Phase 2.
CREATE Medicines / WestGene Biopharma (28 Aug): strategic R&D collaboration and licence combining CREATE's RNA gene-writing and immune-programming technology with WestGene's targeted LNP platform, across three in vivo CAR programmes: CD19xBCMA in autoimmune disease, HER2xTROP2 in solid tumours, and a durable CD19xBCMA RetroT. Upfront, milestones, royalty, option and cost-sharing mechanics all undisclosed. Treat as non-disclosure rather than nil consideration.
Osivax / GC Biopharma (27 Aug): Osivax took a non-exclusive, sublicensable global licence excluding Japan and Korea to use GC FLU in combination with its OVX836 T-cell influenza candidate. GC Biopharma retains exclusive Korean rights, supplies GC FLU long term and receives royalties. Rate and all other financial terms undisclosed. OVX836 is in Phase 2b.
DualityBio / Genentech (28 Aug): global collaboration and licence on next-generation ADCs built on DualityBio's DUPAC payload platform. $45M upfront, more than $1B in aggregate development, regulatory and commercial milestones across all programmes, and tiered royalties on annual net sales. DualityBio leads discovery and early clinical development through Phase Ia; Genentech takes over with an exclusive worldwide licence. Rate not disclosed. Genentech's second Asian in-licence of the window after Hanmi.
Biohaven / SK Biopharmaceuticals (26 Aug): global rights to Opakalim (BHV-7000), other Kv7 activators and the Kv7 platform. $400M cash ($350M at closing, $50M a year later) plus up to $395M in development and regulatory milestones, totalling the $795M headline, with royalties payable separately on top. Tiered royalties of mid-teens to low twenties on US net sales and mid-single digits ex-US to Biohaven Bioscience Ireland. SK also assumes a mid-single-digit royalty to Knopp Biosciences and up to $185M of Knopp approval milestones.
Haisco / Sentivera (25 Aug): a preclinical Type 2 inflammation small molecule out of Shenzhen-listed Haisco to a Delaware NewCo. $75.89M in combined upfront and equity, giving Haisco 17.5% of the licensee, up to $1.46B in milestones, and tiered royalties of mid-single to low double digits on post-launch net sales. Greater China retained.

Research collaborations with no disclosed economics: 2.

Anbogen Therapeutics / University of Tokyo (24 Aug): collaborative research on ABT-301 (imofinostat), an oral class I HDAC inhibitor, across osteosarcoma, melanoma, soft-tissue sarcoma and bladder cancer in comparative and veterinary oncology models. No payment, milestone, royalty, option, licence or IP-ownership term stated.
Rznomics / Lilly Gateway Labs (23 Aug): Rznomics takes residency at the San Diego site. A lab-residency and ecosystem arrangement with no investment, licence, option, milestone or royalty disclosed, and not an asset licence.

Licensing income: 2 prints.

Innovent (25 Aug): H1 revenue $1.21bn (RMB 8.6bn), up 45%, of which product revenue $1.15bn (RMB 8.2bn), up 57%. IFRS net profit $183M (RMB 1.3bn), up 50%. Cash $4.25bn (RMB 30.2bn). The partnered pipeline now spans more than 20 assets including five co-development and co-commercialisation programmes, with aggregate deal value of $34bn across ten months, which the company puts at more than 30% of all Chinese out-licensing value in the period. Counterparties named: Takeda, Eli Lilly, Pfizer, Ollin and Spero.
Antengene (results 21 Aug, recapped 23 Aug): first-ever profitability on licence income. H1 revenue $72M (RMB 513M), up 864.5%; profit $30M (RMB 216M). ~$27M (RMB 195M) received from UCB in Jul; ~$19M (RMB 136M) near-term milestone eligible.

Private funding: 13 events, $368M funded and two undisclosed, $253M committed or contingent. Non-dilutive: 2 awards, $51.5M.

Natco Pharma / eGenesis (25 Aug): $14M in convertible promissory notes at 8% compounded annual interest, split $9.5M through Natco Pharma Canada and $4.5M through Natco Pharma South Africa. Takes Natco's cumulative eGenesis investment to $22M after an $8M preferred investment in 2024. Debt-like, not a priced equity round.
AusperBio (announced 20:00 ET 27 Aug): $120M Series C led by an unnamed strategic investor with new investor RA Capital Management, alongside HanKang, Sherpa, InnoPinnacle, Qiming, YuanBio and CDH. Funds Phase 3 registrational development and commercial readiness for AHB-137, plus the AHB-171 siRNA and combination programmes. Total raised since 2024: $360M. Largest private round of the window.
Airway Therapeutics (25 Aug): $50M equity round, comprising $26M previously raised on SAFEs and a $24M Series E-2, with roughly 94% of existing investors participating. Funds the Phase 2b/3 of zelpultide alfa in bronchopulmonary dysplasia in extremely preterm infants. Investors include Cincinnati Children's Hospital Medical Center and family-office consortia.
Happy Health (24 Aug): $75M Series A for a clinical smart-ring platform, extending from sleep apnoea into continuous vital-sign monitoring.
CHIN-WIN Health (24 Aug): angel round of tens of millions of RMB led by the Yifeng-Zhuohua Fund, for vascular interventional device R&D.
ANDA Biopharma (24 Aug): Series A+, amount undisclosed, for personalised therapeutic mRNA tumour vaccines.
Valerio Therapeutics (24 Aug): $47M (EUR 40.25M) PIPE alongside the Etherna acquisition. Settlement of the PIPE shares expected 26 Aug.
Gossamer Bio (initial closing 24 Aug): $25M first tranche of a $250M structured private placement, with $125M more committed on FDA acceptance of the seralutinib NDA and up to $100M of warrants exercisable only on approval.
ProFound Therapeutics / Gates Foundation (27 Aug): up to $35M, of which $20M is the initial investment and $15M is tied to experimental milestones. Applies the ProFoundry platform to preeclampsia and eclampsia.
CEPI / Minapharm Pharmaceuticals (27 Aug): up to $16.5M to advance a ProBioGen-designed Bundibugyo ebolavirus vaccine on the MVA-CR19 platform through preclinical work into an early Phase 1 trial in Africa.
Pixelgen Technologies (27 Aug): $15.5M oversubscribed Series B led by Flat Capital, with continued participation from Industrifonden and Navigare Ventures. Stockholm, founded 2020. Funds commercial expansion of the Proxiome Kit, a high-throughput platform mapping molecular cell architecture at nanoscale resolution. Research tools; no therapeutic asset and no royalty.
Revier Therapeutics (25 Aug): $7M (EUR 6M) seed to launch a Heidelberg class IIa HDAC inhibitor company for cardiometabolic disease. Led by KHAN Technology Transfer Fund II with High-Tech Gründerfonds, VORNvc and Revier Invest Heidelberg. Preclinical, lead in HFpEF.
Unravel Biosciences (Form D 24 Aug, first sale 7 Aug): $4.1M sold of a $4.5M Rule 506(b) equity offering, two accredited investors, no commissions.
AlloTRx Bio (Form D 24 Aug, first sale 17 Aug): milestone-based post-money SAFE, $3M committed, $0.5M funded, remaining tranches payable only on milestone completion. Sole investor Source Code Technologies.
Shape Memory Medical (23 Aug): $10M convertible note, led by new investor August Global Partners with Taiwania Capital joining, alongside existing holders HBM Healthcare Investments, Earlybird and WexMed II. Funds AAA-SHAPE pivotal follow-up and the FLAGSHIP first-in-human study. Conversion terms not disclosed.

Public capital and debt: 1 rights offering, 1 SPAC IPO, 1 IPO filing, 1 SME book closed, 2 placements, 1 equity line, 1 syndicated refinancing, 1 distressed amendment, 1 DIP, 1 unconfirmed close.

Serina Therapeutics (S-1 24 Aug, agreement 21 Aug): committed equity purchase facility with Roth Principal Investments for up to $25M over 36 months. Nothing sold at filing. VWAP purchases at a 7% discount to $12.5M of gross sales, then 3%; exchange cap 19.99% absent shareholder approval.
Samsung Biologics (28 Aug KST): $2.17bn (KRW 3tn) rights offering, roughly 2.27M new common shares at an indicative KRW 1,322,000, about a 15% discount to the reference price. 20% of new shares to the employee stock ownership association, unsubscribed shares to a general public offering. Around KRW 2.71tn is earmarked for the previously announced PolyPeptide Group acquisition and about KRW 290bn for Bio Campus II. Subscription in November, new shares listing 30 Nov. The largest capital raise of the window by an order of magnitude.
Quoin Pharmaceuticals (28 Aug): private placement of $30.8M upfront, rising to about $50M if ordinary warrants are cash-exercised. 6,305,300 ADSs and pre-funded warrants at $4.88, with warrants over 3,152,650 ADSs at $6.10 expiring on the earlier of five years from closing or 30 days after Quoin announces the QRX003 Netherton syndrome primary endpoint is met. Sirenia, Sphera Healthcare, AIGH, Nantahala, StemPoint and Stonepine, with management and board. Leerink lead placement agent, BTIG and Lake Street co-agents. Closing expected around 31 Aug.
JATT III Acquisition Corp (in-window, unverified): Nasdaq healthcare SPAC IPO under ticker JTTT, raising $69M across 6.9M units at $10.00 including full exercise of the over-allotment option.
Aragen Life Sciences (DRHP 26 Aug): draft prospectus filed for an Indian IPO of $91M (Rs 800 crore) fresh issue plus an offer for sale of up to 27,329,192 shares. Axis Capital, Citigroup Global Markets India, Goldman Sachs India and JM Financial book-running. No pricing.
Pluri (27 Aug): $3.3M registered direct offering with a concurrent private placement of warrants. 2,228,940 shares or equivalents at $1.50, matching warrants at $1.65 exercisable after six months. One unnamed healthcare institutional investor; A.G.P./Alliance Global Partners sole placement agent.
Spineart / UBS Switzerland (reported 27 Aug): refinancing and increase of secured syndicated credit facilities totalling CHF 50M and $31.5M, with UBS Switzerland as mandated lead arranger, to support continued development of the Swiss spine surgery company. Reported through counsel; no issuer announcement located and the transaction date is not established.
BioXcel Therapeutics (agreement 24 Aug, 8-K 25 Aug): $1.25M of additional term loans from the Oaktree-led group at a $250k upfront fee, 20% of gross new money. The 31 Aug deadline it bought produced a Chapter 11 asset sale four days later, alongside a $19M debtor-in-possession commitment from the existing secured lenders, subject to court approval.
ABH Healthcare (opened 24 Aug): $4.0M (Rs 34.98 crore) fresh-issue SME IPO on NSE Emerge at Rs 96 to 102, for a 150-bed multi-speciality hospital operator under the Anil Baghi brand. Rs 17 crore of proceeds to debt repayment, Rs 5 crore to working capital. Fedex Securities sole book-runner. Book closed 27 Aug per the company release; final subscription figures not located. Listing around 1 Sep.
Amylyx (due to close 21 Aug): the upsized $500.2M offering priced in W34 at $35.50 over 14,090,000 shares was set to close on or about 21 Aug. Net proceeds approximately $471.7M, or $542.5M on full exercise of the 30-day option over 2,113,500 further shares. Leerink, Morgan Stanley, Guggenheim and LifeSci Capital joint bookrunners. No closing confirmation is on the record.

Animal health: 2.

BiomEdit / Folium Science (25 Aug): asset acquisition of Folium's technology platform and pipeline, adding BiomElix One, a poultry feed additive approved by Brazil's MAPA, and the Guided Biotics CRISPR-Cas microbiome platform. Terms not disclosed.
Animalcare / Frenelle Pharma (26 Aug, unverified): principal terms signed for an exclusive global licence option over Frenelle's Faros microsphere long-acting injectable technology for veterinary formulations. Terms not located. Animalcare is AIM-listed; Frenelle runs its veterinary applications through Anumio.

Enforcement and proceedings: 1.

Norwich v Kennedy (DC Circuit, 25 Aug): the court reversed in part on the failure-to-market forfeiture provision, holding that the Paragraph IV certifications qualifying a first applicant include only patents as to which a subsequent applicant also maintains a Paragraph IV certification, and remanded. At issue is the 180-day exclusivity held by Teva's Actavis on generic rifaximin. Alfasigma is Salix's licensor on Xifaxan and a named co-plaintiff in the underlying patent litigation. Three settled generics already hold licences effective 1 Jan 2028.

Clinical: 8.

Cytokinetics / ACACIA-HCM (28 Aug, ESC Congress, NEJM): the Phase 3 of aficamten (MYQORZO) in 517 patients with symptomatic non-obstructive HCM met both primary endpoints at week 36: KCCQ-CSS +3.0 points against placebo (P=0.021) and peak VO2 +0.67 mL/kg/min (P=0.003). First positive pivotal result in non-obstructive HCM; supplemental NDA planned for Q4 2026. Additional ACACIA-HCM and MAPLE-HCM analyses followed on 29 Aug (Circulation, JACC: Heart Failure). Royalty Pharma holds a synthetic royalty of 4.50% on annual net sales up to $5.0bn and 1% above, restructured in May 2024 from 4.50% to $1.0bn and 3.50% above, alongside up to $575M of launch and development funding. A second indication expands the base that royalty is calculated on.
Ionis / AstraZeneca / CARDIO-TTRansform (28 Aug, ESC Congress): full data on the Phase 3 of eplontersen (WAINUA) in 1,432 ATTR-CM patients. The composite of cardiovascular mortality and recurrent cardiovascular events through 140 weeks did not separate from placebo (rate ratio 0.89, 95% CI 0.73 to 1.09, p=0.277); a prespecified monotherapy subgroup showed a nominal benefit. Topline miss announced 9 Jul. Under the 2021 licence Ionis holds royalties of low double digits to mid-20s depending on region, up to $2.9bn of sales milestones at thresholds from $500M to $6bn, and $485M of approval milestones. 2025 WAINUA sales were $212M for $49M of Ionis royalty revenue, all from polyneuropathy. The eplontersen royalty is not in the Royalty Pharma agreement covering SPINRAZA and pelacarsen and is unencumbered.
BioNTech / Genentech (28 Aug): terminated the Phase 2 BNT122-01 trial of autogene cevumeran in adjuvant ctDNA-positive resected stage II high-risk and stage III colorectal cancer, on a DSMB recommendation after a numerical overall-survival imbalance between arms. The futility boundary had been crossed in Oct 2025. No royalty is extinguished: the iNeST collaboration is a 50/50 global cost and profit share, not a royalty licence. Genentech paid $310M in upfront and near-term milestones in 2016. Pancreatic and melanoma programmes continue.
Amgen / AstraZeneca (27 Aug): TEZSPIRE (tezepelumab) improved histologic remission and symptoms through week 52 in Phase 3 eosinophilic oesophagitis.
CSPC (26 Aug): the Phase 3 of SYS6010, an EGFR-targeting topoisomerase I ADC, met its primary PFS endpoint in non-small cell lung cancer.
Akeso (25 Aug): the Phase 3 of ivonescimab (AK112) in biliary tract cancer met overall survival with statistical significance. Akeso licensed ivonescimab to Summit Therapeutics in Dec 2022 for $500M upfront, up to $4.5B in milestones and low double-digit royalties on net sales in Summit's territories, extended in Jun 2024 to Latin America, the Middle East and Africa for a further $70M. The biliary trial sits in Akeso's retained territory, so the result validates the asset rather than moving Summit-territory sales today.
Spyre Therapeutics (25 Aug): SPY072, a TL1A antibody, showed DAS28-CRP improvement in Phase 2 rheumatoid arthritis. The antibody is licensed from Paragon Therapeutics, which holds up to $22M in milestones per agreement and low single-digit royalties on single-antibody products, rising to mid single digits where a product contains more than one Paragon antibody.
Monte Rosa (24 Aug): first patient dosed in MODeFIRe-1, a Phase 2 of the GSPT1 degrader MRT-2359 with apalutamide in AR-mutation mCRPC. Wholly owned. The platform above it carries a high single to low double-digit tiered royalty from Novartis, one of the few published bands anywhere in the issue.

Regulatory: 15 plus 9 designations.

GSK / Hibsago (bepirovirsen) (25 Aug): Japan's MHLW approved the antisense oligonucleotide as a functional cure for chronic hepatitis B. The first global approval for the asset. GSK licensed it from Ionis Pharmaceuticals in 2019 off a 2010 alliance; Ionis holds tiered royalties of 10% to 12% on net sales plus $150M in remaining regulatory and sales milestones. Submissions pending elsewhere including the US.
GSK / Jemperli (dostarlimab) (25 Aug): FDA accepted the sBLA for priority review in dMMR/MSI-H locally advanced rectal cancer. Discovered by AnaptysBio, whose royalty runs 8% to $1bn of annual global net sales, then 12% to $1.5bn, 20% to $2.5bn and 25% above. The 8% tier is payable to Sagard Healthcare Royalty Partners under $300M of capped non-recourse monetisations, until a cumulative $600M paydown by 31 Mar 2031, rising to $675M thereafter.
Bayer / sevabertinib (25 Aug): Japan's MHLW approved the HER2-mutant non-small cell lung cancer treatment.
Roche / Elecsys pTau217 (25 Aug): FDA clearance for a blood-based Alzheimer's assessment assay across primary and specialty care.
Lundbeck / asedebart (25 Aug): European Commission orphan designation for the anti-ACTH monoclonal antibody in Cushing's syndrome of endogenous origin.
ViiV Healthcare / Tivicay PD (26 Aug): FDA approval of the dolutegravir paediatric dispersible formulation for HIV-1 in patients weighing at least 2 kg.
Spineart / eCential Robotics (26 Aug): FDA 510(k) clearance for the PERLA TL application on the eCential Op.n Navigation and Robotic-Assisted Platform, extending a navigation clearance granted in Mar 2025 to robotic-assisted workflows. Geneva-based Spineart; terms of the partnership not disclosed.
Tempus AI (24 Aug): FDA 510(k) clearance for Tempus ECG-PH, software reading standard 12-lead ECGs for early signs of pulmonary hypertension.
Implantica (25 Aug): FDA Premarket Approval for RefluxStop, an anti-reflux implant for GERD, eight years after European launch.
DualityBio (25 Aug): Fast Track for DB-1317, an ADAM9-targeting ADC, in advanced pancreatic ductal adenocarcinoma, Phase 1.
Mahzi Therapeutics (25 Aug): Rare Pediatric Disease designation for an AAV9-TCF4 gene replacement therapy, which carries priority review voucher eligibility.
United Therapeutics / ralinepag (24 Aug): FDA accepted the NDA for the oral IP receptor agonist in PAH, PDUFA 24 Jun 2027. The royalty item of the day: Pfizer, through Arena, holds a low double-digit tiered royalty on net sales of ralinepag by any route, plus $150M on approval of an oral version in certain non-US jurisdictions and $250M on FDA approval of an inhaled formulation.
J&J / IMAAVY (24 Aug): FDA approved the FcRn blocker nipocalimab in warm autoimmune haemolytic anaemia off the Phase 2/3 ENERGY study.
Lakefront Biotherapeutics / gamgertamig (24 Aug): orphan designation in pemphigus for the BCMAxCD3 engager, after Fast Track and orphan in AIHA and ITP. Developed with Gilead following the $2.175B Ouro Medicines acquisition; Gilead holds a 50/50 profit-share opt-in over the preclinical engager programmes.
CSPC (26 Aug): Fast Track for SYS6090, a PD-1 and IL-15 bispecific fusion protein, in MSS/pMMR metastatic colorectal cancer, Phase 1.
SOTIO Biotech (26 Aug): Fast Track for SOT106, an LRRC15-targeting antibody-drug conjugate, in soft tissue sarcoma. Also holds Orphan Drug designation in osteosarcoma. Preclinical, with a first-in-human trial expected to start this year. Wholly owned by PPF Group.
Fast Track designations to Erasca (ERAS-0015, pan-RAS molecular glue, metastatic pancreatic adenocarcinoma) and onvuzosiran (siRNA against prekallikrein, hereditary angioedema, Phase 3).
Gilead / Bixlenvo (27 Aug): FDA approved the bictegravir and lenacapavir single-tablet regimen for virologically suppressed adults with HIV-1. The PDUFA fell on the date and the agency acted.
CytomX (27 Aug): Fast Track for CX-2051, an EpCAM-directed topoisomerase-1 ADC, in colorectal cancer, Phase 1.
Roivant / Priovant / LISRAYA (27 Aug): FDA approved brepocitinib 30mg for adults with dermatomyositis, the first targeted therapy approved in that indication and the first approval for the asset. Pfizer licensed oral and topical brepocitinib to Priovant in Sep 2021, granting global development rights and US and Japan commercial rights while retaining ex-US commercial rights and a 25% equity interest in Priovant. Available in the US immediately.
Capricor / deramiocel (24 Aug): the FDA classified the BLA amendment as a major amendment and moved the action date from 22 Aug to 22 Nov 2026. Not an approval, not a CRL.
Rhythm Pharmaceuticals (24 Aug): Japan's MHLW approved IMCIVREE (setmelanotide) for acquired hypothalamic obesity. Upstream: mid-single-digit royalties to Ipsen plus up to $40M in milestones, most payable no earlier than first commercial sale.
Orum Therapeutics (23 Aug): FDA cleared the IND for ORM-1153, a CD123-GSPT1 degrader-antibody conjugate, with a Phase 1 in relapsed or refractory AML to start by end-2026. Wholly owned; the platform's prior GSPT1 asset sits with BMS.

Fund formation: 1 in market, 5 certified.

AMED (27 Aug): Japan's medical research agency certified five venture capital firms under the eighth round of its Drug Discovery Venture Ecosystem Strengthening programme: Angel Bridge, Cure Ventures Management, Deerfield Management, Mission BioCapital and SV Health Managers. Thirteen applied, eight cleared paper review. Certified VCs sign a certification contract with AMED, whose portfolio companies then become eligible for state co-funding.
InnoVen Capital (reported 24 Aug): raising $200M for InnoVen Healthcare Fund I, a venture-debt vehicle for healthcare companies across India, Southeast Asia and China. IFC in discussion as an LP. Not closed.

Carried from W34.

Symbiotec Pharmalab (book 24 to 27 Aug, closed 75.08x subscribed): QIB 181.20x, NII 77.56x, retail 13.69x, on 5,287,440 applications. Final price Rs 988, the top of the band. Anchor book $60M (Rs 526.2 crore) across 34 investors, with domestic mutual funds taking 60.06% across 11 fund houses. Fresh issue $17M (Rs 150 crore), offer for sale $183M (Rs 1,607 crore), against Rs 2,180 crore at draft stage. Allotment 28 Aug, listing around 1 Sep. JM Financial, Avendus, Motilal Oswal and Nomura book-running.

Open in the remainder of the window.

Revolution Medicines, the compelled first $250M draw on the Royalty Pharma term loan. The 26 Aug 8-K reports the approval under Item 8.01 only, and no draw or royalty-tranche 8-K was filed through 29 Aug. The draw is contractually required following approval.
Verastem / Oberland, $50.0M scheduled to fund 28 Aug. No closing 8-K on the record through 29 Aug; the financing is documented only as expected in the 7 Aug filing.
Amylyx, closing and any exercise of the 2,113,500-share option. Neither has been filed; both would ordinarily surface in the next 10-Q rather than an 8-K.
Norwich v Kennedy, the scope of the remand and FDA's response.

M&A and Restructuring

Nine M&A and licence headlines on a square-root scale, with the money certain at signing filled in.

Valerio Therapeutics (Euronext Growth Paris: ALVIO) signed definitive agreements to acquire 100% of Etherna Immunotherapies NV, the Belgian mRNA and lipid nanoparticle platform company, at an enterprise value of $35M (EUR 30M) (coverage).

Terms: $35M (EUR 30M) enterprise value, debt-free and cash-free, subject to customary adjustments and undisclosed contingent earn-outs. Consideration is cash plus Valerio shares, not all-share. The share contribution requires an extraordinary general meeting expected around 6 Oct 2026, with irrevocable undertakings from holders of more than 70% of the votes already secured
What is not disclosed: the cash and share split, and the earn-out ceiling. Enterprise value is not cash paid, and some Etherna lenders and managers will subscribe for Valerio shares by setting off Etherna receivables, which further blurs the cash requirement
What Valerio is buying, in royalty terms: Etherna carries partnered entitlements it has never priced publicly. The Almirall dermatology alliance of Dec 2023 makes Etherna eligible for milestones the parties said could exceed EUR 300M plus tiered royalties on global sales; the Dropshot Therapeutics collaboration of Jan 2025 is stated at up to $950M in upfront, research funding, milestones and tiered royalties; a research agreement with Merck KGaA dates from Feb 2022. No rate is published on any of them. Upstream, Etherna licenses ionisable lipids from Ghent University and the TriMix and TetraMix technologies from Vrije Universiteit Brussel, terms undisclosed
Unanswered: whether any of those agreements carry change-of-control provisions that this transaction triggers. Nothing in the deal documents addresses it
Financing: a concurrent $47M (EUR 40.25M) PIPE, 68,220,333 shares at EUR 0.59, a 25% discount to the three-day VWAP and roughly 13.7% dilution against the pre-financing base. Settlement expected 26 Aug. Named subscribers: Artal International at EUR 18M, Financière de la Montagne at EUR 7M and Saint James Luxembourg at EUR 1M, alongside Invus and other existing and new global investors
The consideration mechanism, from the adviser's own account: certain Etherna shareholders elected to convert part of their cash consideration into shares of the combined company. That is how a cash-and-shares deal at a EUR 30M enterprise value ends up with an undisclosed cash component
Market response: Valerio's shares rose more than 265% since the 1 Jul announcement of the proposed acquisition, adding roughly EUR 287M of market capitalisation, against a EUR 30M enterprise value and a EUR 40.25M placement
Advisers: Van Lanschot Kempen sole financial adviser and sole placement agent, Goodwin counsel to Valerio; Moelis financial adviser and Deloitte Belgium with August Debouzy counsel to Etherna
History: the binding offer was signed 1 Jul 2026 with unanimous approval from Etherna's board, followed by a six-week exclusivity period. The definitive signing lands seven weeks later, on schedule
Asset: Etherna brings customisable LNPs, mRNA chemistry and GMP manufacturing; Valerio brings single-domain antibody targeting and conjugation. The combined lead programme is an in vivo CAR-T approach in immunological disease, with at least two programmes targeted for IND-enabling studies within 18 to 24 months
Structure: an acquisition of a private platform company by a small-cap listed acquirer, financed by a PIPE priced at signing at a 25% discount. The stated rationale is a targeted nucleic acid therapeutics platform combining nucleic acid chemistry, LNP delivery and targeted moiety engineering with in-house manufacturing, aimed at tissues beyond the liver. Related to the shell-plus-placement mechanics of the Fulcrum and Werewolf reverse mergers in W34, with the listed company as survivor
Royalty read-through: Etherna is a platform licensor with existing partner programmes on its cLNP and mRNA technology. Whether any partnered royalty or milestone entitlements travel with the acquisition, and on what change-of-control terms, is not disclosed. That is the diligence question the transaction leaves open
Date: Definitive agreements announced Mon Aug 24, 2026

McKesson / Precision Medicine Group: $2.25B for the Infrastructure Layer Between a Molecule and Its Market (Tue Aug 25)

McKesson Corporation (NYSE: MCK) signed a definitive agreement to acquire Precision Medicine Group, LLC for approximately $2.25B (release).

Terms: approximately $2.25B for the common equity. Subject to customary closing conditions including regulatory clearances. On completion the business reports within McKesson's Oncology and Multispecialty segment
The target: a global provider of clinical research and biopharma commercialisation services, spanning biomarker intelligence, laboratory services, a global CRO, market access consulting and commercialisation support. Blackstone is the selling owner
Rationale as stated: McKesson cites enhanced clinical research and commercialisation services, stronger clinical trial execution and a broader clinical service offering, within a multi-year repositioning that has exited non-core assets in favour of oncology and specialty care
Structure: the buyer is a distributor, not a developer. What is acquired is the infrastructure a biopharma company rents to run a trial and launch a product, priced at $2.25B, with no molecule, no patent estate and no royalty attached to any of it
Royalty read-through: none. As a price marker for the commercialisation services layer: $2.25B against a largest licence upfront of $400M in the same window
Date: Announced Tue Aug 25, 2026

Kedaara / Tynor: $200M Into an Indian Orthopaedic Manufacturer, on an Asset With No Licence, Patent or Royalty Layer Above It (Tue Aug 25)

Kedaara Capital invested $200M in Tynor Orthotics Pvt. Ltd., the Indian manufacturer of orthopaedic supports, mobility aids and rehabilitation products (coverage).

Terms: $200M invested. Stake size, structure and valuation are not disclosed, and the release does not say whether this is control or a significant minority. o3 Capital was exclusive financial adviser
Continuity: Kedaara will work with promoters Dr PJ Singh and AJ Singh, the management team, and existing strategic partner Thuasne, the French orthopaedic group, to build what the firm calls an ortho-focused wellness platform. The promoters stay
The business: founded 1993. More than 300,000 retail outlets and 8,000 hospitals across 60 countries, products used by more than 100 million people, three plants across 6.5 lakh square feet run on lean manufacturing for price competitiveness
Structure: a manufacturing and distribution asset. No royalty, licence or intellectual property layer is disclosed. Hanmi's upfront on a Phase 1 obesity licence in the same window was $190M
Region: the third Indian healthcare capital event of the window, after the Symbiotec and ABH Healthcare books
Date: Announced Tue Aug 25, 2026

Royalty-Bearing Licence-Outs and Collaborations

Five Royalty Pharma instruments touched by the window. Each narrows or stops as the asset succeeds.

GSK / Ionis: A First Global Approval Starts a 10% to 12% Royalty on an Asset Licensed Out in 2019 (Tue Aug 25)

Japan's MHLW approved Hibsago (bepirovirsen) as a functional cure for chronic hepatitis B in adults who have had at least six months of prior nucleos(t)ide analogue therapy and meet defined viral markers (release).

The stream: GSK licensed bepirovirsen from Ionis Pharmaceuticals in Q3 2019, exercising an option under a March 2010 antisense alliance that carried $35M of upfront payments. Ionis earned a $25M licence fee on exercise. Ionis holds tiered royalties of 10% to 12% on net sales, plus $150M in remaining regulatory and sales milestones. GSK carries all global development, regulatory and commercialisation cost
What the approval does: this is the first global approval for the asset, so it opens the royalty term and draws on the regulatory portion of the remaining ladder. Ionis has not published a figure for the Japanese trigger
Origin: discovered at Ionis as ISIS 505358 / IONIS-HBVRX and jointly developed. No upstream licensor is named, consistent with an in-house antisense asset
The market: around one million people in Japan live with chronic hepatitis B, contributing roughly 4,000 deaths a year; more than 240 million live with it worldwide. B-Well 1 and B-Well 2 ran across 29 countries, and 19% of patients with lower baseline HBsAg achieved a functional cure
The stream is unencumbered. Ionis has one royalty monetisation on its books, a Jan 2023 agreement with Royalty Pharma covering SPINRAZA and pelacarsen only: $500M upfront against up to $625M in further milestones, giving Royalty Pharma 25% of SPINRAZA royalties from 2023 to 2027, rising to 45% in 2028 on up to $1.5bn of annual sales, plus 25% of any future pelacarsen royalties, with reversion once cumulative SPINRAZA payments reach $475M or $550M. Bepirovirsen appears nowhere in that agreement or in any other, so Ionis retains the full 10% to 12%
Royalty read-through: a published 10% to 12% band on a first-in-class asset, unencumbered, in an indication with no prior functional cure
Date: Announced Tue Aug 25, 2026

Revolution Medicines: Approval Switches On a $1.25B Synthetic Royalty and Forces the First Draw on a $750M Loan (Wed Aug 26)

The FDA approved RASONQUE (daraxonrasib), once-daily oral tablets, for adults with metastatic pancreatic adenocarcinoma who have had at least one prior systemic therapy or are not candidates for multiagent therapy (release).

What the approval does to the royalty: under the Jun 2025 funding agreement, Royalty Pharma provides up to $1.25B for a synthetic royalty on daraxonrasib, and royalty obligations begin only after FDA approval of daraxonrasib. That condition is now met. The instrument has been funded and dormant since closing; it starts paying
The structure: five tranches of $250M. The first two, $500M, were payable before approval: $250M at closing in Jun 2025 and $250M received in May 2026 on the positive RASolute 302 readout. Both are funded. Tiered royalties for 15 years on worldwide annual net sales of daraxonrasib, and of zoldonrasib if approved in an overlapping indication
The rates are published exactly. On the $500M funded to date, Royalty Pharma is entitled to 4.55% on annual net sales from $0 to $2B, 2.50% from $2B to $4B, and 1.00% from $4B to $8B, with nothing above $8B. A further $750M of synthetic royalty is available at Revolution Medicines' option, the next $250M unlocked by this approval. If drawn in full the rates rise to 7.80%, 4.55% and 2.40% across the same bands. Rates adjust pro-rata to the amount drawn, and the $0 to $2B rate may increase between 2030 and 2041 if prior-year sales fall below an agreed threshold
The debt leg, now compelled: a senior secured term loan of up to $750M at SOFR plus 5.75% with a 3.5% floor, interest-only, principal due at the earlier of six years after the first draw or 31 Dec 2032. The first $250M tranche must be drawn following FDA approval for metastatic PDAC, provided approval occurs by 1 Jan 2028. Approval does not merely permit the draw, it compels it. Tranches two and three are optional on annual net sales milestones, and Royalty Pharma retains the right to syndicate all or part of the loan
Advisers on the original agreement: Goodwin Procter and Maiwald to Royalty Pharma; Latham and Watkins legal and TD Securities financial to Revolution Medicines
The data the royalty is written against: RASolute 302 (NCT06625320), a global randomised Phase 3 of 300mg once-daily RASONQUE versus investigator's choice of four chemotherapy regimens, met all primary and key secondary endpoints in both the RAS G12 mutant and intent-to-treat populations. In the ITT population it reduced the risk of death by 60%, hazard ratio 0.40, with median overall survival 13.2 months against 6.7 for chemotherapy, and median PFS 7.2 months against 3.6. Time to deterioration in global health status was 5.7 months against 2.6, and in clinically relevant pain 9.2 months against 3.8
Label breadth, which is what sizes the stream: the indication covers metastatic PDAC with or without an identified RAS tumour mutation and requires no companion diagnostic. Approximately 55,000 people are diagnosed with PDAC in the US each year, around 80% after the disease has spread, with a five-year relative survival of roughly 3% in metastatic disease
Speed: submitted 22 Jul, approved 26 Aug, just over a month, under the FDA Commissioner's National Priority Voucher pilot. Also in Project Orbis. Breakthrough Therapy and Orphan Drug in PDAC, plus Breakthrough in previously treated KRAS non-G12C NSCLC. Tablets are on the market now, with an (ON)Path patient support programme
The next legs of the same royalty: daraxonrasib is in a global Phase 3 registrational programme in metastatic RAS-mutant NSCLC as well as PDAC. In Europe the CHMP has begun a phased review, with orphan designation in pancreatic cancer and high-priority status under the EMA Cancer Medicines Pathfinder project. Each of those expands the base the synthetic royalty is calculated on
Royalty read-through: the rate declines from 4.55% to 1.00% and terminates above $8B, against ascending ladders elsewhere in this issue. Revolution Medicines retains development and global commercialisation
Date: Announced Wed Aug 26, 2026

Neuren: A Royalty Recipient Writes a Dividend Policy With the Royalty as the Formula (Wed Aug 26)

Neuren Pharmaceuticals (ASX: NEU) declared its first dividend and adopted a standing policy that pays out a defined share of its DAYBUE royalty income (coverage).

The policy, and its wording is the point: semi-annual dividends targeting 70% to 100% of the "Available Pool", defined as after-tax royalty income less corporate and administrative expenses. Not a share of earnings, not a share of free cash flow. The distribution formula is the royalty itself
First payment: interim dividend of 15 cents per share, fully franked, totalling A$19.0M, being 90% of an Available Pool of A$21.1M. Ex-dividend 15 Sep, record 16 Sep, payable 7 Oct 2026
The stream: H1 2026 royalty income $23.3M (A$33.2M), up 29% year on year, on DAYBUE global net sales of $226M, up 25%. Full-year royalty guidance $53M to $56M against Acadia's raised sales guidance of $480M to $510M. Acadia reaffirms a $700M net sales target for 2028
The rate is published: tiered royalties from the mid-teens to the low twenties as a percentage of net sales under the European agreement, plus $35M on first commercial sale in Europe and up to $170M in sales milestones at defined thresholds
Europe just opened: the European Commission granted marketing authorisation for DAYBUE in Rett syndrome, with a German launch expected early Q4 2026. Japan topline is due between September and November 2026, with a submission planned in 2027
Royalty read-through: a single licensed asset, a published tiered rate, a named payer, and a board treating the receipts as distributable income rather than as R&D funding. One product and one licensee generate essentially all of it
Balance: cash and short-term investments A$287M at 30 Jun, profit after tax A$4.9M, R&D A$27.4M
Date: Announced Wed Aug 26, 2026

Zymeworks / Jazz: Approval Releases $250M That Sits Outside the Royalty Pharma Note, and Accelerates a 30% Royalty Claim That Is Capped at 1.65 Times Principal (Tue Aug 25)

The FDA approved two Ziihera (zanidatamab-hrii) regimens for first-line unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma, with tislelizumab and chemotherapy for IHC 3+ and IHC 2+/ISH+, and with chemotherapy alone for IHC 3+ (release).

Cash on approval: a $250M milestone from Jazz Pharmaceuticals, taking total upfront and milestone payments received from Jazz to $650M
What remains: up to $1.3B in further regulatory and commercial milestones from Jazz, plus tiered royalties of 10% to 20% on Jazz net sales in its territories. Under the separate BeOne Medicines agreement, $81M received to date, up to $144M in further milestones, and tiered royalties of up to 19.5% in BeOne territories
Against the March baseline: at the time of the Royalty Pharma financing the remaining ladder was disclosed as up to $440M in near-term milestones tied to future regulatory approvals in mGEA, $89M in regulatory milestones for a third indication beyond biliary tract cancer and mGEA, and up to $977.5M in commercial milestones. Today's $250M is drawn from the first of those three pools
The re-rate: the royalty was earning on accelerated approval in previously treated biliary tract cancer. GEA is the fifth most common cancer worldwide, roughly 20% HER2-positive, with more than 31,000 new US stomach cancer cases annually. The same 10% to 20% band now applies in first line, regardless of PD-L1 status
Evidence: Phase 3 HERIZON-GEA-01, published in the New England Journal of Medicine and first presented at ASCO GI 2026, with median overall survival above two years and similar outcomes irrespective of PD-L1 status
The Royalty Pharma note: on 2 Mar 2026 Zymeworks BC sold 30% of future Ziihera royalties under the Jazz and BeOne agreements to Zymeworks Royalty Limited Partnership, a newly formed special purpose entity, which borrowed $250M from Royalty Pharma against them. The note is non-recourse and secured solely by the subsidiary's assets, being the transferred royalty interest, the related rights under the sale agreement and the deposit account receiving the royalties. Termination of either covered agreement, specified breaches, or a change of control of Zymeworks allows acceleration
Milestones sit outside it. Royalty Pharma's release states that all earned regulatory and commercial milestone payments under the Jazz and BeOne agreements are retained by Zymeworks. The $250M earned on 25 Aug is Zymeworks' in full. Zymeworks also retains 70% of the royalties throughout, with full rights reverting once payments cease
The cap: Royalty Pharma stops receiving royalties once cumulative payments reach 1.65 times the note by 31 Dec 2033, or 1.925 times at any time after, which is approximately $412.5M on the early path and $481.3M on the late one, with an outer date of 31 Dec 2042. The 30% share is described as equating to a low to mid-single digit upward-tiering royalty
What the approval therefore does: the return is capped, so a first-line label cannot increase what Royalty Pharma collects. It changes when. Royalty payments to Royalty Pharma across the first half of 2026 were $467k, earned on previously treated biliary tract cancer alone; a first-line GEA label multiplies the base that 30% is taken from. The cap arrives sooner, the effective return on fixed principal rises, and full royalty rights revert to Zymeworks earlier. Approval compresses the note's life rather than enlarging the claim
Carrying value: Zymeworks books the $250M as a liability related to the sale of future royalties, net of $5.563M of transaction costs, recognising royalty revenue in full and treating payments to Royalty Pharma as reductions of the liability. Net liability $252.631M at 30 Jun 2026 against $246.503M at 31 Mar, with the estimated effective interest rate moving from 10.3% to 10.7%
The underlying tiers, both published: from Jazz, 10% to high teens on global annual sales outside Asia excluding Japan, Australia and New Zealand up to $2.0B, and 20% above it. From BeOne, mid-single to mid-double digits on annual net sales in Asia excluding Japan, Australia and New Zealand up to $1.0B, and 19.5% above it, with rates rising 0.5% once cumulative amounts forgone under a 0.5% royalty reduction reach a cap in the low double-digit millions
Structure: Zymeworks describes itself as managing a portfolio of licensed assets under an asset and royalty aggregation strategy. Discovered in Vancouver, developed in-house through its own IND, then licensed to BeOne in 2018 and Jazz in 2022 across complementary territories. This is the originate-and-retain model reaching its payoff: $731M of upfront and milestone cash received across two payers, with the royalty still to come
Date: Announced Tue Aug 25, 2026

Biohaven / SK Biopharmaceuticals: $400M Upfront Four Months Before Pivotal Topline, a Published Mid-Teens to Low-Twenties US Royalty, and a Second Royalty to Knopp Underneath It (Wed Aug 26)

SK Biopharmaceuticals entered a global licence with Biohaven Bioscience Ireland for Opakalim (BHV-7000), other Kv7 activator compounds, and Biohaven's Kv7 discovery platform, disclosed in a regulatory filing on 26 Aug (coverage).

Terms, from the licensee's own release: the $795M headline is $400M in upfront cash plus up to $395M in development and regulatory milestones, of which $335M is opakalim-specific. The upfront splits $350M at closing and $50M one year after closing. Royalties are payable separately and sit outside the $795M
The rate is published, and it is the highest band in this issue: tiered royalties of mid-teens to low twenties on US net sales of opakalim, and mid-single digits on net sales outside the US. SK states that royalties run on ex-US opakalim sales and on certain other products, so the stream is not confined to the lead asset
Scope: not a single asset. It covers the lead Kv7.2 and Kv7.3 activator, the other compounds in the series, and the discovery platform that produced them
Stage: two Phase 2/3 randomised, double-blind, placebo-controlled studies in refractory focal onset epilepsy, plus an open-label extension. More than 1,200 participants studied to date. Adults with at least four seizures per month on one to three anti-seizure medicines, randomised 1:1:1 to opakalim 75mg, 50mg or placebo as adjunctive therapy. In the open-label extension, 54% of patients on 75mg once daily reached a 50% or greater reduction in seizure frequency
The timetable SK is buying: RISE 3 initial topline by the end of 2026, a second data readout in 2028, and a US launch as early as 2029. Closing is subject to antitrust clearances and customary conditions
Direction: SK Biopharmaceuticals is the buyer, not the seller. It already commercialises cenobamate, marketed as XCOPRI in the US, and is assembling an epilepsy franchise rather than out-licensing a Korean asset
There is a second royalty above the first. Biohaven acquired the Kv7 assets by buying Channel Biosciences from Knopp Biosciences in 2022 for $35M cash and shares valued at around $65M. A May 2024 amendment replaced the original scaled royalty with a flat mid-single-digit royalty to Knopp and cut the milestone ladder. SK assumes those obligations: up to $185M to Knopp on US and EU approval, a mid-single-digit worldwide royalty to Knopp, and up to $60M of future Kv7 pipeline milestones, roughly $245M in assumed obligations plus the Knopp royalty. Two royalty layers on one asset, both now payable by the licensee
The Irish entity: the stream sits with Biohaven Bioscience Ireland, not the New York-listed parent. Royalty positions held in Irish subsidiaries carry a different tax and transferability profile from streams held at group level, and it is the entity a purchaser would contract with. The filings do not state why the asset is held there
Structure: $400M of a $795M headline, just over half, is paid before any milestone is earned. Hanmi in the same window is $190M upfront against $2.3B, about 8%. SK signed roughly four months before the first pivotal topline is due and three years before it expects to launch
Advisers: Nomura Securities International exclusive financial adviser and Paul Hastings legal counsel to SK Biopharmaceuticals; J.P. Morgan Securities exclusive financial adviser and Sullivan and Cromwell legal adviser to Biohaven
Date: Filing disclosed Wed Aug 26, 2026

Haisco / Sentivera: The Window's Only Published Rate on a New Agreement, Mid-Single to Low Double Digits, With the Licensor Also Taking 17.5% of the Licensee (Tue Aug 25)

Haisco Pharmaceutical Group (SSE: 002653) granted Sentivera, a new US venture founded by ARCH Venture Partners and Population Health Partners, rights outside Greater China to a small molecule inhibiting the development and progression of Type 2 inflammatory disease (coverage; Haisco filing).

Terms: $75.89M in combined upfront cash and equity consideration, reported as roughly $40M in cash and stock worth almost $36M giving Haisco 17.5% of Sentivera, plus up to $1.46B in development, regulatory and commercial milestones, for a headline above $1.5B
The rate, and it is published: mid-single digits to low double digits, tiered, on post-launch net sales. That is the only royalty band disclosed on a new agreement anywhere in this window
Territory: Haisco retains Greater China and takes the rest of the world economics through the licence and the equity
The buyer: Sentivera incorporated in Delaware twelve days after Pfizer closed its acquisition of Metsera, the obesity company the same two investors launched in 2022, emerged with $290M in 2024 and sold into a Pfizer and Novo Nordisk bidding war. Sentivera's own round is $83M, including $5M contributed personally by Wang Junmin, Haisco's billionaire chair
Asset: a pre-clinical small molecule described as a core Haisco immunology asset, inhibiting the development and progression of Type 2 inflammatory disease, the pathway behind asthma, atopic dermatitis, chronic rhinosinusitis with nasal polyps and eosinophilic oesophagitis. China IND cleared in Aug 2026. No target and no molecule name are disclosed
Structure: the licensor takes a royalty and 17.5% of the licensee, so the equity is additive to the stream rather than a substitute for it. The same investors launched Metsera in 2022 and sold it to Pfizer
Royalty read-through: a published band on a preclinical asset, against undisclosed rates on several clinical and commercial-stage agreements in this issue
Counterparty credit: the milestones and the royalty are owed by a startup capitalised at $83M. The covenant behind both is the sponsors' willingness to fund or sell the vehicle. Haisco's 17.5% stake aligns it with that outcome
Date: Announced Tue Aug 25, 2026; Haisco filing dated 26 Aug Beijing time

Hanmi / Genentech: Worldwide Rights Outside Korea to a Phase 1 Obesity Peptide for $190M Upfront, Up to $2.3B and Tiered Royalties, With the Licensor Finishing Phase 1 Itself (Mon Aug 24)

Hanmi Pharm (KRX: 128940, the operating company, not Hanmi Science at 008930) granted Genentech, a member of the Roche Group, an exclusive licence to develop, manufacture and commercialise HM17321, a long-acting urocortin-2 analogue for obesity and associated conditions, worldwide excluding South Korea (release).

Terms: $190M (KRW 262.9bn) non-refundable upfront. Development, regulatory and commercial milestones take the total to approximately $2.3B (KRW 3.19tn). Tiered royalties on net sales on top. Neither the milestone ladder nor the royalty tiers are published. Roche's own release did not add to the numbers
Asset: HM17321, a CRF2-selective UCN2 analogue with Hanmi's long-acting technology. Non-incretin mechanism, positioned to reduce fat mass while preserving or increasing lean mass, as monotherapy or in combination with GLP-1 agents. FDA IND cleared Nov 2025; Phase 1 in healthy volunteers and people with obesity is running
Structure: Hanmi completes Phase 1 at its own cost. Genentech takes over from Phase 2. The licensor carries the first clinical readout on a licence already signed, so the $190M was priced on preclinical and early Phase 1 data and the first milestone likely sits behind a result Hanmi itself delivers
Territory: Korea retained. Hanmi has kept domestic rights on every major out-licence since 2015 and sells in Korea through its own organisation
Stack: Hanmi now holds tiered royalties against three large-pharma payers on three long-acting peptides: efinopegdutide with Merck (MASH, Phase 3, licensed 2020), sonefpeglutide with Lilly (short bowel syndrome, licensed earlier in 2026) and HM17321 with Genentech. None of the three rates is published. All three payers are US filers, so milestone recognition will surface in their accounts before Hanmi discloses anything
Royalty read-through: at Phase 1 the stream is years from earning, so the print is a comparable rather than a monetisation candidate. Roche paid $190M for a non-incretin obesity asset in a category where it already holds petrelintide from Zealand and CT-388 from Carmot. Zealand's petrelintide licence carries the nearest disclosed royalty terms from the same payer, one stage later
Date: Announced Mon Aug 24, 2026

Lexicon / Novo Nordisk: A Third $10M Milestone of 2026 Earned on a Dosing Achievement, Against a $1B Ceiling and an Unpublished Royalty (Mon Aug 24)

Lexicon Pharmaceuticals (Nasdaq: LXRX) earned a $10M milestone from Novo Nordisk on a patient-dosing achievement in the Phase 1 programme for LX9851, an oral ACSL5 inhibitor for obesity and associated metabolic disorders (release).

The stream: an exclusive worldwide licence signed in Mar 2025 giving Novo Nordisk rights to develop, manufacture and commercialise LX9851 in all indications. Lexicon is eligible for up to $1B in upfront and development, regulatory and sales milestones, plus tiered royalties on net sales. The royalty rate is not published
The ladder in practice: three $10M near-term milestones were structured around early clinical progress. The second was earned in Mar 2026 on Phase 1 initiation; this is the third, on a dosing achievement inside the same study. The Phase 1 enrols 96 participants and reads out in Q1 2027
Instrument: the only cash paid on a royalty-bearing licence anywhere in this window. Three near-term milestones inside eighteen months of signing, none contingent on a data outcome
Comparable: LX9851 and Hanmi's HM17321 are both non-incretin obesity assets licensed to a large-cap payer, both carrying tiered royalties with no published rate, and both in Phase 1 this week
Date: Announced Mon Aug 24, 2026

Licensing Income

Antengene: First-Ever Profitability, Built Entirely on Two Platform Out-Licences With Undisclosed Royalty Tiers (Results Fri Aug 21, Recapped Sun Aug 23)

Antengene (HKEX: 6996) reported H1 2026 results with revenue of $72M (RMB 513M), up 864.5% year on year, and a first-ever profit of $30M (RMB 216M) (release).

What drove it: the Mar 2026 global licence of ATG-201 (CD19xCD3 T-cell engager) to UCB, with the $60M upfront received to date, ~$27M (RMB 195M) of licence revenue received in Jul 2026, a ~$19M (RMB 136M) near-term milestone eligible, up to approximately $1.1B in further milestones, and tiered royalties on net sales. The Jun 2026 licence of ATG-106 (CDH6xCD3) to K2 Therapeutics, established by MPM BioImpact, adds roughly $20M in upfront and near-term consideration, up to $960.5M in milestones, tiered royalties, and an option over a second undisclosed TCE, all ex-Greater China
Rates: both streams carry tiered royalties with no published rate, the same negative that runs through the Hanmi three-payer book one section above
Stack: two royalty streams against UCB and K2, plus XPOVIO commercial revenue across ten Asia-Pacific markets. Cash of ~$107M (RMB 765M) at 30 Jun before the July UCB receipt
Royalty read-through: a commercial-stage HKEX biotech reached profitability inside six months on BD income, without an equity raise. Innovent's H1 print four days later shows the same channel at twenty times the scale
Date: Results announced Fri Aug 21, 2026, via HKEX; overview issued Sun Aug 23

Regulatory and Clinical

United Therapeutics: NDA Acceptance for Ralinepag Starts the Clock on a Low Double-Digit Royalty Pfizer Inherited by Buying Arena (Mon Aug 24)

The FDA accepted United Therapeutics' (Nasdaq: UTHR) New Drug Application for ralinepag, a once-daily oral prostacyclin receptor agonist for pulmonary arterial hypertension, with a PDUFA target of 24 Jun 2027 (release).

The stream: United Therapeutics licensed worldwide rights from Arena Pharmaceuticals in Nov 2018, closing Jan 2019 on an $800M non-refundable upfront, up to $400M in regulatory milestones and low double-digit tiered royalties on annual net sales of ralinepag by any route of administration. Pfizer acquired Arena in 2022 and holds the position now
The two step-ups, both disclosed in United Therapeutics' own filings: a one-time $250M on FDA approval of an inhaled formulation of ralinepag in PAH, and a one-time $150M on approval of an oral version in certain non-US jurisdictions for any indication. The oral NDA now under review is what puts the second within reach
Data: the Phase 3 ADVANCE OUTCOMES study reduced the risk of clinical worsening by 55% against placebo, published in The Lancet in Jul 2026
Royalty read-through: a disclosed low double-digit band on a late-stage asset with a dated action point, held by an investment-grade payer that acquired the position through M&A rather than originating it. The $800M upfront, paid in 2019 on an asset already in Phase 3, is more than four times the Hanmi upfront in this issue
Date: Acceptance announced Mon Aug 24, 2026

Monte Rosa: A Wholly Owned GSPT1 Asset Enters Phase 2 on a Platform Carrying Two Novartis Royalties, One of Them With a Published Band (Mon Aug 24)

Monte Rosa Therapeutics (Nasdaq: GLUE) dosed the first patient in MODeFIRe-1, a Phase 2 of MRT-2359, its oral GSPT1-directed molecular glue degrader, with apalutamide in metastatic castration-resistant prostate cancer with AR mutations (release).

Study: up to 25 patients, Simon's two-stage design, 0.5 mg oral on 21 days on and 7 days off across 28-day cycles. Endpoints are PSA and RECIST response, duration of response, rPFS, PSA-PFS and safety. Prior second-generation AR inhibitor treatment required
Basis: in the Phase 1/2 with enzalutamide in heavily pretreated CRPC, 5 of 5 patients with AR mutations showed a PSA response with a 100% disease control rate and two RECIST responses. Six AR-mutation patients were enrolled in total; an update is due by year end
Ownership: MRT-2359 is wholly owned. Monte Rosa's disclosed pipeline sits outside the Novartis immunology agreement
Stack, and the reason it is here: the platform carries three partnered positions. Novartis (Sep 2025), $120M upfront, up to $5.7B total across option maintenance, exercise and milestones, with tiered royalties on global net sales in the high single to low double-digit range. Novartis (Oct 2024) on MRT-6160 and VAV1, $150M upfront, up to $2.1B in milestones, with tiered royalties on sales outside the US only. Roche (Oct 2023), $50M upfront, more than $2B in milestones, tiered royalties, rate undisclosed
Royalty read-through: the 2025 agreement publishes a band, which few items in this issue do. The same payer took two different territorial royalty structures two years apart, ex-US only on the 2024 VAV1 agreement and global on the 2025 immunology agreement, which gives a rate-and-territory comparison inside a single counterparty relationship
Date: Announced Mon Aug 24, 2026

Implantica: A Premarket Approval Eight Years After the European Launch, Into a Market of 78 Million Patients (Tue Aug 25)

The FDA granted Premarket Approval to Implantica's RefluxStop, an implant placed in the upper stomach by keyhole surgery to stop acid entering the oesophagus (coverage).

The pathway: full PMA, not 510(k) or De Novo, requiring five-year clinical data on long-term safety and effectiveness. RefluxStop has been on the European market since August 2018 and has treated around 1,800 patients across more than 60 centres of excellence
The market: roughly 78 million GERD patients in the US, mostly managed on proton pump inhibitors or diet. The implant addresses those who cannot tolerate or do not want long-term medication
Commercial plan: CEO and founder Dr Peter Forsell describes a targeted initial rollout to selected US centres and reflux surgeons, with adoption building gradually behind physician training and site activation. The company is expanding its US organisation and building logistics and distribution
Alongside: the interim report published after the approval reports sales up more than 60% year on year across European markets
Royalty read-through: none disclosed. A provable European revenue base with US expansion ahead of it is the profile device revenue-interest financing is written against
Date: Announced Tue Aug 25, 2026

BiomEdit / Folium Science: An Approved Brazilian Feed Additive and a CRISPR Platform Change Hands, With No Terms Disclosed (Tue Aug 25)

BiomEdit, the Indianapolis animal health biotechnology company, acquired Folium Science's technology platform and pipeline assets (release).

Terms: not disclosed. No consideration, structure, earn-out or royalty is stated
What transfers: BiomElix One, a poultry feed additive approved by Brazil's Ministry of Agriculture and Livestock (MAPA), and Guided Biotics, a CRISPR-Cas technology designed to target specific bacterial populations while preserving the wider microbiome
What it joins: BiomEdit's Programmable Veterinary Biologics platform of engineered bacterial strains. Its lead candidate BE-101, for prevention of mortality from necrotic enteritis in broiler chickens, is in the final stages of conditional licensure with the USDA Center for Veterinary Biologics. The company now runs two advanced poultry programmes on distinct precision-microbiome technologies
The seller: Folium co-founder Ed Fuchs describes a decade of platform building. The assets move rather than the company being acquired, which is the structure used when the platform has value and the corporate vehicle does not
Royalty read-through: no consideration and no royalty disclosed, which is the animal health norm and the reason the sector produces little visible transaction data. Whether a milestone or royalty structure exists here is not knowable from the release
Buyer's backers, for the map: Anterra Capital, Viking Global Investors, Nutreco, AgriZeroNZ, Elevate Ventures and Betagro Ventures. Founded 2022
Date: Announced Tue Aug 25, 2026

Capricor: A Major Amendment Moves the Action Date to 22 November, With the Approval-Contingent NS Pharma Economics Deferred Behind It (Mon Aug 24)

Capricor Therapeutics (Nasdaq: CAPR) announced that the FDA has extended the PDUFA target action date for the deramiocel BLA from 22 Aug 2026 to 22 Nov 2026 (release).

Mechanism: CBER accepted the BLA amendment and classified it as a major amendment, which carries a three-month extension. The amendment adds 24-month open-label extension data from the pivotal Phase 3 HOPE-3 study and robustness analyses, with a request that the agency review the file against a refined indication focused on upper limb function, the HOPE-3 primary endpoint
Not an approval and not a complete response letter. The July advisory committee voted 9 to 3 that the evidence did not support efficacy in DMD-associated cardiomyopathy; the amendment narrows the indication sought rather than re-arguing that record
Royalty read-through: the Nippon Shinyaku and NS Pharma commercialisation and distribution agreement covering the US and Japan is contingent on approval and currently in dispute. The extension defers the point at which those economics vest or fail by three months
Cash: approximately $238M at 30 Jun. An activist letter dated 21 Aug demands board changes and a strategic-alternatives committee
Date: Announced Mon Aug 24, 2026

Orum Therapeutics: IND Clearance for a Wholly Owned CD123-GSPT1 Degrader-Antibody Conjugate, on the Platform That Sold Its Last GSPT1 Asset to BMS Without a Royalty (Sun Aug 23)

Orum Therapeutics (KRX: 475830), the Daejeon and Boston degrader-antibody conjugate developer, announced FDA clearance of its IND for ORM-1153, a CD123-directed GSPT1 degrader conjugate, with a first-in-human Phase 1 in relapsed or refractory AML and other haematologic malignancies to begin by end-2026 (release).

Asset: ORM-1153 delivers a GSPT1 degrader payload to CD123-expressing cells via Orum's TPD2 approach. AACR 2026 preclinical data showed activity in primary AML samples and TP53-relevant models. The Phase 1 is a multicentre study of approximately 42 patients initially at US sites
Ownership: wholly owned, unlike the platform's two partnered positions
Stack: Orum's contingent economics sit against two payers. BMS acquired the ORM-6151 programme (CD33-GSPT1, now BMS-986497, Phase 1 recruiting) in Nov 2023 for $100M upfront and up to $180M total, with no royalty at all, milestones only. Vertex took a multi-target licence and option agreement on the TPD2 payloads in Jul 2024 worth up to $945M across up to three options, royalty terms undisclosed
Royalty read-through: the BMS structure is a published example of a programme sale in which the seller retained no sales participation, milestones only. Orum's second GSPT1 asset enters the clinic wholly owned, and GSPT1 clinical events read across to the BMS-986497 milestone schedule
Date: Announced Sun Aug 23, 2026

Funding

Where $1,026M came from and what it was structured as, with the Samsung Biologics rights offering shown separately.

BioXcel Therapeutics (Nasdaq: BTAI) amended its April 2022 credit agreement with the Oaktree-led lender group, taking $1.25M in additional term loans (8-K).

Price: a $250k upfront fee, 20% of gross new money, leaving $1.0M before legal and other costs. The new loans otherwise carry existing terms, including 13% interest and a 19 Apr 2027 maturity
Covenants: the minimum-liquidity covenant falls from $3M to $250k. The deadline for a lender-acceptable transaction repaying all obligations, or an acceptable alternative capital solution, moves from 28 Aug to 31 Aug, an extension of three days
The clause that matters here: the amendment removes flexibility on IP out-licensing and asset disposals and requires lender consent under tightened negative covenants. A secured lender now sits between the company and any licence it might grant
Royalty read-through: any licence, and any royalty created under it, requires the Oaktree group's consent. Comparable: the Innovatus facility ahead of the Coherus CVR in W34
Counsel: Sullivan and Cromwell for the administrative agent and Oaktree lenders, DLA Piper for lender Q Boost Holding. Company counsel and financial adviser not identified in the filing
What happened next: BioXcel is in Chapter 11 and its dexmedetomidine assets are in a Section 363 auction with Teva as stalking horse bidder, announced 28 Aug
Date: Agreement Mon Aug 24, 2026; 8-K filed Tue Aug 25, 2026

Teva Pharmaceuticals International GmbH has agreed to act as stalking horse bidder in a court-supervised auction under Section 363 of Chapter 11 for certain assets of BioXcel Therapeutics, including IGALMI and the investigational dexmedetomidine sublingual film BXCL501 (release).

Terms: $57.5M in upfront cash plus assumption of certain BioXcel liabilities, and up to $67.5M contingent on the outcome and timing of the pending at-home sNDA. The cash and contingent terms total $125M, which is the figure Teva's release supports; coverage reporting up to $145M is counting assumed liabilities on top. Both figures are in circulation and the difference is the liability assumption
The commercial position being sold: IGALMI was approved Apr 2022 and launched into hospitals and psychiatric facilities in Jul 2022. Net revenue fell from $2.3M in FY2024 to $0.6M in FY2025. The first-day declaration cites extended formulary review timelines, restrictive institutional purchasing protocols and the need for sustained educational outreach to change prescribing habits. Headcount went from roughly 60 to 25 across reductions in May and Sep 2024. Samir Saleem was appointed chief restructuring officer
Structure: a stalking horse bid sets the floor for the auction. Teva acquires only if it is the successful bidder and the court approves, and takes a break-up fee and expense reimbursement if outbid. The transaction is for assets, not for BioXcel as a whole
The asset: BXCL501 is under FDA review for at-home use in the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder, with a PDUFA target of 14 Nov 2026. If approved it would be the first FDA-approved at-home treatment for the condition
The DIP: $19M committed by the existing secured lenders, Oaktree and the Qatar Investment Authority, subject to court approval. Chapter 11 filed in Delaware as Case No. 26-11360, with subsidiaries OnkosXcel Therapeutics and OnkosXcel Employee Holdings
What was already shelved: an Aug 2023 reprioritisation concentrated resources on the SERENITY at-home label expansion and paused the TRANQUILITY Phase 3 programme, BXCL502, the BXCL503 and BXCL504 concepts, and BXCL701 held through OnkosXcel
The sequence: on 24 Aug BioXcel amended its Oaktree credit agreement, taking $1.25M at a $250k fee, cutting its minimum liquidity covenant from $3M to $250k, extending to 31 Aug the deadline for a lender-acceptable transaction repaying all obligations, and granting the lenders consent rights over IP out-licensing and asset disposals. Four days later the assets are in a Section 363 auction. The out-licensing route was closed by the lender; the disposal route was a bankruptcy sale
The stack being sold: dexmedetomidine is a long-generic alpha-2 agonist, so no upstream licence sits on the molecule. The value is BioXcel's own formulation estate: eight US patents, seven already listed in the Orange Book, extending protection to 12 Jan 2043. Academic collaborators on the BXCL501 programme are Columbia, Yale and the University of North Carolina at Chapel Hill
The encumbrance: BioXcel funded the IGALMI launch with a $260M strategic financing in Apr 2022, and its secured lenders at the petition date are Oaktree Capital Management and the Qatar Investment Authority, the same parties providing the $19M DIP. Whether the QIA tranche is a revenue interest over IGALMI sales or conventional debt is not established here
Royalty read-through: no royalty is created or retained. The asset reached auction one PDUFA from approval without being monetised, and Teva's consideration is an upfront plus approval-timing and sales-milestone payments rather than a stream
Advisers: Guggenheim Securities financial and Ropes and Gray legal to Teva; MTS Health Partners investment banker, MERU LLC restructuring adviser, Cooley and Young Conaway legal to BioXcel. Guggenheim's third mandate in this issue, after Edesa and Amylyx
Date: Announced Fri Aug 28, 2026

Gossamer Bio: $25M Closes Against $125M Committed on NDA Acceptance and $100M of Warrants Priced to Approval, With Chiesi Retaining Capped Royalties (Initial Closing Mon Aug 24)

Gossamer Bio (Nasdaq: GOSS) takes the initial closing of a structured private placement of up to approximately $250M today, funding seralutinib in pulmonary arterial hypertension through a planned September NDA submission and potential approval (release).

The ladder: approximately $25M at today's initial closing, via pre-funded warrants at $0.1399, a common-equivalent price of $0.14. A committed $125M second closing funds on FDA acceptance of the seralutinib NDA, provided acceptance occurs in 2026. Warrants exercisable only after FDA approval, at $0.187, carry up to a further $100M; they expire on the earlier of 30 days after notice of approval or five years
Instrument: pre-funded warrants, approval-linked warrants and non-voting convertible preferred, with lock-ups, beneficial ownership limits and a Nasdaq stockholder-approval condition before common shares can be issued
Investors: EcoR1 Capital, 683 Capital Partners, RA Capital Management, Coastlands Capital, Samsara BioCapital and Rock Springs Capital, alongside existing holders
Structure: each tranche is priced to a regulatory event rather than a date. Acceptance releases $125M, approval releases the warrants. Gossamer held approximately $57M of cash at 30 Jun
Upstream: in Jul 2026 Gossamer terminated the Chiesi collaboration and reacquired worldwide rights to seralutinib, ending a 50/50 US profit share with no upfront paid, plus a $5M payment from Chiesi for outstanding development costs. Chiesi retains capped royalties on global net sales and milestone entitlements. A capped royalty retained by a former partner is the layer any future monetisation of seralutinib would price around
Date: Agreement signed Thu Aug 20, announced Fri Aug 21, initial closing Mon Aug 24, 2026

Revier Therapeutics: A $7M Seed Out of Heidelberg University, Funded Entirely by Public, Quasi-Public and Regional Capital (Tue Aug 25)

Revier Therapeutics GmbH launched with a $7M (EUR 6M) seed financing to develop selective class IIa HDAC inhibitors for cardiometabolic disease (release).

Syndicate: led by KHAN Technology Transfer Fund II, an early-stage fund backed by the European Investment Fund through InvestEU and the ERP-EIF Facility, Akros Pharma, the Max Planck Foundation and Thyssen'sche Handelsgesellschaft, working alongside the Lead Discovery Center. With High-Tech Gründerfonds, VORNvc (set up by regional savings banks and NRW.Bank) and nine private investors through Revier Invest Heidelberg
Assets: RvTx-001 in heart failure with preserved ejection fraction, where preclinical work reversed diastolic dysfunction and restored exercise capacity in vivo, and RvTx-002 in atherosclerotic cardiovascular disease. Both preclinical, both orally available small molecules
Origin: the Institute of Experimental Cardiology at Heidelberg University under Prof. Johannes Backs, the scientific founder. First-generation HDAC inhibitors hit multiple classes and carried dose-limiting toxicity; these are designed to inhibit class IIa enzymatic activity while leaving canonical class I function intact
Royalty read-through: a university spin-out financed by a technology transfer fund normally carries an institutional licence with a royalty and milestone stack above the company. No Heidelberg licence terms are disclosed. The upstream is unstated rather than absent
Structure: the capital is public, quasi-public or regional throughout. EIF money through KHAN, federal money through HTGF, state and savings-bank money through VORNvc, local private capital through Revier Invest. No international venture participation is disclosed
Date: Announced Tue Aug 25, 2026

Shape Memory Medical / August Global Partners: A $10M Convertible Note From Two New Asia-Pacific Investors, With the Conversion Terms Undisclosed (Sun Aug 23)

Shape Memory Medical, the privately held San Jose developer of shape memory polymer embolisation devices, closed a $10M convertible note led by new investor August Global Partners, the Singapore healthcare and advanced manufacturing fund, joined by fellow new investor Taiwania Capital (release).

Terms: $10M convertible note. Conversion price, discount, cap and maturity are not disclosed
Use of proceeds: patient follow-up and data collection in the AAA-SHAPE pivotal trial and advancement of the FLAGSHIP feasibility study
Stage: the AAA-SHAPE pivotal (IMPEDE-FX RapidFill alongside EVAR for abdominal aortic aneurysm sac management, NCT06029660) completed enrolment in Jul 2026 with five-year follow-up; FLAGSHIP (NCT06550986) is a first-in-human study of the False Lumen Embolization System in aortic dissection. The IMPEDE family is CE marked, EU MDR Class III certified since Dec 2025, approved in Japan and cleared in the US; RapidFill remains investigational in the US
Installed base: regulatory approvals in more than 40 countries and use in more than 3,500 patients worldwide, against a $10M raise
Syndicate: both new investors are Asia-Pacific: August Global Partners is Singapore-based and Taiwania Capital was founded by Taiwan's National Development Fund. AGP closed its second vehicle, the AGP Healthcare Fund, at $150M, taking the firm to $350M under management, so this is a fresh-fund deployment. AGP states the investment will support Asia-Pacific expansion. Existing holders HBM Healthcare Investments, Earlybird Venture Capital and WexMed II continue; HEAL Venture Lab, a Singapore venture builder, supported the financing
Structure: a convertible note between completed enrolment and readout defers pricing to the data. The conversion price, discount, cap and maturity are all undisclosed, so the economics of the round are unquantifiable from outside
Date: Announced Sun Aug 23, 2026

League tables

Advisers and counterparties by appearance on transactions dated 23 to 30 Aug. Appearances, not fee rank.

Financial advisers. Two mandates each: J.P. Morgan (exclusive adviser to Biohaven; dealer-manager on the Arbutus tender), Guggenheim Securities (Teva on BioXcel; joint bookrunner on Amylyx), Leerink Partners (lead placement agent on Quoin; joint bookrunner on Amylyx), Nomura (exclusive adviser to SK Biopharmaceuticals; book-running lead manager on Symbiotec), JM Financial (Symbiotec; Aragen DRHP). One each: Van Lanschot Kempen (Valerio, as M&A adviser and sole placement agent), Moelis (Etherna), Morgan Stanley and LifeSci Capital (Amylyx), MTS Health Partners (BioXcel, debtor side), o3 Capital (Tynor), BTIG and Lake Street (Quoin co-agents), A.G.P. (Pluri), Fedex Securities (ABH), Avendus and Motilal Oswal (Symbiotec), Axis Capital, Citigroup India and Goldman Sachs India (Aragen).

Adviser	Mandates	On
J.P. Morgan	2	Biohaven; Arbutus tender
Guggenheim Securities	2	Teva / BioXcel; Amylyx
Leerink Partners	2	Quoin; Amylyx
Nomura	2	SK Biopharmaceuticals; Symbiotec
JM Financial	2	Symbiotec; Aragen

Legal counsel. Sullivan and Cromwell appears twice, for Biohaven on the SK licence and for the Oaktree group's agent on BioXcel. One each: Ropes and Gray (Teva), Paul Hastings (SK), Goodwin Procter (Valerio), Cooley and Young Conaway (BioXcel, debtor), DLA Piper (Q Boost on BioXcel), August Debouzy and Deloitte Belgium (Etherna), Walder Wyss (UBS on the Spineart refinancing), Wenger Plattner (Schaerer Medical). MERU LLC is BioXcel's restructuring adviser.

Counsel	Mandates	On
Sullivan and Cromwell	2	Biohaven; Oaktree agent on BioXcel
Ropes and Gray	1	Teva
Paul Hastings	1	SK Biopharmaceuticals
Goodwin Procter	1	Valerio
Cooley	1	BioXcel
Walder Wyss	1	UBS on Spineart

Capital and royalty counterparties. Royalty Pharma appears on five instruments the window touched: the Zymeworks note re-rated by the Ziihera approval, the daraxonrasib synthetic royalty that switched on, the SPINRAZA and pelacarsen purchase that establishes bepirovirsen is unencumbered, the aficamten synthetic royalty behind ACACIA-HCM, and one of the layers on ORLADEYO. Two each: Genentech (two Asian in-licences, neither publishing a rate), Pfizer (ralinepag via Arena; 25% of Priovant), Oaktree and the Qatar Investment Authority (BioXcel amendment and DIP), RA Capital (Gossamer; AusperBio), Blackstone (seller of Precision Medicine Group; BXLS on the map), Ionis (two unencumbered streams). One each: Sagard (Jemperli), Oberland (Verastem), UBS Switzerland (Spineart), August Global Partners (Shape Memory), KHAN Technology Transfer Fund (Revier), Kedaara (Tynor), Flat Capital (Pixelgen).

Counterparty	Appearances	Role
Royalty Pharma	5	royalty buyer and lender
Genentech / Roche	2	licensee
Pfizer	2	royalty and equity holder
Oaktree and QIA	2	secured lender, DIP
RA Capital	2	investor
Blackstone	2	seller; fund manager
Ionis	2	unencumbered licensor

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.