The Weekly Term Sheet (2026-W42)

Gilead agreed to pay Vir USD 90m upfront, USD 65m in cash and USD 25m in stock, for three masked T-cell engagers, the largest stated licence upfront of the week, and of the 11 royalties created in the window one publishes a rate, five publish a band, and five publish nothing.

Liquidia agreed to pay a net USD 380.7m to settle six cases with United Therapeutics and the holders of interests in one of them, and tripled its minimum cash covenant to HealthCare Royalty to USD 45.0m in return for its consent. Revolution Medicines let a USD 250m royalty tranche with Royalty Pharma lapse and drew a USD 250m Royalty Pharma loan instead, and Ocugen licensed OCU400 in the Middle East and North Africa for a royalty of 22 per cent of net sales.

Royalty and profit-share rates on the 38 streams touched between 11 and 18 October, in three groups, with word bands converted to ranges. Twenty-six publish a rate or band and 12 are drawn as empty bars. Formycon's share of gross profits on its Keytruda biosimilar runs off the scale.

Currency and language note: all amounts are given in US dollars. Where a source uses another currency, the converted figure comes first and the original follows in brackets, at approximately EUR 0.86, SEK 9.50, NOK 10.30, CHF 0.885, DKK 6.40, GBP 0.74, JPY 146, KRW 1,370, CNY 7.10, HKD 7.78, TWD 32.0, AUD 1.41 and INR 88 per US dollar, being late September 2026 rates. Where a source published its own conversion, that figure is used. Quotations from sources in other languages are given in our English translation.

Highlights

Royalty events: 11 created and 27 existing streams moved. Ten new agreements created a royalty, and the Alaunos merger disclosed an eleventh, a single-digit royalty Velaris owes Paragon. The settlement between United Therapeutics and Liquidia moved the revenue interest HealthCare Royalty holds in Liquidia, and Revolution Medicines left a third Royalty Pharma tranche on RASONQUE untaken.

A Phase 2 failure in idiopathic pulmonary fibrosis narrowed the base of Royalty Pharma's 13.8 per cent royalty on Niktimvo and of the royalty Syndax owes UCB. Cytokinetics plans a second filing for aficamten, on which Royalty Pharma receives 4.5 per cent.

A Phase 3 result for LIVMARLI moved the royalties Mirum pays Takeda and Pfizer. A wider US label for Anktiva moved Oberland's revenue interest, and the approval of RYZUMVI in presbyopia moved the royalty Viatris pays Opus Genetics.

The approval of Enspryng in thyroid eye disease moved Chugai's royalty from Roche. European committee opinions moved the royalties Lilly pays Chugai on orforglipron, Sobi pays Ionis on Tryngolza, and Johnson & Johnson pays Genmab on Talvey and daratumumab, and a withdrawn extension bears on the royalty AstraZeneca pays Astex on Truqap.

A resubmission accepted with a decision date of 31 March 2027 moved the royalty Pierre Fabre would pay Atara, and an acceptance for review moved the gross profit share Zydus owes Formycon. A Chinese approval moved the revenue share GenSci pays Foresee.

A Phase 3 failure moved the royalty Vanda owes Novartis, first efficacy data moved the royalty Verastem owes GenFleet, and a completed enrolment moved the royalty Rezolute owes XOMA, now part of Ligand. A Phase 3 presentation moved the royalty Braintree owes HK inno.N, and a Japanese launch moved the royalty Rhythm pays Ipsen.

Sanofi's option on an immunology candidate moved Recursion's royalty, and Cizzle Biotechnology deferred guaranteed payments from its licensee ahead of a 10 per cent royalty. A patent office decision upheld a patent carrying a court-ordered 6 per cent royalty from Guardant to TwinStrand, and a court in Washington recognised an award that keeps Vabysmo outside the Lucentis licence Novartis holds from Genentech.

M&A and restructuring: 5 agreed, 3 closed, 1 earn-out triggered, and 1 auction. STERIS agreed to pay USD 2.1bn for Xodus Medical, with an earn-out of up to USD 150m, and Galderma USD 1.5bn in cash for ZO Skin Health. Labcorp agreed to pay USD 722m in cash for testing businesses of OPKO Health, with an earn-out of up to USD 150m on the 4Kscore Test.

Stryker agreed to invest about USD 400m (GBP 300m) of preferred equity in CMR Surgical, with an option to buy the rest. Mankind Pharma agreed to invest USD 55.8m (EUR 48m) for 70 per cent of Armed Cell Therapeutics, the buyer of Lakefront's CAR-T programmes.

Alaunos closed its reverse merger with Velaris and a private placement of about USD 350m. Sangamo, in Chapter 11, closed the sale of its Fabry programme to PTC for USD 111m and of its platforms to Lilly for USD 50m, and put its pain programme up for auction. Agomab triggered a USD 8.1m (EUR 7m) earn-out payment to the former shareholders of Origo Biopharma.

Licence-outs and asset acquisitions: 10 struck, 1 asset sale, 1 option exercised, 1 licence varied, and 1 voucher sale agreed. Five upfronts are stated: USD 90m from Gilead to Vir, USD 40m from AstraZeneca to insitro, USD 30m from Zealand to Generate, USD 10.0m from Eton to Aquestive, and USD 9.3m (EUR 8m) from Armed Cell to Lakefront.

Rona's upfront and near-term payments from Roche total up to USD 100m, Ocugen's up to USD 4m, and Chinese press reports put Wuhan Hiteck's at USD 7m. Lonza, Nxera, and Enodia give no upfront amount, and Enodia states a total of more than USD 500m.

Sanofi's option on a Recursion candidate triggered a USD 10m milestone. Cizzle Biotechnology deferred USD 1.81m of guaranteed payments from its North American licensee to the end of 2027, and Ultragenyx agreed to sell a second priority review voucher, for USD 203m.

Regulatory: 11. The Food and Drug Administration approved Enspryng in thyroid eye disease, a wider Anktiva label about twelve weeks early, and phentolamine eye drops in presbyopia, all three carrying royalties. It accepted Formycon's pembrolizumab biosimilar for review and Atara's resubmitted tabelecleucel, with a decision date of 31 March 2027.

China approved CAMCEVI, a six-month prostate cancer depot. The European Medicines Agency validated Hansoh's refiled application for aumolertinib, whose authorisation was revoked in September.

The European medicines committee recommended six new medicines, including orforglipron and RASONQUE, and five wider indications. Ascelia will not run another trial of its rejected liver imaging agent, Rhythm launched Imcivree in Japan, and Belite Bio filed tinlarebant in three countries through the Access Consortium.

Clinical: 9. Maralixibat met its Phase 3 primary endpoint in ultra-rare cholestatic liver diseases, and a pivotal cohort of Revita met its six-month co-primary endpoint in weight maintenance after GLP-1 therapy. Tegoprazan and encaleret, both under review in the United States, were presented in Phase 3 at weekend congresses.

Axatilimab failed in Phase 2 in idiopathic pulmonary fibrosis, and VQW-765 missed its Phase 3 primary endpoint in social anxiety disorder. Cytokinetics presented further Phase 3 analyses of aficamten and plans a filing this quarter.

VS-7375 gave first efficacy data in KRAS G12D cancers, and the Phase 3 trial of ersodetug in tumour hyperinsulinism completed enrolment, with topline data in December.

Structured capital: 1. Private funding: 6. Public capital and debt: 8 equity offerings, 2 closings, and 1 loan package. Capital formation: 1. Animal health: 0. Crops and seeds: 0. Courts: 2 settlements, 2 rulings, 1 award recognised, and 1 patent office decision. Priority review vouchers: 0 issued, 1 sale agreed.

The largest public financing is Akeso's placing of USD 251m (HKD 1,955.20m), completed on 16 October, followed by Verastem's USD 250m of shares and pre-funded warrants. City Therapeutics priced an upsized initial public offering at USD 18.00 for about USD 200.0m, and Iambic priced at the midpoint of its range for USD 150.0m.

Recursion raised about USD 200m in an underwritten offering, First Tracks about USD 200m in a private placement, and Alector USD 75.0m at a premium to the market. Oncopeptides raised USD 10.5m (SEK 100m), and Medincell took USD 16.0m (EUR 13.8m) of bank and state-bank loans. The TRexBio and Retension offerings, priced on 8 October, closed on 13 October.

Royalty Pharma advanced a USD 250.0m senior secured loan to Revolution Medicines on the approval of RASONQUE. OrbiMed raised USD 3bn across a venture fund and an Asia fund. The largest private round is OMass Therapeutics' USD 310m (GBP 230m) Series C, and five further rounds raised USD 135m, USD 103m, USD 48m, USD 37m, and USD 32.6m.

Rate disclosure across the window: 5 hard numbers and 21 bands. The hard numbers are 22 per cent from Roots to Ocugen, 13.8 per cent from Syndax to Royalty Pharma, 10 per cent of gross sales from Cizzle Bio to Cizzle Biotechnology, the court-ordered 6 per cent from Guardant to TwinStrand, and 4.5 per cent from Cytokinetics to Royalty Pharma.

Five bands come with royalties created in the window: mid-teens from Eton to Aquestive, high single digits to low double digits from Gilead to Vir, single digits from AstraZeneca to insitro and from Velaris to Paragon, and low single digits from Armed Cell to Lakefront. Oberland's Anktiva rates run from 5.625 to 12.5 per cent.

Genmab receives 12 to 20 per cent on daratumumab and mid-single digits on Talvey, and Ionis up to the mid-20s on Tryngolza. Mirum pays Takeda low double digits to mid-teens and Pfizer low single digits, and Viatris pays Opus Genetics low double digits to low 20s.

Chugai receives mid-single digits to low teens on orforglipron, and Atara would receive significant double digits on tabelecleucel. Formycon takes a mid double-digit share of gross profits on FYB206, and Syndax pays UCB low double digits.

Vanda owes Novartis up to the mid-teens, Verastem owes GenFleet mid to high single digits, and Rezolute owes XOMA high single digits to the mid-teens. Rhythm pays Ipsen mid-single digits, and Sanofi would pay Recursion an average in the low double digits.

Five new agreements state a royalty with no rate: Roche to Rona, Visara to Wuhan Hiteck, Pfizer to Enodia, Zealand to Generate, and Synmosa to Nxera. Seven moved streams publish no rate, among them Chugai's royalty on Enspryng and Royalty Pharma's revenue participation in RASONQUE.

The 11 royalties created in the window, by what each publishes: one a rate, five a band, and five nothing.

Tracked royalty buyers inside the window: no purchase. Royalty Pharma lent Revolution Medicines USD 250.0m and was not asked to buy a third tranche of RASONQUE, and its royalties on Niktimvo and aficamten moved with a Phase 2 failure and further Phase 3 data. HealthCare Royalty consented to Liquidia's settlement letter of credit for a higher cash covenant.

Oberland's revenue interest in Anktiva moved with a wider US label, and it holds secured notes of Opus Genetics, whose RYZUMVI was approved in presbyopia. Ligand, through XOMA Royalty, is the licensor of ersodetug, which completed Phase 3 enrolment on 14 October.

Open in the remainder of the window. The payment of a net USD 175m from Liquidia to United Therapeutics, due within 30 business days of 13 October. The District of Delaware stayed all deadlines to 30 November, "within which time the parties expect to file a stipulation of dismissal", and the Middle District of North Carolina cases were reported settled on 16 October.

The sale hearing in BioXcel Therapeutics' Chapter 11 on 21 October, against Teva's stalking-horse offer of USD 57.5m upfront, under an agreement that lapses if not completed by 30 October. The docket records objections to the sale on 13 and 14 October, and an objection by the United States Trustee to the combined plan and disclosure statement on 15 October, on third-party releases.

The tender offer for Pacira by Viatris at USD 36.50 a share, due to start within fifteen business days of the merger agreement of 8 October, per Pacira's current report.

The closing of the ADC Therapeutics private placement of USD 86.6m, expected on 22 October, on which the HealthCare Royalty amendment depends. The amendment, filed in a current report of 13 October, also gives ADC Therapeutics an option to buy out the royalty for USD 525m on or before 31 December 2029, or USD 750m from 1 January 2030, less royalties already paid.

The closings on 19 October of the City Therapeutics offering, the First Tracks placement, and the Alector offering.

The European Commission decision on RASONQUE, which the Commission "will fast-track", and from which the European term of Royalty Pharma's revenue participation would run.

The closing of Ultragenyx's two voucher sales, of USD 210m and USD 203m, each awaiting the Hart-Scott-Rodino waiting period.

The administration of Paradigm Biopharmaceuticals, where the PAROB options lapse on 21 October, per an exchange notice of 12 October. A notice of 15 October reports a post hoc analysis of the rest-of-world Phase 3 data and says the former board is "preparing a proposal to preserve the program". Obsidian is the secured lender.

The result of Sareum's raise under the AIM capital access window, opened on 8 October with its shares suspended, to fund SDC-1801. Sareum receives "a net 63.5% of all future revenues" on the Chk1 inhibitor SRA737, per its March 2025 announcement.

The DRI Healthcare purchase of the tavapadon payment rights, scheduled to close on 29 September. DRI's notice of its third-quarter call, issued on 14 October, lists Juvmo (tavapadon) among its acquired royalties, and its results are due on 4 November.

M&A and Restructuring

The window day by day, dated by primary release or filing and filed in four lanes. The 11 royalties created are drawn in gold; ten of them date from Tuesday 13 and Wednesday 14 October.

STERIS and Xodus Medical: USD 2.1bn at closing and an earn-out of up to USD 150m (Monday 12 October)

STERIS (NYSE: STE) agreed to buy Xodus Medical, a private maker of surgical patient-positioning products near Pittsburgh. Its current report dates the agreement 11 October and names the Kaforey family and their trusts as sellers.

• The consideration: "for $2.1 billion at closing", with "additional potential earnout consideration of up to $150 million based on the achievement of specified post-closing performance targets in calendar 2028". STERIS puts the net price at about USD 1.8bn after cash tax benefits.
• The target: projected 2026 operating income of USD 121m, adjusted "for approximately $14 million of charges substantially consisting of a royalty arrangement that was terminated during 2026". The counterparty to that arrangement is not named.
• Funding: "primarily with debt", backed by a commitment from JPMorgan Chase Bank and Goldman Sachs Bank USA for a senior unsecured bridge facility of up to USD 2.0bn.
• Timing: closing by 31 December 2026.
• Advisers: Goldman Sachs and Jones Day for STERIS. J.P. Morgan and Morgan, Lewis & Bockius for Xodus Medical, per its release.
• Instrument: purchase of a private company for cash, with an earn-out tied to 2028 performance.
• Royalty read-through: the royalty arrangement on Xodus Medical's business ended during 2026. The release names no royalty that continues after closing.

Stryker and CMR Surgical (Monday 12 October). Stryker (NYSE: SYK) agreed to make a preferred equity investment of about USD 400m (GBP 300m) in CMR Surgical of Cambridge, maker of the Versius surgical robot. It receives "an exclusive option to acquire 100% of CMR Surgical's outstanding equity in the future, subject to the agreement's terms".

Stryker will be the exclusive US sales agent for Versius, and CMR Surgical keeps development and sales outside the United States. No option price, valuation, or agency fee is stated, and the transaction needs regulatory approvals.

Alaunos Therapeutics and Velaris: reverse merger closed, with about USD 350m raised and a royalty owed to Paragon (Tuesday 13 October)

Alaunos (Nasdaq: TCRT) completed its business combination with Velaris and agreed the same day to sell common and Series C preferred stock "for an aggregate purchase price of approximately $350 million". Fairmount's ownership filing of 15 October states that "The closing of the Financing occurred on October 14, 2026".

• The merger consideration: 105,286 Series B and 33,054 Series C non-voting convertible preferred shares to Velaris' stockholders, each convertible into 1,000 common shares.
• The placement: it "was led by Fairmount", per the release filed with the report. Venrock Healthcare Capital Partners, accounts advised by T. Rowe Price Investment Management, Wellington Management, Janus Henderson Investors, Access Biotechnology, BB Biotech, Perceptive Advisors, Sirenia Capital Management, and ADAR1 Capital Management also took part. Peter Harwin of Fairmount joins the board.
• The licence: before the merger, Velaris entered a discovery and option agreement with Paragon Laboratories on Fc fusion proteins, including ActRIIA and ActRIIB programmes.
• The royalty: milestones and "a single-digit percentage royalty on net sales of licensed products, subject to customary reductions, until the later of the expiration of specified patent rights and the twelfth anniversary of first commercial sale".
• Paragon's other rights: two warrants of 1.00 per cent each, and a right to take back a licence if, among other events, the company's stockholders' equity does not exceed USD 200m by a set date.
• Advisers: Gibson Dunn advised Velaris.
• Instrument: reverse merger with a concurrent private placement.
• Royalty read-through: a single-digit royalty to Paragon now sits on any licensed product of the listed company.

Agomab and Origo Biopharma (Tuesday 13 October). Agomab (Nasdaq: AGMB) dosed the first patient in NOV-ERA, a Phase 2b trial of ontunisertib in about 320 patients with fibrostenosing Crohn's disease. "The initiation of the NOV-ERA study triggers a €7 million milestone payment to the former shareholders of Origo Biopharma under the terms of Agomab's 2021 acquisition of the company" (USD 8.1m).

"The acquisition included up to €20 million in potential development and regulatory milestone payments" (USD 23.3m). Of these, "€10 million has become payable, including a €3 million milestone paid in 2025" (USD 11.6m and USD 3.5m).

Sangamo Therapeutics (Tuesday 13 October). Sangamo (OTC: SGMOQ), in Chapter 11, said that its asset sales had closed for aggregate cash proceeds of USD 163.55m. "PTC acquired Sangamo's Fabry disease program, isaralgagene civaparvovec, or ST-920, for $111 million in cash, plus up to $100 million in potential future regulatory milestone payments."

Lilly bought the capsid delivery, zinc finger, and MINT platforms and the prion programme ST-506 for USD 50m. Sangamo repaid its debtor-in-possession facility from Future Solutions Inc. and opened an auction for ST-503, a Phase 1/2 gene therapy for pain from small fibre neuropathy, to be completed in the fourth quarter.

Galderma and ZO Skin Health: USD 1.5bn in cash for a physician-dispensed skincare brand (Wednesday 14 October)

Galderma (SIX: GALD) agreed to acquire 100 per cent of ZO Skin Health of Irvine, California, founded by the dermatologist Zein Obagi, for an enterprise value of USD 1.5bn in cash, subject to customary adjustments. The sellers are its shareholders, including funds managed by Blackstone Tactical Opportunities and the Obagi family.

• The target: net sales of about USD 330m in the twelve months to June 2026.
• Funding: cash and bank financing.
• Timing and conditions: closing in the fourth quarter of 2026 or early 2027, subject to regulatory approvals.
• Advisers: Lazard and J.P. Morgan, with Ropes & Gray as counsel, for Galderma. Raymond James and Citi, with Weil, Gotshal & Manges and Paul, Weiss as counsel, for ZO and Blackstone.
• The sale process: Blackstone had explored a sale in which ZO "could be valued at around $2 billion", Reuters reported on 8 September.
• Instrument: acquisition of a private company for cash, with no earn-out or milestone.
• Royalty read-through: the release names no licensor and no royalty on the ZO range. The price is about 4.5 times trailing net sales.

Labcorp and OPKO Health: USD 722m in cash for BioReference testing businesses and an earn-out of up to USD 150m on one test (Thursday 15 October)

Labcorp (NYSE: LH) agreed to buy the clinical and women's health, urology, and corrections testing businesses of BioReference Health, a subsidiary of OPKO Health (Nasdaq: OPK). The assets include "over 80 additional patient service centers" and the 4Kscore Test, a blood test for aggressive prostate cancer approved by the Food and Drug Administration.

• The consideration: "The purchase price for the transaction is $722 million in cash at closing, subject to an upward or downward adjustment (if any) based on closing business revenues, and up to an additional $150 million in an earnout based on revenue from the 4Kscore Test."
• The earn-out: paid "over a period of up to ten years based on the revenue generated from sales of the 4Kscore prostate cancer test by Buyer", per OPKO's current report, which dates the asset purchase agreement 14 October.
• Revenue: Labcorp expects "approximately $250 million in the first year after close".
• Conditions: antitrust clearance under the Hart-Scott-Rodino Act. The deal "is not subject to a financing condition".
• Protections: either party may terminate if the deal "has not closed by April 14, 2027", and Labcorp would pay OPKO "a termination fee of $28,880,000" if termination follows a failure to obtain clearance or other required approvals.
• Advisers: Lazard, with Hogan Lovells Cadwalader US as lead transaction counsel and Parker Poe as real estate counsel, for Labcorp. Piper Sandler, with Greenberg Traurig as counsel, for OPKO.
• Instrument: asset purchase for cash, with a revenue-based earn-out on one test.
• Royalty read-through: the earn-out pays OPKO on 4Kscore revenue for up to ten years, capped at USD 150m. No percentage is stated.

Royalty-Bearing Positions

Five chains of title the window moved, holders of the economics above and payers below. Gold links carry a published royalty or a licence struck in the window; dashed links are a revenue interest on a fixed schedule or an option left unexercised.

United Therapeutics and Liquidia: a net USD 380.7m settles six cases and keeps Yutrepia on sale in pulmonary arterial hypertension (Tuesday 13 October)

Liquidia (Nasdaq: LQDA) announced after the US close a global settlement with United Therapeutics (Nasdaq: UTHR) "that resolves all pending litigation between the companies". It follows the ruling of 30 September that Yutrepia infringes claims 1 and 14 of the '327 patent in pulmonary hypertension associated with interstitial lung disease (PH-ILD), and "Liquidia has agreed not to appeal the Court's ruling".

Yutrepia, an inhaled dry powder treprostinil, stays on sale in pulmonary arterial hypertension (PAH), the indication for which it was approved in 2025.

• The cases: United Therapeutics v. Liquidia, District of Delaware, C.A. No. 1:23-cv-00975, on the '327 patent; two patent cases in the Middle District of North Carolina (1:25-cv-00368 and 1:25-cv-00299); two cases in the North Carolina Superior Court on trade secrets and breach of contract; and Sandoz and RareGen v. United Therapeutics, District of New Jersey, No. 2:19-cv-10170, with Third Circuit appeals 24-3067, 24-3116, and 24-3146.
• Dismissal: the parties are to seek dismissal with prejudice "within ten days after UT receives the $185 million payment", "except that UT may continue to pursue its trade secrets claims against Dr. Roscigno", per United Therapeutics' current report of 14 October, which files the agreement. A notice of settlement was entered in case 1:25-cv-00368 on 15 October.
• The parties: United Therapeutics, which sells Tyvaso, against Liquidia. Liquidia also signed agreements with Sandoz Inc., Henderson SPV, LLC, and PBM RG Holdings, LLC, the holders of interests in the antitrust litigation over Treprostinil Injection.
• Counsel: the notice clause of the settlement agreement names Goodwin Procter and McDermott Will & Schulte for United Therapeutics and Norton Rose Fulbright US for Liquidia.
• The payments: "Liquidia will make a net payment to UTHR of $175 million within 30 business days", which nets funds United Therapeutics pays Liquidia to resolve the antitrust litigation. "Liquidia will also pay $145.4 million in two equal installments of $72.7 million due on or before January 31, 2027, and April 30, 2027, respectively." It will pay "an aggregate of $60.3 million this month" to the antitrust interest holders.
• The gross amounts: United Therapeutics' report gives "an aggregate of $330.4 million" from Liquidia. Of this, "$185 million, representing an estimate of damages for past sales of Yutrepia for PH-ILD", and USD 145.4m covers continuing PH-ILD sales, against "a $10.0 million payment by UT to Liquidia" to settle the antitrust case. Liquidia must also end the PH-ILD cohorts of its ASCENT trial.
• The antitrust interest holders: Liquidia's current report splits the USD 60.3m into USD 21.75m to Sandoz, USD 19.05m to Henderson SPV, which had funded part of the litigation under a financing agreement of June 2020, and USD 19.45m to PBM RG Holdings, which controlled the litigation and is a related party of Liquidia.
• The appeal it ends: on 7 October the Third Circuit reversed summary judgment for Sandoz on contract liability, vacated the judgment of 1 November 2024 that had awarded Sandoz USD 61.6m plus interest, and remanded the tortious interference claim, per United Therapeutics' report. The settlement ends the remanded claims.
• The label: "Liquidia has submitted a supplement to remove the PH-ILD indication from YUTREPIA's label and no longer promotes it for PH-ILD." The settlement "does not extend to indications other than PAH or to new treprostinil-containing products".
• Treprostinil Injection: "Liquidia terminated the promotional agreement tied to Treprostinil Injection and will no longer commercially support the product in the market."
• Funding: "We expect to fund the outlined payments from the ongoing sales of YUTREPIA and cash on hand." Preliminary third-quarter Yutrepia net product sales were USD 222.7m, and cash was USD 396.1m at 30 September.
• The royalty financing: HealthCare Royalty holds a revenue interest in Liquidia that is repaid on a fixed quarterly schedule, with total payments capped at 175 per cent of the amount funded plus a return true-up, per Liquidia's quarterly report for June. Under a Seventh Amendment of 13 October it "agreed to provide its consent for the Company to enter into a letter of credit with a third-party lender in connection with the Settlement Agreement". "As consideration for such consent, the Company has agreed to increase the minimum cash covenant under the Financing Agreement from $15.0 million to $45.0 million."
• Instrument: a litigation settlement with fixed payments of a net USD 380.7m over seven months. No licence or royalty is created.
• Royalty read-through: the HealthCare Royalty schedule does not move with sales, and its minimum cash covenant triples to USD 45.0m. The settlement payments fall due from the same Yutrepia sales and cash in 2026 and the first four months of 2027.

Hope Medical Enterprises and Accord Healthcare (Tuesday 13 October). In a Hatch-Waxman bench trial in the District of Delaware (C.A. No. 22-978), Judge Murphy, sitting by designation, found for Hope "in all respects" and rejected Accord's defences of noninfringement, obviousness, lack of written description, and prosecution laches. The claims tried were in US patents 11,753,301 and 8,496,973, with 9,345,724 bound to the latter by stipulation.

The case concerns Accord's abbreviated new drug application No. 217214 for a generic of Hope's sodium thiosulfate injection, and Intas, Accord's parent, agreed to abide by any judgment as if it were a named defendant. Judgment was entered the same day. Hope is private, and no licence or royalty is stated.

Genentech and Novartis (Tuesday 13 October). In the District of Columbia (No. 1:25-cv-01783-CRC), Judge Cooper ordered "that the Final Award in its entirety is recognized and enforced" under the New York Convention. The International Chamber of Commerce award of 14 April 2025 declared "that Vabysmo® (faricimab) is not a Licensed Product under the License and Collaboration Agreements".

The award holds that "the fragment that is licensed under the LCAs is the stand alone ranibizumab", the active ingredient of Lucentis, and denies Novartis's claim that Genentech encroaches on Novartis's exclusive territory by selling or seeking approval of Vabysmo outside the United States. Novartis was ordered to pay Genentech's arbitration costs of USD 584,250 and USD 17,255,928.62 with interest at 9 per cent a year, "which amounts Novartis has paid".

Biocon and Genentech (Wednesday 14 October). Biocon (NSE: BIOCON) said in a notification to the stock exchanges that it "has entered into a global settlement and license agreement with Genentech" for Pebrilzo, its biosimilar to Perjeta, "to resolve all pending disputes between the companies, including in the U.S., Canada, and other jurisdictions".

The licence allows launch "in Q1 of calendar year (CY) 2027 in the European Union and UK, Q3 of CY 2028 in the U.S., and in CY 2026-2028 in other Rest of the World (RoW) countries or earlier in certain circumstances", subject to regulatory approval. "The other terms of the agreement are confidential."

In the United States, Genentech and Hoffmann-La Roche filed a notice of voluntary dismissal of their suit against Biocon Biologics on 13 October. The District of New Jersey entered an order of voluntary dismissal without prejudice on 14 October (No. 2:26-cv-09585), per the docket.

TwinStrand Biosciences, the University of Washington, and Guardant Health (Wednesday 14 October). The Patent Trial and Appeal Board, in a final written decision on remand from the Federal Circuit, held that Guardant had not shown any of the 30 challenged claims of US patent 10,760,127 unpatentable, TwinStrand said on 15 October. The University of Washington owns the patent and has licensed it exclusively to TwinStrand.

The patent is one of two in the District of Delaware suit in which a final judgment of August 2026 awarded more than USD 245.2m in damages, accrued royalties, and interest through May 2026, and an ongoing royalty of 6 per cent on covered Guardant products and services through March 2033. Re-examination of the second patent, 10,287,631, is pending.

Shareholder Representative Services and Alexion (Thursday 15 October). In the Delaware Court of Chancery (C.A. No. 2020-1069-MTZ), Vice Chancellor Zurn, sitting by designation, ruled on the last two issues before final judgment in the dispute over the earn-out on Alexion's 2020 acquisition of Syntimmune and its anti-FcRn antibody ALXN1830. SRS represents the former Syntimmune securityholders, and Alexion is part of AstraZeneca.

The court's 2024 liability opinion "found Alexion's fall 2021 HV-108 study satisfied Milestone 1 and that Alexion breached its obligation to pay". On the separate efforts claim, "Judgment on Count I with regard to Milestone 1 shall be entered in Alexion's favor", because SRS "explicitly limited the consequences and damages from a CRE breach to Milestones 2 through 8".

Post-judgment interest runs at "the contract rate as of the date of judgment for each damages amount and prejudgment interest", which "should resolve the parties' dispute over the amount of the bond securing a stay pending appeal". The parties are to file a stipulated final order "with numbers filled in". The complaint claimed "at least $370 million" in unpaid earn-out payments for the first three milestones.

The six court and tribunal items in the window and one pending, the General Court action over the aumolertinib authorisation, by court, date, outcome, and what is at stake.

Revolution Medicines and Royalty Pharma: third royalty tranche declined, USD 250m loan drawn on the RASONQUE approval (Tuesday 13 October)

Revolution Medicines (Nasdaq: RVMD) disclosed in a current report filed after the US close that it "elected not to take Tranche 3 and did not deliver the Tranche 3 Notice" under its revenue participation agreement with Royalty Pharma. On 8 October a Royalty Pharma lender advanced a USD 250.0m loan "in connection with" the approval of RASONQUE (daraxonrasib) by the Food and Drug Administration in metastatic pancreatic adenocarcinoma.

The approval covers adults "who have received at least one prior systemic therapy or who are not candidates for multiagent systemic therapy". The agency's novel approvals list dates it 26 August.

• The royalty agreement: a "Revenue Participation Right Purchase and Sale Agreement" of 23 June 2025 with Royalty Pharma Investments 2019 ICAV. The approval was the "Tranche 3 Trigger", after which the company could require Royalty Pharma to pay "a "Tranche 3 Purchase Price" of up to $250.0 million" by notice "no later than October 10, 2026".
• What remains: "up to an additional $500.0 million of purchase price payments remain potentially available at the Company's election, subject to the achievement of the applicable milestones".
• The loan: a senior secured term loan facility of up to USD 750.0m in three tranches of up to USD 250.0m, under an agreement of 23 June 2025 with Royalty Pharma Development Funding as lender and Wilmington Trust as administrative agent. The company paid a USD 5.0m draw fee.
• The terms: "three-month Term SOFR, subject to a floor of 3.50%, plus 5.75%", interest-only, with principal due on 8 October 2032. Prepayment before the second anniversary costs a make-whole plus 3.0 per cent, then 3.0 per cent to the third anniversary and 1.0 per cent after it. A further USD 500.0m of loans remains available on milestones.
• Europe (Thursday 15 October): the Committee for Medicinal Products for Human Use recommended authorisation of RASONQUE for adults with metastatic pancreatic adenocarcinoma "who have received at least one previous treatment", after a phased review under the agency's Cancer Medicines Pathfinder. Patients on RASONQUE lived for a median of 12.4 months against 6.7 months on chemotherapy, and the European Commission "will fast-track the decision".
• The European royalty base: the 2025 agreement defines "Ex-US RMC-6236 Net Sales" as net sales of products containing daraxonrasib "in all countries and jurisdictions other than the United States". Its term runs from the first commercial sale "in any country in the European Union" to "the fifteenth (15th) anniversary of the EU Start Date".
• Instrument: a senior secured term loan drawn, and an option to sell a further revenue participation right left unexercised.
• Royalty read-through: Royalty Pharma's revenue participation in RASONQUE stays at the tranches already sold, and its European term starts with the first sale in the European Union. The filing does not restate the rates.

Lonza and Qurient (Monday 12 October). Lonza and Qurient (KOSDAQ: 115180) announced "an exclusive license agreement for the use of Qurient's cyclin-dependent kinase 7 (CDK7) inhibitors for dual-payload antibody-drug conjugate (ADC) applications". The first product is SYN-duo CC, which pairs exatecan with Qurient's inhibitor as an off-the-shelf linker-payload.

The licence includes Qurient's clinical-stage CDK7 inhibitor. No upfront, milestone, or royalty is disclosed.

Rona Therapeutics and Roche (Tuesday 13 October). Rona Therapeutics, a private company with a Santa Barbara dateline, granted Roche (SIX: RO, ROG) an exclusive worldwide licence to an RNA interference candidate against activin receptor-like kinase 7 (ALK7) for obesity and metabolic diseases. The candidate uses Rona's extrahepatic delivery platform.

"Rona will receive upfront and near-term milestone payments of up to $100M and is eligible to receive up to $1.06 billion in potential development, regulatory and commercial milestone payments, as well as tiered royalties on global net sales." No royalty band, development stage, or upstream licensor is stated.

Wuhan Hiteck and Visara (Tuesday 13 October). Visara, a majority-owned subsidiary of NovaBridge Biosciences (Nasdaq: NBP), took exclusive worldwide rights outside Greater China to HT006.2.2 from Wuhan Hiteck Biological Pharma (SZSE: 300683), a modified recombinant human nerve growth factor for neurotrophic keratitis. Visara will develop it as VIS-102.

"Hiteck will receive an up-front payment as well as potential development, regulatory and commercial milestone payments and tiered royalties on net sales." The release states no amounts or band.

Chinese press reports of Hiteck's filing on the Shenzhen exchange, including the 21st Century Business Herald, give USD 7m in upfront and near-term milestone payments and up to USD 104m in further milestones, with royalties at a percentage of annual net sales that is not stated. A Phase 1b trial in China showed complete corneal healing in 50 per cent of patients in the highest dose cohort after eight weeks, against 14 per cent on vehicle at week 4.

Enodia Therapeutics and Pfizer (Tuesday 13 October). Enodia, a private company in Paris, entered a research collaboration and licence with Pfizer (NYSE: PFE) under which it will screen and optimise Sec61 inhibitors against several targets. Pfizer takes over clinical, manufacturing, regulatory, and commercial work after the research term.

Enodia receives an upfront payment and is eligible for research, development, and sales milestones and "tiered royalties on net sales", for a total potential value of "more than $500 million". No amounts, band, or stage are stated.

Enodia bought Kezar Life Sciences' Sec61 programme in March 2026 for up to USD 127m including the upfront, plus tiered royalties on net sales. MCE Carrel Avocats advised Enodia.

Generate Biomedicines and Zealand Pharma (Tuesday 13 October). Generate (Nasdaq: GENB) entered a multi-target collaboration with Zealand Pharma (Nasdaq: ZEAL) to design multispecific protein therapeutics for obesity and other metabolic diseases. Generate leads research through lead-candidate selection, and Zealand takes clinical development, regulatory submissions, and worldwide commercialisation.

"For the two initial programs, Generate will receive $30 million upfront and up to $35 million in early preclinical milestones, and is eligible for total milestones of nearly $1.2 billion", plus "tiered royalties on future worldwide net sales of any commercialized products resulting from the collaboration". Zealand has an option to add a third programme.

No band is stated. Ropes & Gray advised Generate, and Cooley advised Zealand.

Nxera Pharma and Synmosa Biopharma (Wednesday 14 October). Nxera Pharma (TSE Prime: 4565) said that its subsidiary Nxera Pharma Japan granted Synmosa Biopharma, a Taiwanese specialty drug company, an exclusive licence, supply, and commercialisation agreement for QUVIVIQ (daridorexant) in Singapore, Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Australia, and New Zealand. Synmosa leads filings, market access, and sales, and Nxera supplies the product.

"In consideration, the group receives an upfront payment and is entitled to milestones on approvals in the territory, royalties on sales and revenue from product supply." Neither the exchange filing nor Nxera's English release states an amount or band, and the effect is already in Nxera's 2026 forecast. Daridorexant was discovered by Idorsia. It is sold in Japan, approved in Taiwan, under review in Korea, and not yet approved in the eight territories.

Aquestive Therapeutics and Eton Pharmaceuticals: USD 10.0m upfront and a mid-teens royalty on LIBERVANT (Wednesday 14 October)

Aquestive (Nasdaq: AQST) licensed US rights to LIBERVANT (diazepam) buccal film, a seizure rescue treatment with tentative approval from the Food and Drug Administration, to Eton (Nasdaq: ETON) under an agreement of 13 October. Launch is expected in April 2027, subject to final approval, per the joint release.

• The upfront: Aquestive "received an upfront license fee of $10.0 million".
• The milestones: "of up to an aggregate of $47.5 million", including USD 10.0m on first US sale, reduced to USD 5.0m without full approval for ages 2 to 5. Eton's current report adds "$2.5 million upon approval by the FDA of the Product for patients ages 6–11" and "Up to $35 million of commercial milestones" tied to annual US net sales.
• The royalty: "The Company will also receive royalties on annual net sales of the Product at a mid-teens percentage rate from Eton", per Aquestive's current report.
• Supply: Aquestive is exclusive supplier under a supply agreement with an initial term of 20 years.
• Instrument: exclusive US licence with an upfront, milestones, a royalty, and a supply agreement.
• Royalty read-through: a mid-teens royalty is created on a product due to launch in April 2027, and Aquestive is also paid as supplier.

Vir Biotechnology and Gilead: USD 90m upfront and high single-digit to low double-digit royalties on three masked T-cell engagers (Wednesday 14 October)

Vir (Nasdaq: VIR) will discover and optimise "three novel PRO-XTEN® dual-masked TCE development candidates targeting selected solid tumor-associated antigens", and "Gilead will have an exclusive license to nominate and advance candidates", per its release. The agreement is dated 9 October.

• The upfront: "$90 million in upfront consideration, which includes $65 million in cash and a $25 million equity investment at a 30% premium".
• The milestones: up to USD 45m in near-term preclinical milestones and "up to $1.74 billion in further development, regulatory and commercial milestones".
• The royalty: "tiered high single-digit to low double-digit royalties on net sales".
• The equity: Gilead buys 1,765,486 Vir shares at USD 14.16 each, with standstill, voting, and lock-up provisions for one year after closing, per Vir's current report.
• The assets: the three candidates are at discovery stage.
• Chain of title: PRO-XTEN is a trademark of Amunix, a Sanofi company. No payment to Sanofi is stated.
• Instrument: exclusive licence to nominate candidates, with an upfront in cash and stock, milestones, and a tiered royalty.
• Royalty read-through: a banded royalty is created on three discovery-stage candidates, alongside a strategic equity stake of about USD 25m.

Ocugen and Roots Pharmaceutical: a 22 per cent royalty on OCU400 in the Middle East and North Africa (Wednesday 14 October)

Ocugen (Nasdaq: OCGN) completed a licence with Roots Pharmaceutical of Kuwait and its partner Al-Dhow International Holding for exclusive rights to OCU400, a modifier gene therapy for retinitis pigmentosa, in the region. The terms follow a binding term sheet of July.

• The payments: an upfront fee and initial development milestones "of up to $4 million", and sales milestones "of up to $255 million".
• The royalty: "royalties equaling 22% of OCU400 net sales generated by Roots Pharmaceutical".
• Supply: Ocugen will manufacture commercial supply.
• The term: Ocugen's current report of 15 October dates the licence 13 October. It runs until the last to occur of "the 20 year anniversary of the date of the first commercial sale of the licensed product in the Territory", the expiry of the last valid patent claim there, and the end of market exclusivity, and it is "royalty-bearing" and non-sublicensable.
• The asset: the Phase 3 liMeliGhT trial is to read out "in the first quarter of 2027".
• Instrument: exclusive territorial licence with an upfront, milestones, a fixed royalty, and supply.
• Royalty read-through: the one hard rate among the royalties created in the window, 22 per cent of net sales, on a product in Phase 3.

Lakefront Biotherapeutics and Armed Cell Therapeutics: preclinical CAR-T programmes sold for a low single-digit royalty, with Mankind taking 70 per cent of the buyer (Wednesday 14 October)

Lakefront (Euronext and Nasdaq: LKFT), formerly Galapagos, completed the sale of its early-stage cell therapy pipeline to Armed Cell Therapeutics BV, a private Belgian company formed by Paul Stoffels, John Mellors, and Peter Verhaeghe. The technology "originated from, and research undertaken by AboundBio, which was acquired by Lakefront NV (previously Galapagos NV) in 2022".

• The consideration: "an upfront payment of €8 million and the potential for up to $230 million in milestone payments and a low-single-digit royalty to Lakefront". The upfront is about USD 9.3m.
• The seller: the wind-down of Lakefront's cell therapy activities "is substantially complete", per the release it filed with the Securities and Exchange Commission.
• The buyer: Armed Cell's release gives its two lead programmes as non-Hodgkin lymphoma and small cell lung cancer. Paul Stoffels chairs its board.
• The new owner: Mankind Pharma (NSE: MANKIND) has agreed to take 70 per cent of the buyer. Its board approved on 15 October "the acquisition of a majority stake (i.e., 70%) in Armed Cell Therapeutics B.V." under a definitive agreement, through Mankind Pharma (Netherlands) B.V., a wholly owned subsidiary incorporated on 13 August 2026.
• The investment: the subsidiary is "to invest EUR 48Mn in installments in ACTx for acquiring 70% stake" (USD 55.8m), in cash. The board also approved a further investment of up to USD 52.3m (EUR 45m) in the subsidiary, raising its limit to USD 58.1m (EUR 50m).
• Instrument: an asset sale for an upfront, milestones, and a royalty, followed by a majority investment in the buyer.
• Royalty read-through: the low single-digit royalty to Lakefront will be paid by a company 70 per cent owned by Mankind once the investment completes.

Ultragenyx (Wednesday 14 October). Ultragenyx (Nasdaq: RARE) agreed on 8 October to sell the rare paediatric disease priority review voucher it received on the approval of FAYUVI (UX111) in Sanfilippo syndrome type A on 17 September. "The buyer agreed to pay the Company $203 million, payable in cash, upon the closing of the transaction", which awaits the Hart-Scott-Rodino waiting period. The buyer is not named.

It is a separate voucher from the one Ultragenyx agreed on 6 October to sell for USD 210m. UX111 came from Abeona Therapeutics, which "is eligible to receive royalties on net sales and commercial milestone payments following regulatory approval of the product", per Ultragenyx's annual report for 2025. No share of voucher proceeds is stated.

AstraZeneca and insitro (Thursday 15 October). AstraZeneca (LSE, Nasdaq Stockholm and Nasdaq: AZN) entered "a strategic drug discovery collaboration and licensing agreement" with insitro, a private American company, to identify targets and design therapeutics in metabolic dysfunction-associated steatohepatitis and cardiomyopathies. insitro will take AstraZeneca-nominated targets "from discovery through to development candidate", and AstraZeneca has "exclusive worldwide rights to advance selected programmes identified under the collaboration".

"insitro will receive an upfront payment of $40 million, and is also eligible for up to approximately $1.46 billion in potential development and commercial milestones, plus potential single digit royalties based on global commercial sales." The programmes are at discovery stage.

Recursion and Sanofi (Thursday 15 October). Sanofi (Euronext Paris: SAN) optioned an oral dual-target immunology small molecule from its collaboration with Recursion (Nasdaq: RXRX). The candidate is expected to enter Phase 1 in 2027 with Sanofi funding and leading development, per the release Recursion filed.

"The option triggered a $10 million milestone payment to Recursion, bringing total upfront and milestone payments received from Sanofi under the collaboration to $144 million." Recursion "remains eligible for more than $300 million in additional milestones for this program, with an average of low double-digit royalties on net product sales if successfully commercialized".

Cizzle Biotechnology and Cizzle Bio (Thursday 15 October). Cizzle Biotechnology (LSE: CIZ), a British developer of a lung cancer blood test, agreed with Cizzle Bio, its exclusive North American licensee, that USD 1.81m of guaranteed advance payments due by 31 December 2026 will be paid by 31 December 2027. The licensee "has not made the remaining payments and is not expected to pay the full US$1.81 million" on the old schedule.

The USD 490,000 already received becomes a non-refundable upfront or milestone payment, so that royalties, "based on a 10% royalty on gross sales", run from the first sale. Cizzle may convert the deferred amounts into the licensee's stock, and said it "may need to seek alternative funding" if payments are delayed.

Clinical and Regulatory

Hansoh Pharma and the European Commission: aumolertinib refiled after a revocation that followed AstraZeneca's challenge (Sunday 11 October)

Hansoh Pharma (HKEX: 3692) said in an exchange notice that it resubmitted its marketing authorisation application for aumolertinib to the European Medicines Agency on 29 September. On 7 October "the EMA has validated the new MAA and the centralized review procedure has officially commenced".

• The case: AstraZeneca v European Commission, General Court of the European Union, T-289/26, an action to annul the authorisation of Aumseqa. The applicant is AstraZeneca AB, and the action was filed on 7 May 2026, per Huxiu.
• The parties: AstraZeneca against the Commission. Hansoh is not a defendant. The authorisation holder named by the European Medicines Agency is SFL Pharmaceuticals Deutschland GmbH.
• The revocation: the Commission "published an implementing decision on September 25, 2026, pursuant to which the said marketing authorization was revoked", per Hansoh's announcement of 27 September. It acted before the court ruled.
• The grounds: certain Tagrisso clinical results referred to in the application "were at the time still within the data protection period", and "such data protection period expired in 2024". Hansoh says the decision is unrelated to the quality, safety, or efficacy of the product.
• The asset: aumolertinib, a third-generation EGFR inhibitor, authorised in the European Union on 12 February 2026 for first-line advanced non-small cell lung cancer with EGFR exon 19 deletions or exon 21 L858R mutations and for T790M-positive disease. The authorisation stood for seven months.
• The refiling: the notice of 27 September said Hansoh intended to resubmit on the original data package, and added: "Currently, the EMA has indicated its willingness to shorten the standard assessment timeline."
• Sales at stake: "the Group has not generated any sales revenue from the Product outside of China." Hansoh says the decision and the resubmission "will not have any material adverse impact on the current financial position or business operations of the Group".
• The European rights: EQRx held the rights outside greater China under a 2020 licence and filed the first European application in 2022. It gave notice of termination on 1 August 2023, and Hansoh's announcement of that month says "The Group will regain the research, development, manufacture and commercialization rights to aumolertinib".
• Other territories: a licence to Glenmark of December 2025 covers the Middle East and Africa, Southeast and South Asia, Australia, New Zealand, Russia and the Commonwealth of Independent States, and a few Caribbean countries, with tiered royalties on net sales. It does not include Europe.
• Instrument: a regulatory refiling. No payment is stated.
• Royalty read-through: no royalty turns on the European decision. The Glenmark royalty sits in territories the revocation does not reach, and no terms between Hansoh and the German authorisation holder are published.

Braintree Laboratories (Sebela Pharmaceuticals) (Sunday 11 October). Braintree, part of Sebela, presented the TRIUMpH-NERD trial of tegoprazan in 783 adults with non-erosive reflux disease at the American College of Gastroenterology meeting. Heartburn-free days through week 4 were 17.3 per cent on placebo, 26.2 per cent on 50 mg, and 30.1 per cent on 100 mg.

Braintree filed for approval in January 2026, and "US approval is anticipated in January 2027". Tegoprazan is licensed from HK inno.N of Korea under an agreement of December 2021, at a royalty rate that is not published.

BridgeBio (Sunday 11 October). BridgeBio (Nasdaq: BBIO) presented further results of the Phase 3 CALIBRATE trial of encaleret in autosomal dominant hypocalcaemia type 1 at the bone congress, according to its release. Parathyroid hormone reached the normal range in 91 per cent of patients on encaleret and in none on standard care.

The release gives a decision date of 8 May 2027 at the Food and Drug Administration under priority review, and says a European application has been submitted. It states no licence or royalty terms.

Ascelia Pharma (Sunday 11 October). Ascelia (Nasdaq Stockholm: ACE) said the Food and Drug Administration still requires additional clinical evidence to approve Orviglance, its liver imaging agent. The agency accepted that a prospective re-analysis of images from the Phase 3 SPARKLE trial on a different primary endpoint might supply it.

Ascelia does not plan another trial. It will pursue the European filing and continue its search for a partner.

Mirum Pharmaceuticals and Takeda: maralixibat meets the primary endpoint in ultra-rare cholestatic liver diseases (Monday 12 October)

Mirum (Nasdaq: MIRM) said that the Phase 3 EXPAND trial of LIVMARLI "met its primary endpoint and achieved statistical significance across all five prespecified secondary endpoints". The trial enrolled 52 patients, including those with biliary atresia and a native liver.

• The result: in the primary analysis population of paediatric patients, pruritus scores improved by 1.81 points against 0.83 on placebo (p=0.0004). Serum bile acids fell by 70.1 per cent against 3.5 per cent, "corresponding to a 69.0% treatment effect versus placebo (p<0.0001)". In biliary atresia with a native liver the reduction in pruritus was also significant (p=0.0002).
• The design: 46 paediatric and six adult patients, randomised to maralixibat 285 µg/kg twice daily or placebo over a 20-week double-blind period.
• Next step: "The Company plans to submit a supplemental New Drug Application in the United States in the first half of 2027 based on the Phase 3 EXPAND study results."
• The licence chain: Mirum holds maralixibat under an assignment and licence from Shire, now part of Takeda. It pays Shire "tiered royalties with rates ranging from low double-digits to mid-teens", reduced by royalties paid to Satiogen and Sanofi, and Pfizer "a low single-digit royalty on net sales", per Mirum's annual report for 2025.
• Milestones: the same report lists "a $25.0 million payment upon regulatory approval of Livmarli for each and every other indication" under the Shire agreement. Mirum has not said whether an approval based on EXPAND would trigger it.
• Prior financing: Mirum repurchased the revenue interests it had sold to Oberland "at a call price of $192.7 million" in 2023, and the annual report describes no royalty financing outstanding on LIVMARLI.
• Instrument: a Phase 3 readout. No payment is stated.
• Royalty read-through: a further indication would widen the sales base on which Takeda and Pfizer are paid. The rates are published only as bands.

Syndax and Royalty Pharma: axatilimab fails in idiopathic pulmonary fibrosis, and the base of a sold royalty narrows (Monday 12 October)

Syndax (Nasdaq: SNDX) said after the US close that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis "did not meet its primary endpoint of the annualized rate of decline in forced vital capacity (FVC)". The company "does not plan to move forward with further development of axatilimab in IPF".

• The trial: a 26-week, randomised, double-blind, placebo-controlled study in 145 patients across 62 sites. The safety profile "was consistent with previous clinical studies of axatilimab, with no new safety signals identified".
• The marketed use: axatilimab is sold as Niktimvo in the United States in chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy. Syndax says "the results from the MAXPIRe trial do not affect ongoing trials of axatilimab in other potential indications", and results of chronic GVHD trials are expected later this year and in early 2028.
• The licence chain: "In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications." Syndax's quarterly report for June says it is "obligated to pay UCB low double-digit percentage royalties on sales, subject to reduction in certain circumstances".
• Royalty financing on the asset: Royalty Pharma paid USD 350m in November 2024 in exchange for "a 13.8% royalty on U.S. net sales of Niktimvo", and "royalty payments to Royalty Pharma will cease upon reaching a multiple of 2.35x", per the Royalty Pharma release.
• Instrument: a Phase 2 readout. No payment is stated.
• Royalty read-through: the Royalty Pharma royalty runs on US net sales of Niktimvo in any indication until the 2.35x multiple is reached. Without idiopathic pulmonary fibrosis, those sales rest on chronic GVHD, where the trials continue.

Foresee Pharmaceuticals and GenSci (Monday 12 October). Foresee (TPEx: 6576) said that the National Medical Products Administration approved CAMCEVI 42 mg, a six-month subcutaneous leuprolide mesylate depot, in advanced prostate cancer. Its licensee Changchun GeneScience Pharmaceutical will launch it.

GenSci holds the China rights "across all current and pipeline indications", and its application in premenopausal breast cancer is under review. Under the licence of November 2020, Foresee was to receive USD 8m upfront, milestones "totalling up to 123.85 million US dollars", and "a share of the product revenue in the territory". The release names no milestone payable on this approval and no rate.

Cytokinetics (Monday 12 October). Cytokinetics (Nasdaq: CYTK) presented further analyses of the Phase 3 ACACIA-HCM trial of aficamten in non-obstructive hypertrophic cardiomyopathy at the Heart Failure Society of America meeting. In a responder analysis, 53 per cent of patients on aficamten responded in three or more domains against 13 per cent on placebo, and serious heart failure events occurred in 4.7 per cent against 1.2 per cent.

The company said: "We plan to submit a supplemental New Drug Application to the FDA this quarter." Aficamten is sold as MYQORZO in obstructive disease in the United States, China, the European Union, and the United Kingdom. Royalty Pharma receives "4.5% up to $5.0 billion of annual net sales of aficamten and 1% above $5.0 billion of annual net sales", per its May 2024 release.

Formycon and Zydus (Tuesday 13 October). Formycon (FSE: FYB) and Zydus Lifesciences said that the Food and Drug Administration accepted the application for FYB206, a proposed biosimilar to Keytruda, submitted in the third quarter. The companies expect a decision in the third quarter of 2027, and no comparative Phase III trial was run.

The acceptance "entitles it to a milestone payment from Zydus", which holds exclusive rights in the United States and Canada under a licensing and supply agreement of December 2025. The joint release says the dossier "has also been submitted to Health Canada", and gives no amount for this milestone.

Under the agreement, per Formycon's release of 9 December 2025, further development and regulatory milestones "are expected to amount to a mid–double-digit-million-euro range". "Upon market launch, Formycon will obtain a mid–double-digit-share of the gross profits generated in the territory."

Rhythm Pharmaceuticals and Ipsen (Tuesday 13 October). Rhythm (Nasdaq: RYTM) launched Imcivree (setmelanotide) in Japan in acquired hypothalamic obesity, after its listing on the national price list. The drug was approved there in August 2026.

Setmelanotide is licensed from Ipsen, which may receive up to USD 40m in milestones and "royalties on future product sales in the mid-single digits", per Rhythm's 2017 prospectus.

Atara Biotherapeutics and Pierre Fabre (Wednesday 14 October). The Food and Drug Administration accepted the resubmitted application for tabelecleucel in Epstein-Barr virus-positive post-transplant lymphoproliferative disease, with "a Class 2 Resubmission Prescription Drug User Fee Act (PDUFA) target action date of March 31, 2027", per Atara's release. Pierre Fabre, which holds the application, confirmed the date.

"If tabelecleucel is approved, Atara would be eligible to receive a $31 million milestone payment under its commercialization agreement with Pierre Fabre Laboratories. Atara would also be eligible to receive significant double-digit tiered royalties on net sales and additional commercial sales milestones."

ImmunityBio and Oberland: Anktiva label widened to papillary-only bladder cancer, about twelve weeks early (Wednesday 14 October)

The Food and Drug Administration approved Anktiva (nogapendekin alfa inbakicept-pmln) with bacillus Calmette-Guérin (BCG) for adults with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). "This revises the prior indication for adults with BCG-unresponsive NMIBC with carcinoma in situ (CIS) with or without papillary tumors to include patients with high-grade papillary-only tumors."

• The decision date: ImmunityBio (Nasdaq: IBRX) had given 6 January 2027.
• The population: "Papillary disease represents approximately 85% of the NMIBC patient population", per ImmunityBio's release issued after the US close.
• Sales: US product revenue of USD 50.7m in the quarter to 30 June 2026.
• The revenue interest: Oberland receives "tiered payments initially ranging from 5.625% to 12.50%" of worldwide net sales outside China, falling to "a single rate of 2.8125%" if payments reach USD 375.0m by 31 December 2029, per ImmunityBio's quarterly report. Oberland and its agent Infinity have paid USD 200.0m, USD 100.0m, and USD 75.0m for the revenue interest.
• Instrument: a supplemental approval. No payment is stated.
• Royalty read-through: the Oberland payments now run on a wider US label, and the step-down to 2.8125 per cent turns on payments reaching USD 375.0m by the end of 2029.

Vanda Pharmaceuticals and Novartis (Wednesday 14 October). Vanda (Nasdaq: VNDA) said that Study 3201, a Phase 3 trial of VQW-765 in 546 adults with social anxiety disorder, did not meet its primary endpoint. Distress scores in women were 65.6 on VQW-765 against 66.0 on placebo (p=0.8899), and the key secondary endpoint in all patients was also missed (p=0.6605).

The programme is on hold. Vanda holds the alpha-7 nicotinic partial agonist under a licence from Novartis granted in its Fanapt settlement: "The Company has no milestone obligations; however, Novartis is eligible to receive tiered-royalties on net sales at percentage rates up to the mid-teens", per Vanda's quarterly report for March 2024.

Verastem Oncology and GenFleet (Wednesday 14 October). Verastem (Nasdaq: VSTM) presented initial efficacy data from the Phase 1/2 TARGET-D 101 trial of VS-7375, its oral KRAS G12D inhibitor. Six-month progression-free survival was 67 per cent in 22 evaluable pancreatic cancer patients at 900 mg, and the confirmed response rate was 43 per cent in 23 lung cancer patients at 600 mg.

A Phase 3 start is planned by the end of 2026. Verastem licensed VS-7375 from GenFleet Therapeutics outside mainland China, Hong Kong, Macau, and Taiwan, and pays GenFleet "royalties on net sales of licensed products in the Verastem Territory ranging from the mid to high single digits", per its annual report for 2025.

It signed a royalty financing with Oberland Capital in August, per its second-quarter release. The data came on the day it priced a share offering of about USD 250m.

Rezolute and XOMA (Wednesday 14 October). Rezolute (Nasdaq: RZLT) completed enrolment of the Phase 3 upLIFT study of ersodetug in tumour hyperinsulinism at 16 participants, with topline data expected in mid-December. Seven of the first eight participants met the primary responder criterion; the eighth died about a week after enrolment and counts as a non-responder.

Rezolute licensed ersodetug from XOMA in 2017 and has paid it USD 12.0m in milestones. "The next milestone payment of $25.0 million will be due upon regulatory approval for ersodetug by any regulatory authority", and up to USD 185.0m in sales milestones follow, per its quarterly report for March 2026. XOMA's annual report describes "royalties ranging from the high single digits to the mid-teens based on annual net sales".

Ligand completed its purchase of XOMA Royalty on 14 July 2026 for USD 39.00 a share in cash, an equity value of about USD 739m.

Belite Bio (Wednesday 14 October). Belite Bio (Nasdaq: BLTE) submitted marketing applications for tinlarebant in Stargardt disease type 1 to the regulators of Singapore, the United Kingdom, and Switzerland through the Access Consortium. Its US application has a decision date of 12 February 2027.

Roche and Chugai (Friday 16 October). Roche (SIX: RO, ROG) announced that the Food and Drug Administration "has approved Enspryng® (satralizumab) for the treatment of adults with thyroid eye disease (TED)". The decision had been "expected by October 15, 2026", per Genentech, which issued a parallel release.

The release describes Enspryng as "developed by Chugai, a member of the Roche Group", and Genentech's release says Roche "is the majority shareholder in Chugai Pharmaceutical". Under Chugai's licence of the antibody to Roche, Chugai receives milestones and royalties at rates that are not published, and neither release states a licence term or a launch date.

European Medicines Agency: October committee opinions, with royalties to Chugai, Ionis, and Genmab (Friday 16 October)

The Committee for Medicinal Products for Human Use recommended six new medicines and five extensions of indication at its meeting of 12 to 15 October, with no negative opinion on a new medicine. RASONQUE, recommended on 15 October, carries Royalty Pharma's revenue participation outside the United States.

• Orforglipron: Foundayo from Eli Lilly, "an oral GLP-1 receptor agonist for weight management and treatment of type 2 diabetes in adults". Lilly licensed orforglipron from Chugai in 2018, and Chugai "receives tiered royalty payments on worldwide net sales ranging in percentages from mid single digits to low teens", per Lilly's quarterly report for the period to 30 June.
• Olezarsen: a wider indication for Tryngolza in adults with severe hypertriglyceridaemia, per Sobi, which "has exclusive rights to commercialise TRYNGOLZA outside the US, excluding Canada and China". Under the licence of March 2025, Ionis receives milestones "and a tiered royalty of up to mid-20% range on annual net sales", per its release.
• Talquetamab: a wider indication for Johnson & Johnson's Talvey, with daratumumab, in relapsed or refractory multiple myeloma. Genmab receives "a mid-single digit royalty on net sales of TALVEY" and, on daratumumab, "tiered royalty payments between 12 % and 20 %" of Johnson & Johnson's net sales, reduced by its share of the royalty to Halozyme, per its annual report.
• Narsoplimab: the committee "confirmed its recommendation to refuse marketing authorisation for the medicine Yartemlea (narsoplimab)" after re-examination. Omeros, which sells narsoplimab in the United States, had planned to license the European rights to a third party on approval.
• Navepegritide: Ascendis Pharma's Yuviwel was recommended in achondroplasia. Apart from its Royalty Pharma financings on other products, Ascendis says "we owe no third-party royalty or milestone payment obligations" on its TransCon products, per its annual report.
• Tucatinib: Pfizer's Tukysa was recommended for maintenance treatment with trastuzumab and pertuzumab in HER2-positive metastatic breast cancer after first-line chemotherapy. Its licensor Array, entitled to "a low double-digit royalty based on net sales of TUKYSA" per Seagen's annual report, is part of Pfizer.
• Other opinions: the extension for AstraZeneca's live attenuated H5N1 pandemic vaccine removes the upper age limit of the indication, per the agenda.
• Withdrawals: applications to extend Ibrance and Truqap were withdrawn. AstraZeneca pays Astex royalties on Truqap at a rate that is not published, per its 2023 release.
• Instrument: committee opinions, on which the European Commission decides.
• Royalty read-through: the positive opinions widen the European bases of the royalties to Chugai, Ionis, and Genmab. The Truqap royalty to Astex stays on the indications already approved.

Opus Genetics and Viatris: phentolamine eye drops approved in presbyopia, with a milestone due (Friday 16 October)

Opus Genetics (Nasdaq: IRD) said that the Food and Drug Administration approved its supplemental application for phentolamine ophthalmic solution 0.75 per cent in presbyopia in adults, a day before the 17 October decision date. The indication is added to the label of RYZUMVI, approved in 2023 for pharmacologically induced mydriasis.

• The licensee: Viatris holds exclusive US commercialisation rights under a global licence. In its own release, Viatris said it "is exploring the potential for a partner in the United States to commercialize RYZUMVI for the treatment of presbyopia".
• The milestone: "This FDA approval in presbyopia will trigger a milestone payment to Opus Genetics", in an amount that is not stated. Milestones under the licence total "up to $130 million", of which a first USD 10m has been paid, per Opus's annual report.
• The royalty: "tiered royalties, starting at low double-digit royalties up to low 20% royalties" on US net sales, running "until December 31, 2040", per its quarterly report for the quarter to 30 June.
• Financing: Oberland holds secured notes of Opus.
• Instrument: a supplemental approval with a milestone payment.
• Royalty read-through: the royalty base gains presbyopia, and the US licensee is looking for a partner to sell it.

Fractyl Health (Friday 16 October). Fractyl (Nasdaq: GUTS) said that the randomised, double-blind, sham-controlled REMAIN-1 pivotal cohort of 308 adults met its six-month co-primary endpoint (p=0.0023). Revita participants "maintained approximately 80% of their GLP-1-induced weight loss after a single treatment at six months, compared with 67% in sham participants".

The company plans a De Novo marketing application to the Food and Drug Administration late in the fourth quarter of 2026, and 12-month results in the first quarter of 2027. Revita is a device developed in house.

Public capital and debt.

TRexBio and Retension Pharmaceuticals (Tuesday 13 October). The two initial public offerings priced on 8 October closed. TRexBio gave gross proceeds of about USD 116.7m from 8,333,334 shares at USD 14.00, and Retension filed a current report on the closing of 3,750,000 shares at USD 12.00 each.

Retension's prospectus says it assumed royalty obligations to Kadmon of "a low -teens percentage of royalties on net sales of RTN -001 and a low -teens percentage of royalties on sublicensing revenue, subject to customary deductions". TRexBio receives tiered royalties of six to ten per cent from Lilly on TRB-051, per its registration statement.

Oncopeptides (Tuesday 13 October). Oncopeptides (Nasdaq Stockholm: ONCO) completed a directed issue of 50,000,000 shares at SEK 2.00, raising USD 10.5m (SEK 100m) before costs, "a discount of approximately 13.9 percent" to the prior close. HealthCap VIII, its largest shareholder, indicated USD 1.1m (SEK 10m).

The proceeds fund work on a glioblastoma programme. Pepaxti net sales "amounted to SEK 56.5 million in the first half of 2026" (USD 5.9m), and the company keeps its target of positive cash flow in 2027.

The lock-up allows it to issue warrants to the European Investment Bank under an existing agreement. ABG Sundal Collier ran the book, and Advokatfirman Vinge advised the company.

Medincell (Tuesday 13 October). Medincell (Euronext Paris: MEDCL) said it "has secured an additional €13.8 million in non-dilutive financing from leading European commercial banks and Bpifrance" (USD 16.0m), bringing the total since July to USD 48.6m (EUR 41.8m). It has repaid 50 per cent of its European Investment Bank loan and extended its debt maturities to September 2031.

The loans are "on market terms", with no equity-linked instruments and no stated rate. Medincell's technology "is licensed to Teva", which sells UZEDY and plans to launch WELTRUZA, approved by the Food and Drug Administration in October, in the fourth quarter. "Medincell is entitled to mid- to high-single digit royalties on worldwide net sales of WELTRUZA™", and to up to USD 112m in milestones including USD 4m on the US approval, per its release of 9 October.

Akeso (Wednesday 14 October). Akeso (HKEX: 9926) agreed before trading hours to place "an aggregate of 20,000,000 Placing Shares to not less than six Placees at a price of HK$97.76 per Placing Share", "a discount of approximately 6.90% to the closing price of HK$105.00" on 13 October. Gross proceeds are USD 251m (HKD 1,955.20m).

Completion took place on 16 October, with net proceeds of about USD 249.5m (HKD 1,940.98m), per the completion notice. Morgan Stanley Asia Limited is sole bookrunner.

Of the net proceeds, 85 per cent goes to research and development, "including clinical trials of ivonescimab and cadonilimab in major cancer indications". Ivonescimab is licensed outside China to Summit Therapeutics.

Verastem Oncology (Wednesday 14 October). Verastem priced an underwritten offering of 30,937,500 shares at USD 8.00 and pre-funded warrants for 312,503 shares, for gross proceeds of about USD 250m, closing on or about 15 October. Jefferies, Guggenheim Securities, and Cantor are joint bookrunners, and B. Riley Securities is lead manager. Ropes & Gray is Verastem's counsel, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is counsel for the underwriters.

The company "expects to receive net proceeds from the Offering, after deducting underwriting discounts and commissions and estimated offering expenses, of approximately $234.7 million", per its current report. The prospectus supplement states "we have not granted the underwriters an option to purchase additional shares", and that Verastem terminated its at-the-market prospectus with Cantor Fitzgerald.

Its current report of the same morning estimates third-quarter net product revenue at USD 23.9m to 24.1m and cash at USD 172.8m. Among its risks it lists "that we may not satisfy the closing conditions to receive $50.0 million from our non-dilutive royalty financing arrangement with Oberland Capital".

Iambic Therapeutics (Wednesday 14 October). Iambic (Nasdaq: IAM) announced after the US close "the pricing of its initial public offering of 9,375,000 shares of common stock at a public offering price of $16.00 per share", the midpoint of its range, for gross proceeds of USD 150.0m. Trading started on 15 October, and a current report of 16 October records the restated certificate filed "in connection with the completion of the Company's initial public offering".

The underwriters have a "30-day option to purchase up to an additional 1,406,250 shares". J.P. Morgan, Jefferies, BofA Securities, and Citigroup are joint bookrunners.

The final prospectus names Wilson Sonsini Goodrich & Rosati as Iambic's counsel and Cooley as counsel for the underwriters. It says that "ARK Investment Management LLC, one of our existing investors, and Duquesne Family Office LLC have expressed an indication of interest to purchase up to an aggregate of $60.0 million" of the shares.

Iambic's lead candidate, IAM1363, is in Phase 1. The prospectus discloses a collaboration and option agreement with AbbVie of September 2026 with an upfront payment of USD 40.0m and "tiered royalties on net sales of licensed products with rates from within the mid-single digits to the low-teens range".

Recursion (Thursday 15 October). Recursion priced an underwritten offering of 61,540,000 shares at USD 3.25 each, for "total gross proceeds of approximately $200 million", closing on or about 16 October. Leerink Partners, Goldman Sachs, Morgan Stanley, and Evercore are joint bookrunners, and Needham is lead manager.

The release names participation from "Janus Henderson Investors, Invus, Longaeva Partners, ARK Invest, Driehaus Capital Management and other prominent healthcare specialists and mutual funds". Wilson Sonsini Goodrich & Rosati is Recursion's counsel, and Davis Polk & Wardwell is counsel for the underwriters, per the prospectus supplement. The offering came the same morning as the Sanofi option milestone.

First Tracks Biotherapeutics (Thursday 15 October). First Tracks (Nasdaq: TRAX) agreed to sell 6,106,870 shares at USD 32.75 each in a private placement of about USD 200m, closing on 19 October. Investors include "Affinity Asset Advisors, LLC, First Light Asset Management, Sirenia Capital Management LP, TCGX, Trails Edge Capital Partners, Vestal Point Capital, a life sciences-focused institutional investor and multiple leading mutual funds".

Leerink Partners, Piper Sandler, UBS Investment Bank, and Wells Fargo Securities are placement agents. The purchase agreement makes a no-registration opinion of Paul, Weiss, Rifkind, Wharton & Garrison, as company counsel, a closing condition. The proceeds are for "general corporate purposes, including for clinical development of ANB033, a CD122 antagonist".

City Therapeutics (Thursday 15 October). City (Nasdaq: CTY) announced "the pricing of its upsized initial public offering of 11,111,111 shares of its common stock at a public offering price of $18.00 per share", for gross proceeds of "approximately $200.0 million". The terms set on 9 October were 9,722,222 shares at USD 17.00 to USD 19.00, and a short-form registration statement of 16 October added 1,597,222 shares.

Trading started on 16 October, and the offering is expected to close on 19 October. The underwriters have "a 30-day option to purchase up to an additional 1,666,666 shares", and Goldman Sachs, Jefferies, Stifel, and Oppenheimer are joint bookrunners. The registration statement names Goodwin Procter as City's counsel and Cooley as counsel for the underwriters.

The final prospectus puts net proceeds at "approximately $181.5 million (or approximately $209.4 million if the underwriters exercise their option to purchase additional shares of common stock in full)". City pays the Ohio State Innovation Foundation "tiered low-single digit running royalties based on annual net sales of each licensed product".

It is to receive from Biogen up to about USD 1.0bn in milestones and "tiered royalties ranging from high-single digits to low teens", and from Bausch + Lomb up to USD 485.0m and "tiered royalties ranging from mid-single digits to low teens", per the registration statement. No product is in late-stage trials.

Alector (Friday 16 October). Alector (Nasdaq: ALEC) priced an underwritten offering of 36,600,000 shares at USD 2.05, "a premium of approximately 7.3% over the closing price on October 15, 2026", for gross proceeds of USD 75.0m, closing on or about 19 October. Investors include "TCGX, BVF Partners, ADAR1 Capital Management, and Deep Track Capital, among others", and Morgan Stanley and BTIG are joint lead bookrunners.

A current report dates the underwriting agreement 15 October and says gross proceeds are "expected to be $75,030,000.00". The prospectus supplement puts net proceeds at "approximately $70.2 million" and names Wilson Sonsini Goodrich & Rosati as Alector's counsel and Davis Polk & Wardwell as counsel for the underwriters.

Capital formation and private funding. OrbiMed raised "$3 billion in commitments for two new private equity funds" on 15 October: OrbiMed Private Investments X, "over $1.9 billion", for US and European life sciences venture, and OrbiMed Asia Partners VI, "over $1 billion", for growth and venture investment in Asia. The firm manages "over $21 billion", and its investors include medical institutions, endowments, foundations, pension funds, sovereign wealth funds, and family offices, none of them named.

Amendments to the funds' Form D filings on 16 October raise both offering amounts to the amounts sold: USD 1,921.1m from 131 investors for Private Investments X and USD 1,045.6m from 72 investors for Asia Partners VI. Each total "includes capital committed by the General Partner".

The amendments name UBS Switzerland AG and Merrill Lynch, Pierce, Fenner & Smith, and for the Asia fund also J.P. Morgan Securities, as selling agents paid "based on a percentage of committed capital of investors introduced by selling agent", with management fees offset by those amounts. The predecessor venture fund sold USD 1,849.6m to 141 investors, per its last Form D amendment of April 2023, and Fierce Biotech reports that the fifth Asia fund had USD 751m committed.

Desentum, a private company in Espoo, Finland, closed "an oversubscribed €28 million equity round" (USD 32.6m) on 12 October, arranged by Springvest, to advance immunotherapies for birch, peanut, and cat allergy. The birch programme is in a Phase II trial of about 100 patients, with results "expected before the end of the year".

Springvest has arranged rounds "totalling €54 million" (USD 62.8m) for the company and is a major shareholder. After proof of concept in Phase II the company "will pursue strategic partnerships or an IPO".

Soufflé Therapeutics, a private company in Boston, announced an oversubscribed USD 135m Series B on 13 October, led by Juvia Group, with new investors TCG Crossover Management, BB Biotech, Fidelity Management & Research Company, Balyasny Asset Management, and an unnamed sovereign wealth fund. The existing investors who took part are Amgen Ventures, ARCH Venture Partners, Bessemer Venture Partners, Breyer Capital, The Invus Group, Janus Henderson, Leaps by Bayer, Polaris Partners, Safar Partners, TAS Partners, Temasek, and Vida Ventures.

The proceeds fund the first clinical studies of programmes in facioscapulohumeral muscular dystrophy, heart failure, and a muscle and metabolic target, which are preclinical.

Altay Therapeutics closed a USD 37m Series A on 14 October, "co-led by Sound Bioventures and HealthCap, with participation from new investors including Fountain Healthcare Partners, Biogen New Ventures, Pappas Capital, and Global BioAccess Fund". The proceeds take DX5057, an oral DUX4 inhibitor for facioscapulohumeral muscular dystrophy, through Phase 1 and Phase 2 proof-of-concept trials, and a Phase 1 safety study is "expected to initiate in Q1 2027".

OMass Therapeutics, a private company in Oxford, announced "an oversubscribed $310 million (£230 million) Series C financing round" on 15 October, co-led by new investors Bain Capital Life Sciences, Forbion, and Novo Holdings. Janus Henderson Investors, SV Health Investors, and Jefferson Life Sciences joined, and every existing investor took part, including Syncona, Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, British Business Bank, and the University of Oxford.

The proceeds take OMS1620, an MC2 receptor antagonist, "through Phase 2 clinical development" in congenital adrenal hyperplasia and ACTH-dependent Cushing's syndrome, and fund initial clinical data for an SLC15A4 inhibitor in lupus. The pipeline was "built entirely through internal discovery".

Microbiotica, a private company near Cambridge, England, announced "the first close of a £36 million ($48 million) Series C financing" on 16 October, and its shareholder IP Group (LSE: IPO) published an announcement the same morning. The round "was led by British Business Bank with participation from other existing investors Tencent, Cambridge Innovation Capital, Flerie Invest and Seventure Partners", and IP Group put in USD 5.4m (GBP 4m).

The proceeds take MB310, a defined bacterial consortium, into Phase 2 in ulcerative colitis after a Phase 1b trial. All existing Series B investors took part.

Estuary Biotherapeutics, a private company in Menlo Park, California, and Newton, Massachusetts, launched on 16 October with "$103 million in total committed financing". It comprises a USD 93m Series A "led by RA Capital Management", with Deep Track Capital, Biogen New Ventures, UPMC Enterprises, Pivotal bioVenture Partners, the National Kidney Foundation Innovation Fund, and a family office, and a USD 10m seed co-led by 4BIO Capital and GV.

Its locally delivered adeno-associated virus (AAV) gene therapies for autosomal dominant polycystic kidney disease are preclinical, and the first is "anticipated to enter the clinic in 2027". Estuary's Form D, filed on 16 October, records USD 40.7m sold to 25 investors of a USD 103.7m offering, with the first sale on 1 July 2026.

Who funded, and through what instrument, between 11 and 18 October: 33 flows totalling USD 10.96bn, grouped by capital category and coloured by instrument. OrbiMed's two funds account for USD 3.0bn of it.

The same capital by instrument, with the number of flows. Cash acquisitions and fund commitments make up 60 per cent, and royalty fund credit, licence payments, and earn-outs 3.9 per cent.

M&A and licence prints between 11 and 18 October on a square-root scale, upfront against total. Sixteen publish a figure and three publish no consideration; three upfronts that include near-term milestones or come from press reports are drawn lighter.

Upfront as a share of the published total, for the 11 deals that publish both. Royalties and profit shares sit outside every total.

League Tables

Financial and legal advisers, counsel in court, underwriters, capital and royalty counterparties, and investors named in the issue for 11 to 18 October, counted once per mandate. J.P. Morgan and Lazard lead financial advisers with two each; Cooley, Ropes & Gray, and Wilson Sonsini Goodrich & Rosati each have three among legal counsel.

Financial advisers. J.P. Morgan, 2 (Xodus Medical, Galderma). Lazard, 2 (Galderma, Labcorp). Citi, 1 (ZO Skin Health and Blackstone). Goldman Sachs, 1 (STERIS). Piper Sandler, 1 (OPKO Health). Raymond James, 1 (ZO Skin Health and Blackstone).

Legal counsel. Cooley, 3 (Zealand Pharma; underwriters of Iambic; underwriters of City Therapeutics). Ropes & Gray, 3 (Generate Biomedicines, Galderma, Verastem). Wilson Sonsini Goodrich & Rosati, 3 (Iambic, Recursion, Alector). Davis Polk & Wardwell, 2 (underwriters of Recursion; underwriters of Alector). Goodwin Procter, 2 (City Therapeutics; United Therapeutics, Liquidia settlement). Paul, Weiss, Rifkind, Wharton & Garrison, 2 (ZO Skin Health and Blackstone, First Tracks). Advokatfirman Vinge, 1 (Oncopeptides). Gibson Dunn, 1 (Velaris). Greenberg Traurig, 1 (OPKO Health). Hogan Lovells Cadwalader US, 1 (Labcorp, lead transaction counsel). Jones Day, 1 (STERIS). MCE Carrel Avocats, 1 (Enodia). McDermott Will & Schulte, 1 (United Therapeutics, Liquidia settlement). Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, 1 (underwriters of Verastem). Morgan, Lewis & Bockius, 1 (Xodus Medical). Norton Rose Fulbright US, 1 (Liquidia, settlement). Parker Poe, 1 (Labcorp, real estate). Weil, Gotshal & Manges, 1 (ZO Skin Health and Blackstone).

Counsel in court. FBT Gibbons, 1 (Genentech and Hoffmann-La Roche, suit against Biocon Biologics, dismissed). Latham & Watkins, 1 (Genentech and Hoffmann-La Roche, of counsel, same suit).

Underwriters. Jefferies, 3 (Verastem, Iambic, City Therapeutics). Morgan Stanley, 3 (Akeso, Recursion, Alector). Goldman Sachs, 2 (Recursion, City Therapeutics). J.P. Morgan, 2 (Iambic; OrbiMed Asia Partners VI, selling agent). Leerink Partners, 2 (Recursion; First Tracks, placement agent). Merrill Lynch, Pierce, Fenner & Smith, 2 (OrbiMed Private Investments X and Asia Partners VI, selling agent). UBS Switzerland, 2 (OrbiMed Private Investments X and Asia Partners VI, selling agent). ABG Sundal Collier, 1 (Oncopeptides). B. Riley Securities, 1 (Verastem, lead manager). BofA Securities, 1 (Iambic). BTIG, 1 (Alector). Cantor, 1 (Verastem). Citigroup, 1 (Iambic). Evercore, 1 (Recursion). Guggenheim Securities, 1 (Verastem). Needham, 1 (Recursion, lead manager). Oppenheimer, 1 (City Therapeutics). Piper Sandler, 1 (First Tracks, placement agent). Stifel, 1 (City Therapeutics). UBS Investment Bank, 1 (First Tracks, placement agent). Wells Fargo Securities, 1 (First Tracks, placement agent).

Capital and royalty counterparties. Oberland, 3 (ImmunityBio, Anktiva revenue interest, existing; Opus Genetics, secured notes, existing; Verastem, royalty financing, existing). Royalty Pharma, 3 (Revolution Medicines, loan and revenue participation; Syndax, Niktimvo royalty, existing; Cytokinetics, aficamten royalty, existing). AstraZeneca, 2 (insitro; Astex, Truqap royalty, existing). Chugai, 2 (orforglipron royalty from Lilly, existing; Enspryng royalty from Roche, existing). Eli Lilly, 2 (Sangamo, platform purchase; Chugai, orforglipron licence, existing). Genentech, 2 (Biocon, settlement and licence; Novartis, award recognised). Novartis, 2 (VQW-765 royalty, existing; Genentech, Lucentis licence). Pfizer, 2 (Enodia; LIVMARLI royalty from Mirum, existing). Roche, 2 (Rona; Chugai, Enspryng licence, existing). Abeona Therapeutics, 1 (UX111 royalty, existing). AbbVie, 1 (Iambic, existing). Alexion, 1 (SRS, earn-out). Armed Cell Therapeutics, 1 (Lakefront). Bausch + Lomb, 1 (City Therapeutics, existing). Biogen, 1 (City Therapeutics, existing). Cizzle Bio, 1 (Cizzle Biotechnology, licence varied). Eton Pharmaceuticals, 1 (Aquestive). Future Solutions, 1 (Sangamo, debtor-in-possession facility repaid). Galderma, 1 (ZO Skin Health). GenFleet Therapeutics, 1 (VS-7375 royalty, existing). GenSci, 1 (Foresee, CAMCEVI, existing). Genmab, 1 (Talvey and daratumumab royalties, existing). Gilead Sciences, 1 (Vir). Goldman Sachs Bank USA, 1 (STERIS, bridge facility). Guardant Health, 1 (TwinStrand, court-ordered royalty). HealthCare Royalty, 1 (Liquidia, amended). Henderson SPV, 1 (Liquidia settlement, litigation funder). HK inno.N, 1 (tegoprazan royalty, existing). Ionis, 1 (Tryngolza royalty, existing). Ipsen, 1 (Imcivree royalty, existing). JPMorgan Chase Bank, 1 (STERIS, bridge facility). Labcorp, 1 (OPKO Health). Ligand, through XOMA Royalty, 1 (ersodetug royalty, existing). Lonza, 1 (Qurient). Mankind Pharma, 1 (Armed Cell Therapeutics). Ohio State Innovation Foundation, 1 (City Therapeutics, existing). Paragon Laboratories, 1 (Velaris royalty). PBM RG Holdings, 1 (Liquidia settlement). Pierre Fabre, 1 (Atara, existing). PTC Therapeutics, 1 (Sangamo). Roots Pharmaceutical, 1 (Ocugen). Sandoz, 1 (Liquidia settlement). Sanofi, 1 (Recursion). STERIS, 1 (Xodus Medical). Stryker, 1 (CMR Surgical). Synmosa Biopharma, 1 (Nxera). Takeda, 1 (LIVMARLI royalty, existing). Teva, 1 (Medincell, Weltruza royalty, existing). UCB, 1 (axatilimab royalty, existing). United Therapeutics, 1 (Liquidia). Visara, 1 (Wuhan Hiteck). Wilmington Trust, 1 (Revolution Medicines, administrative agent). Zealand Pharma, 1 (Generate Biomedicines). Zydus Lifesciences, 1 (Formycon).

Investors. Janus Henderson, 4 (Soufflé, existing; Alaunos; OMass, new; Recursion). TCGX, 3 (Soufflé, new; First Tracks; Alector). ADAR1 Capital Management, 2 (Alaunos, Alector). ARK Investment Management, 2 (Iambic, indication of interest; Recursion). BB Biotech, 2 (Soufflé, new; Alaunos). Biogen New Ventures, 2 (Altay, Estuary). Deep Track Capital, 2 (Alector, Estuary). GV, 2 (OMass, existing; Estuary, seed co-lead). HealthCap, 2 (Oncopeptides, as HealthCap VIII; Altay, co-lead). Invus, 2 (Soufflé, existing; Recursion). Sirenia Capital Management, 2 (Alaunos, First Tracks). 4BIO Capital, 1 (Estuary, seed co-lead). Access Biotechnology, 1 (Alaunos). Affinity Asset Advisors, 1 (First Tracks). Amgen Ventures, 1 (Soufflé). ARCH Venture Partners, 1 (Soufflé). Bain Capital Life Sciences, 1 (OMass, co-lead). Balyasny Asset Management, 1 (Soufflé). Bessemer Venture Partners, 1 (Soufflé). Breyer Capital, 1 (Soufflé). BVF Partners, 1 (Alector). Cambridge Innovation Capital, 1 (Microbiotica). Driehaus Capital Management, 1 (Recursion). Duquesne Family Office, 1 (Iambic, indication of interest). Fairmount, 1 (Alaunos, lead). Fidelity Management & Research Company, 1 (Soufflé). First Light Asset Management, 1 (First Tracks). Flerie Invest, 1 (Microbiotica). Forbion, 1 (OMass, co-lead). Fountain Healthcare Partners, 1 (Altay). Global BioAccess Fund, 1 (Altay). IP Group, 1 (Microbiotica). Jefferson Life Sciences, 1 (OMass). Juvia Group, 1 (Soufflé, lead). Leaps by Bayer, 1 (Soufflé). Longaeva Partners, 1 (Recursion). National Kidney Foundation Innovation Fund, 1 (Estuary). Northpond Ventures, 1 (OMass). Novo Holdings, 1 (OMass, co-lead). Oxford Science Enterprises, 1 (OMass). Pappas Capital, 1 (Altay). Perceptive Advisors, 1 (Alaunos). Pivotal bioVenture Partners, 1 (Estuary). Polaris Partners, 1 (Soufflé). RA Capital Management, 1 (Estuary, lead). Safar Partners, 1 (Soufflé). Sanofi Ventures, 1 (OMass). Seventure Partners, 1 (Microbiotica). Sound Bioventures, 1 (Altay, co-lead). Springvest, 1 (Desentum, arranger and major shareholder). SV Health Investors, 1 (OMass). Syncona, 1 (OMass). T. Rowe Price Investment Management, 1 (Alaunos). TAS Partners, 1 (Soufflé). Temasek, 1 (Soufflé). Tencent, 1 (Microbiotica). Trails Edge Capital Partners, 1 (First Tracks). University of Oxford, 1 (OMass). UPMC Enterprises, 1 (Estuary). Venrock Healthcare Capital Partners, 1 (Alaunos). Vestal Point Capital, 1 (First Tracks). Vida Ventures, 1 (Soufflé). Wellington Management, 1 (Alaunos).

State and supranational participants. British Business Bank, 2 (OMass, existing; Microbiotica, lead). European Investment Bank, 2 (Medincell, loan half repaid; Oncopeptides, warrants under an existing agreement). Bpifrance, 1 (Medincell, lender).

All information in this report was accurate as of the research date and is derived from publicly available sources including SEC filings, Hong Kong Stock Exchange announcements, National Stock Exchange of India filings, European Medicines Agency and Food and Drug Administration records, United States patent assignment records, company press releases and financial news reporting. Information may have changed since publication. This content is for informational purposes only and does not constitute investment, legal, or financial advice. The author is not a lawyer or financial adviser.