The Weekly Term Sheet (2026-W45)

Royalty and profit-share rates published between 1 and 8 November: 12 hard numbers and 15 bands across the window, with word bands converted to ranges. Of the three royalties created, Theriva's from Biossil carries a low single-digit band, capped at USD 250m, and the Boston Scientific and BioNTech royalties publish no rate; United Therapeutics' USD 525m buyout of its low double-digit royalty to Arena is marked as bought out. Seven of the hard numbers are the Neuren tiers on Acadia's DAYBUE, made public in the window.

Royalty and profit-share rates on the 54 streams touched between 1 and 8 November, 27 of them with a published rate or band. Word bands are converted to ranges. Minghui's royalty from ASKA, up to the mid-30s per cent, is the highest rate struck in the window, and LG Chem's new 1 per cent on Rhythm's MC4R portfolio from 2029 the lowest.

Highlights

Royalty events: 3 created, 1 existing stream moved, 1 bought out and 1 ended in an asset sale. Theriva sold its ribaxamase portfolio to Biossil for a small upfront payment, milestones and low single-digit royalties capped at USD 250m, and passes a third of those royalties to an earlier owner.

Blackstone Life Sciences agreed to fund up to USD 455m of development of a Boston Scientific heart pump in return for milestones of up to 2.5 times its funding and royalties on sales. BioNTech exercised an option to move its Genentech collaboration from a 50:50 cost and profit share to royalties, with Genentech carrying the research and development costs from 2027.

LG Chem cut its royalty from Rhythm on bivamelagon to 1 per cent in return for USD 350m of further upfront payments and higher milestones. Karyopharm's proposed Chapter 11 plan would replace its revenue interest agreement with HealthCare Royalty by a five-year 3.0 per cent royalty, and Ayrmid's term sheet gives the lenders a synthetic royalty of 20 per cent on myelofibrosis sales of XPOVIO through contingent value rights; neither is counted until the plan is confirmed.

United Therapeutics paid USD 525m to Pfizer's Arena to end the low double-digit royalty it owed on ralinepag, which is still under FDA review. Acrivon bought Aqilion's JAK1 programme for undisclosed cash, and LEO Pharma agreed to end the royalties and milestones Aqilion owed it on the lead asset.

Henlius proposed a higher 2026 cap on the payments Fosun Pharma makes to it under its rituximab collaboration, which carries a 50 per cent net profit share rather than a royalty and is not counted.

Rhythm arranged a term loan of up to USD 750m, led by HealthCare Royalty with Blackstone Life Sciences, to support the amended LG Chem licence, and HealthCare Royalty agreed to strip the covenants from its existing revenue interest agreement with Rhythm. Reuters reported two days later that AstraZeneca had made a non-binding offer of about USD 10bn for Rhythm; neither company has confirmed it.

Basilea received a USD 37.5m sales milestone from Pfizer on Cresemba, on which it earns mid-teen royalties in Europe. Medincell said it receives mid- to high-single-digit royalties from Teva on UZEDY, whose sales Teva now expects at up to USD 310m this year, and the same terms on WELTRUZA.

Neuren earned a USD 35m launch milestone from Acadia and made public its European royalty tiers of 17 to 23 per cent; Acadia filed the licence with the North American tiers of 10 to 15 per cent. Formycon wrote down its ranibizumab and ustekinumab biosimilars by about USD 141m net (EUR 121m) and said the revenue share it owes Athos on them declines with the write-down.

Revolution Medicines disclosed that it did not draw an optional USD 250m royalty tranche from Royalty Pharma, which funded the first USD 250m tranche of its term loans in October instead. Royalty Pharma wrote down its pelacarsen royalty by USD 150.4m after the Phase 3 failure Novartis announced in September, and Servier's failed trial of sevasemten puts at risk up to USD 1.1bn of milestones owed to Edgewise. None is counted as a royalty event.

Vouchers: 1. Egetis agreed to sell its rare paediatric disease voucher for USD 190m, about half of the net proceeds going to the earlier owners of the asset.

M&A and restructuring: 14. ANI made a recommended cash offer of about USD 558m for Egetis, and the KKR-backed Sapphiros and the Hildred-backed binx health combined to form Onvaro, a point-of-care diagnostics company, with new capital from KKR, Hildred and EQT Life Sciences. Karyopharm filed for Chapter 11 with a restructuring support agreement under which Ayrmid is lead bidder to merge with the reorganised company; its plan sets out how the royalty financing is treated.

Supernus and Indivior completed their merger, and Kimberly-Clark completed its purchase of Kenvue. Zydus completed its purchase of the API business of Sterling Biotech, Takara Bio agreed to transfer its cell-processing contract business to a Sumitomo company, and Merck KGaA agreed to sell its US contract development and manufacturing business to Lonza.

Furui Medical signed a letter of intent to buy out Astorg and management from Echosens for about USD 349m, and Rockwell Medical agreed to buy most of Vantive's haemodialysis business for USD 125m, financed largely by the seller, plus up to USD 45m on revenue and EBITDA milestones.

Merck Animal Health sold the Icelandic aquaculture equipment maker VAKI back to its founder, and Mayne Pharma agreed to sell its international business and Salisbury plant to Evaris Pharma for about USD 39.4m (AUD 55.5m); none carries a stream. GL Capital and Zylox-Tonbridge agreed to take about 16.7 per cent and board control of LifeTech Scientific for about USD 190.7m of new shares.

InMed completed its reverse merger with Mentari Therapeutics, which closed about USD 490m of private financings at the merger and issued contingent value rights to InMed's holders.

Licence-outs and asset acquisitions: 21. Sino Biopharmaceutical gave Boehringer Ingelheim options on six preclinical programmes for USD 358m in upfront and near-term payments, up to USD 7bn in milestones and royalties of up to double digits, Evommune licensed a degrader from Hinova with royalties from the mid single digits to the low double digits, Qyuns licensed a bispecific to Caldera for USD 30m upfront, and Yungjin added Japan to its KL1333 licence with Pharming; Foresee licensed its ALDH2 activator to a newly formed related company for a USD 5m signing fee, milestones, royalties and a 19 per cent stake.

Novo Nordisk ended its collaboration with Korro, Simcere returned the Greater China rights to varoglutamstat to Vivoryon, and BioCryst returned an OX40 antagonist to Glenmark's Ichnos Glenmark Innovation; none of the three is counted.

Nxera licensed its EP4 agonist programme for inflammatory bowel disease to AbbVie for USD 100m upfront, up to USD 1.37bn in milestones and tiered royalties, and Minghui licensed the Japanese rights to its thyroid eye disease antibody to ASKA for USD 110m upfront, up to USD 330m in milestones and royalties of up to the mid-30s per cent.

Samsung Bioepis gave Teva the US commercialisation of two marketed biosimilars for up to USD 420m in upfront and milestone payments and a share of profits. Brise disclosed that its 2024 migraine licence with AbbVie is worth up to USD 757m plus royalties.

Simcere extended its zemprocitinib rights from Lynk into dermatology without disclosing terms, and Eton licensed Baylor College of Medicine patents for an IGF-1 programme against USD 1.0m on first sale, up to USD 8.0m of sales milestones and a low single-digit royalty. The National Heart, Lung and Blood Institute gave notice that it may grant an exclusive, royalty-bearing patent licence for a cardiac ablation catheter to a Delaware company.

INOVIQ gave Sonic Healthcare USA a licence to validate an ovarian cancer test, with an option on a commercial licence and no terms disclosed. Fresenius took exclusive options on up to 37 biosimilar candidates from WuXi Biologics, paid on a fee-for-service basis. Sam Chun Dang moved the Japanese distribution of its aflibercept biosimilar from Senju to Daiichi Sankyo Espha, paying USD 4.0m to recover the rights.

HLS Therapeutics took the Canadian commercial rights to Bayer's VERQUVO against royalties and sales milestones, with no rate disclosed. Aarvik licensed two antibody-drug conjugates to Laurus Labs for India, and SmartCella licensed its cell-delivery catheter to HeartWorks against milestones, royalties and product sales; neither discloses terms.

Novartis ended its 2025 brain-delivery collaboration with BioArctic, which keeps the USD 30m upfront payment, and Bio-Thera paid BeiGene about USD 7.0m to take back the Chinese rights to its bevacizumab biosimilar; neither termination is counted. CStone will run early clinical development of a Kimia Therapeutics candidate in China and Australia against cost reimbursement, milestones and royalties on global sales. Sanofi ended its STAT6 degrader programme with Nurix, which no longer expects milestones or royalties on it; not counted.

Acrivon bought Aqilion's oral JAK1 programme for undisclosed cash, free of the royalties and milestones owed to LEO Pharma. Anika renewed its Hyvisc distribution agreement with Boehringer Ingelheim for ten years, adding a royalty on end-market sales and USD 8m of upfront and milestone payments.

Regulatory: 10. The FDA accepted uniQure's Huntington's disease gene therapy for priority review; uniQure owes single-digit royalties to Cold Spring Harbor Laboratory on the platform. European and Japanese regulators accepted AstraZeneca's filings for savolitinib with osimertinib, an asset on which AstraZeneca pays HUTCHMED royalties. Lupin received approval of a generic of Catalyst's FIRDAPSE, and China Medical System received Singapore approval of ruxolitinib cream, licensed from Incyte.

The FDA accepted Hengrui's resubmission for camrelizumab with rivoceranib, set for a decision on 9 April 2027. The European Commission extended Alfasigma's Jyseleca to axial spondyloarthritis, a product on whose European sales Galapagos earns mid-single to mid-double-digit earn-outs. The FDA granted accelerated approval to Johnson & Johnson's subcutaneous amivantamab in head and neck cancer, its first indication outside lung cancer, on which Genmab earns royalties of 8 to 10 per cent and Halozyme a royalty for its delivery technology.

The EMA's veterinary committee backed Laverdia, a canine lymphoma drug once licensed out by Karyopharm for milestones and royalties, and China approved Bio-Thera's golimumab biosimilar, partnered in the US, Europe and Canada. The FDA said it is investigating a risk of malignancy with Novartis's gene therapies Zolgensma and Itvisma, on which REGENXBIO earns royalties.

Bavarian Nordic won a multi-year UK Government contract to supply its smallpox and mpox vaccine, with the value not disclosed; the contract is reported in Clinical and Regulatory and not counted.

Clinical: 6. Inventisbio reported that its TYK2 inhibitor nomelcitinib met the endpoints of a registrational Phase 3 in psoriasis, and Cerus reported that its pathogen-reduced red blood cells met the non-inferiority endpoint of a Phase 3. Cloudbreak reported that its pterygium eye drop, licensed to Grand Pharma for Greater China, met both primary endpoints of a Phase 3.

Sarepta said it would not resume enrolment in the confirmatory Phase 3 of ELEVIDYS, on whose sales outside the US it earns royalties from Roche. Moderna said its norovirus vaccine did not meet the criteria for early success at a Phase 3 interim analysis. Johnson & Johnson reported that ICOTYDE met the primary endpoint of a Phase 3 in psoriatic arthritis, a product on which Protagonist earns royalties of 6 to 10 per cent.

Structured capital: 3. Blackstone Life Sciences' development funding for Boston Scientific, the Rhythm term loan led by HealthCare Royalty, and Sixth Street's USD 400m refinancing of Arrowhead, which drops the sweep of royalties and milestones (all in Royalty-Bearing Positions). Private funding: 12. Advent Life Sciences and British Business Bank co-led a USD 133m Series B for T-Therapeutics, and Viking Global Investors led a USD 23m tranched financing for Nova Anchora with four epidermolysis bullosa foundations.

GE HealthCare led a structured Series B of up to USD 160m for Laza Medical, Sofinnova Partners and RA Capital co-led a USD 90m Series A for Alethio Therapeutics, and Anaheim Bio launched with a Series A of about USD 46.5m. Hatteras Venture Partners led a USD 35m Series A for Specific Biologics, InClin, a contract research organisation, led a USD 30m Series B for Thryv Therapeutics, and GPN Vaccines closed a USD 10m private placement for its pneumococcal vaccine.

A CICC Capital fund led a Series B of about USD 28.2m for a Shanghai maker of injection pens, and a medical equipment leasing company in South Africa and Ghana raised USD 9.5m of equity.

Hefei Alphana Biotechnology, an mRNA and in vivo CAR-T company, reached the first close of a USD 50m Series A led by Guozhong Capital. Biograil, a Copenhagen developer of an oral device for drugs that would otherwise be injected, closed a round of about USD 23.3m backed by Verve Ventures, Megatrend Invest and HTGF.

A new Singapore biotech fund, NeoSci Ventures, raised about USD 53m with Taiwanese and Singaporean state investors, Aulis Capital closed its first fund at USD 200m, and Insilico Medicine committed about USD 42.6m to a new Shanghai biotech fund; a new Patient Square royalty and structured solutions fund filed its first notice with the SEC; none is counted.

Public capital: 19. Precision BioSciences priced an offering of about USD 125m, INOVIO and Orchestra BioMed each priced public offerings of about USD 75m, and Annovis Bio priced a public offering of about USD 21.0m with warrants. Lyell Immunopharma agreed a private placement of about USD 80m and Evommune one of about USD 30m.

Three ASX-listed companies opened the week with small placements or share purchase plans; Neurizon redeemed its remaining convertible notes and Noxopharm agreed the early conversion of most of its notes. ABVC BioPharma closed a small issue of discounted convertible notes, HCW Biologics sold secured notes of about USD 10.2m to Streeterville Capital, and aap Implantate launched a rights issue.

Orexo set the terms of its rights issue of about USD 26.6m, of which about 69 per cent is covered, and PegBio placed new H shares for about USD 10.3m. MediWound closed a bought deal of about USD 17.25m after its underwriter took up the option, and Boule Diagnostics set a fully secured rights issue of about USD 9.8m as it closes its instrument business.

BioInvent set the terms of its rights issue of about USD 45.0m, now fully guaranteed, and Xspray Pharma resolved on a rights issue of about USD 9.5m, about 116 per cent covered by undertakings and intentions, as it prepares two product launches. Spectral Medical closed a convertible note placement of about USD 10.1m.

Courts: 10. The court stayed BDR's suit against the FDA over VOQUEZNA exclusivity until March 2027 while the FDA decides on its public docket, and the Federal Circuit dismissed Cipla's appeal in UCB's NAYZILAM patent case by agreement of the parties. The District of Delaware vacated a USD 9.4m reasonable royalty award against Airgas and instead redated its nitric oxide ANDA to 2035, and Pharmacosmos and Exelixis sued Dr. Reddy's and Handa over generics of COSELA and CABOMETYX.

AbbVie sued Dr. Reddy's a second time over a generic of QULIPTA, and Chiesi sued Zydus over a generic of CLEVIPREX. Incyte sued Granules India in Texas and New Jersey over a first-filer generic of Jakafi XR. Moderna disclosed that it settled its patent disputes with GSK, in which GSK had sought royalties, with cross-licences and no payments, and the parties dismissed the Delaware suits on 6 November.

The Ninth Circuit reversed in part a judgment for Pacira and held that it owes Research Development Foundation royalties on EXPAREL made by its 200-litre process.

Rate disclosure across the window: 12 hard numbers and 15 bands. Three come from HUTCHMED's annual report on the savolitinib royalties; the others are Theriva's low single-digit royalty from Biossil, uniQure's single-digit royalty to Cold Spring Harbor Laboratory, LG Chem's new 1 per cent royalty from Rhythm and the low-to-mid single-digit rate it replaces, the 3.0 per cent royalty in Karyopharm's proposed plan, Basilea's mid-teen royalty from Pfizer, Medincell's mid- to high-single-digit royalty from Teva, and the tiered royalties of up to the mid-30s per cent that ASKA pays Minghui.

Ayrmid's term sheet for Karyopharm adds two: a synthetic royalty of 20.00 per cent on myelofibrosis sales of XPOVIO if that use is approved by the end of 2027, and 15.00 per cent if later.

Seven hard numbers come from the Acadia licence with Neuren (10, 12, 14 and 15 per cent in North America; 17, 20 and 23 per cent in Europe), and the three further bands are Sino Biopharmaceutical's royalties of up to double digits, Evommune's mid single-digit to low double-digit royalties to Hinova, and the low double-digit royalty United Therapeutics bought out.

Three bands came with the RYBREVANT FASPRO approval and Eton's quarterly report: Genmab's royalty of 8 to 10 per cent from Johnson & Johnson, Halozyme's average mid-single-digit rate across its ENHANZE partners, and Eton's low single-digit royalty to Baylor College of Medicine. Protagonist's 6 to 10 per cent on icotrokinra was restated with the ICOTYDE readout.

figures/w45_rate_disclosure.png The three royalties created in the window, by what each publishes. Theriva's royalty from Biossil carries a low single-digit band, capped at USD 250m; Blackstone Life Sciences' royalty from Boston Scientific and BioNTech's from Genentech publish no rate.

Tracked royalty buyers inside the window: 4. Royalty Pharma confirmed that Revolution Medicines did not draw the optional USD 250m royalty tranche triggered by approval, and DRI confirmed the closing of its tavapadon purchase. Blackstone Life Sciences disclosed its first co-funding of a Boston Scientific product, a heart pump, with milestones and royalties as its return. HealthCare Royalty led a term loan to Rhythm with Blackstone Life Sciences and loosened its existing revenue interest agreement with the same company.

Open at the start of the window. The tender offer for Pacira, which started on 30 October. Peach Purchaser, a Viatris subsidiary, filed its offer to purchase at "$36.50 per Share, to the seller thereof in cash", expiring "one minute after 11:59 p.m., Eastern Time, on November 16, 2026", and Pacira's board recommended acceptance in its Schedule 14D-9.

The waiting period under the HSR Act expired on 29 October; no amendment to the offer had been filed by 07:30 UTC on 1 November. Viatris said in its third-quarter release of 5 November that "The transaction is expected to close by the end of November 2026", and its quarterly report of the same day that it "expects to fund the transaction primarily from excess cash with the remainder from short-term borrowings".

Pacira's first amendment to its Schedule 14D-9, filed on 3 November, adds employee materials and leaves the terms unchanged. Pacira said on 5 November that it "will not issue an earnings release for the quarterly period ended September 30, 2026, nor will it hold a conference call" and is withdrawing its 2026 guidance.

Pacira's quarterly report of the same day sets the fee it would owe Viatris on termination at "$ 62.0 million" and carries the Flexion contingent value rights at USD 3.0m, against payments that "could aggregate up to a total of $ 372.3 million" on milestones reached by 31 December 2030; no amendment to the offer had been filed by 03:00 UTC on 6 November.

An employee question-and-answer document filed by Pacira on 3 November says "we currently expect the transaction to close on or around November 17, 2026".

The delivery of the shares in the initial public offerings of Aspen Neuroscience, which priced at USD 15.00 with closing expected on 2 November, and Bambusa Therapeutics, whose prospectus expects delivery on 2 November.

Aspen reported that "On November 2, 2026, the Company completed the IPO of 9,375,000 shares" at USD 15.00, for gross proceeds of about USD 140.6m; Bambusa reported on 3 November that on 2 November it filed a restated certificate of incorporation "in connection with the completion of the Company's initial public offering", without giving the proceeds.

Insider Form 4 filings of 2 November report purchases in the offering at USD 16 and preferred stock that "automatically converted on a one-for-one basis" before the closing.

The closings of Bolt's USD 120m placement, expected on 26 October, and of the offerings by Aclaris, expected on 28 October, and INmune Bio. None had been filed by 07:30 UTC on 1 November. INmune Bio's quarterly report of 5 November says that "On October 29, 2026, the Company completed a financing" of 3,000,000 shares at USD 1.50 in a registered direct offering, with about USD 4.0m in net proceeds.

Aclaris's third-quarter release of 5 November says "During October 2026, the Company sold 7.8 million shares of its common stock and issued pre-funded warrants to purchase 6.5 million shares of common stock for aggregate gross proceeds of $50.0 million".

The closing of the sale of mitazalimab by Alligator Bioscience to Biossil, agreed on 31 October, where "Closing is expected within 30 days of signing". No closing had been reported by 07:30 UTC on 1 November.

Payment for the shares tendered in the Recordati offer is due on 2 November, per the offeror's final results notice of 26 October, issued on behalf of Respighi BidCo. The terms reopen "on the Trading Days of 3 November, 4 November, 5 November, 6 November and 9 November (inclusive)", with payment for the reopening "on 17 November 2026".

A notice of 2 November says Respighi BidCo "completed the settlement of the Offer in respect aggregate a total of no. 129,976,519 Recordati shares, representing approximately 62.153% of the Issuer's share capital", and now "directly holds a total of no. 155,966,684 Recordati shares", about 74.581 per cent.

During the reopening the CVC Investor, acting in concert with the offeror, bought 5,282,781 shares at EUR 53.00 on 4 November, per a notice of that day, and "directly holds a total of no. 12,823,716 Recordati shares, representing approximately 6.132%". After further purchases of 164,420 shares, a notice of 6 November says the CVC Investor "directly holds a total of no. 13,008,136 Recordati shares, representing approximately 6.220%", with Respighi BidCo unchanged at about 74.581 per cent.

The reopening ends on 9 November.

The joint status report due on 2 November in BDR Pharmaceuticals' suit against the FDA over VOQUEZNA exclusivity (filed and adopted; the case is stayed through 2 March 2027; see Royalty-Bearing Positions), and the bench trial in Exelixis's CABOMETYX patent case against MSN, which started on 3 November; the docket records the third day completed on 5 November with closing arguments, and post-trial briefing to follow.

The Paradigm administrators said on 28 October that "the Supreme Court of Western Australia has approved a three (3) month extension of the convening period for the second meeting of creditors until 27 January 2027", after the hearing of 27 October; they expect to issue their report and convene the meeting "in the coming weeks".

The emergency motion connected to the BioXcel sale order and the appeal against the sale order, filed on 26 October, per the docket; the hearing of 30 October was cancelled by an agenda filed on 28 October, with no reason given in the docket text; the sale itself has completed (see M&A and Restructuring). The hearing on the plan is set for 3 December.

The closing of the offering priced in W42 by Alector and the clearance of Labcorp's purchase of BioReference testing businesses from OPKO Health. Neither had been reported by 03:00 UTC on 3 November. Alector's quarterly report of 5 November says "In October 2026, the Company completed an underwritten offering of 36.6 million shares of common stock for gross proceeds of approximately $75.0 million"; the Labcorp clearance had not been reported by the cut-off.

Recursion's third-quarter release of 2 November says its underwritten offering "completed on October 16, 2026".

Labcorp's results release of 28 October says its BioReference deal remains "subject to regulatory approvals and customary closing conditions", and its quarterly report of 30 October says it "is anticipated to close mid-2027", with up to USD 150.0m of the price "contingent upon revenue from the 4Kscore® Test".

OPKO's quarterly report of 4 November adds that the parties may terminate "if the transaction has not closed by April 14, 2027" and that Labcorp would owe "a termination fee of approximately $ 28.9 million" if regulatory approvals fail.

The DRI Healthcare purchase of the tavapadon payment rights, scheduled to close on 29 September. DRI's third-quarter release of 4 November confirms that "On September 29, 2026, DRI Healthcare completed the acquisition of royalty participation rights in the U.S. net sales of Juvmo (tavapadon) from funds managed by Bain Capital and NovaQuest Capital Management for a purchase price of $316 million".

The scheme document for Silence, the QIAGEN offer document after clearance by BaFin, and the pricing of the initial public offering of Windward Bio.

Events dated after the close of the window, from the end of the Recordati reopening on 9 November to the start of LG Chem's 1 per cent royalty in January 2029. Gold marks an event on a royalty-bearing stream or licence.

M&A and Restructuring

The window day by day, dated by primary release or filing. Monday 2 November carried the Rhythm term loan, Karyopharm's Chapter 11 filing and the Blackstone and Boston Scientific funding; Wednesday 4 November the Sino Biopharmaceutical, Nxera and Minghui licences and the Arena buyout.

Karyopharm and Ayrmid: Chapter 11 with a lead bidder (Monday 2 November)

Karyopharm Therapeutics (Nasdaq: KPTI) entered into a Restructuring Support Agreement "with its existing lenders and noteholders and other key stakeholders", which "provides for a merger between Ayrmid Ltd. (“Ayrmid”) and a reorganized Karyopharm". It "has filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas".

• The bidder: "Ayrmid will Serve as Lead Bidder in Court-Supervised Sale Process", and the company will seek court approval of bidding procedures that allow competing bids.
• The financing: "a Commitment of $55 Million in Additional Financing", described as debtor-in-possession financing from the existing lenders. The company's current report filed on 3 November sizes the facility at "up to $110 million", made up of "up to $55 million of first-out new money term loans" and roll-up loans, with Wilmington Savings Fund Society as agent.
• Debt accelerated: the filing says "$113.5 million under the Revenue Interest Financing Agreement became due and payable in accordance with its terms", with the enforcement stayed by the petitions.
• The Ayrmid terms: NewCo would enter "a new senior secured term loan facility in an aggregate principal amount of up to $135 million", and holders of funded debt "would receive contingent value rights entitling them to payments tied to future net sales of XPOVIO® (selinexor) for patients with myelofibrosis". Ayrmid's bid protections are "a break-up fee equal to 3% of the Bid Protection Base" and expenses "subject to an aggregate cap equal to 1%".
• The myelofibrosis CVR: the Ayrmid term sheet filed with the current report sets the synthetic royalty at "20.00% of such net sales if myelofibrosis is added to the label of approved uses for XPOVIO ® (selinexor) on or prior to December 31, 2027 and (2) 15.00% of such net sales if approved at any time thereafter", running from first commercial sale to the earlier of "seven years after such first commercial sale and (2) generic entry into the market".
• Timing: "The Transaction is expected to close in the first quarter of 2027", subject to court approval.
• Instrument: merger with a reorganised debtor through a Chapter 11 sale process; no price disclosed.
• The plan: under the plan filed on 2 November (In re Karyopharm Therapeutics Inc., Bankr. S.D. Tex., No. 26-90827), claims under the revenue interest financing agreement (RIFA) with HealthCare Royalty are "Allowed in the aggregate amount of $113,536,880".
• The new royalty: "NewCo shall pay to the Holders of RIFA Claims (or their designee) an unsecured royalty equal to 3.0% of the net revenues received by NewCo from all products containing selinexor" for "five (5) years following the Effective Date", with "a liquidated damages provision in an amount equal to $18,750,000". The new agreement "shall replace and supersede the RIFA in its entirety".
• Other royalties: the RIFA holders "may pursue the acquisition of the Debtors’ interests in certain other royalty agreements for aggregate consideration of up to $35,000,000", with no obligation on the debtors to sell. The first-day hearing is set for 3 November.
• Delisting: a current report filed on 5 November says Nasdaq gave notice on 4 November that the shares will be delisted; "Trading of the Company's common stock will be suspended on Nasdaq at the opening of business on November 11, 2026", and the company will not appeal.
• Royalty read-through: a revenue interest financing would be cut to a fixed-term 3.0 per cent royalty, the debtor's own inbound royalty interests may be sold to the same holders, and lenders would take a sales-linked CVR on one indication; the plan is proposed and not confirmed.

ANI and Egetis: recommended cash offer of about USD 558m that prices in the voucher sale (Thursday 5 November)

ANI Pharmaceuticals (Nasdaq: ANIP) made a public cash offer for Egetis Therapeutics (OMX: EGTX), and the Egetis board recommended it. ANI offers "SEK 11.25 per Egetis share in cash and SEK 65,750,817 in cash for the EUR 3 million principal amount of the Convertible and SEK 6.99 in cash per Warrant".

• Value: "The total value of the Offer amounts to approximately SEK 5,304 million", about USD 558m.
• Undertakings: Frazier Life Sciences, Cidro Förvaltning, Cetoros, Avla Holding, The Invus Group and RegulaPharm, holding "approximately 42.2 percent of the total number of outstanding shares in Egetis", undertook to accept, subject to conditions.
• Timing: "The acceptance period for the Offer is expected to commence on or around 20 November 2026 and expire on or around 18 December 2026", with settlement "on or around 29 December 2026".
• The voucher: ANI's third-quarter release says "The consideration in the Offer fully reflects the net value of the PRV on the terms of that sale", the voucher Egetis agreed to sell the day before (see Royalty-Bearing Positions).
• Financing: ANI's quarterly report of 5 November says that on 4 November it entered into a "364-day senior bridge facility" with "JPMorgan Chase Bank, N.A., as administrative agent", providing "for borrowings up to an aggregate principal amount of $676.0 million". It adds that "When adjusted for the estimated PRV net proceeds, the enterprise value reflected in the Offer is approximately $434.0 million".
• Advisers: "For ANI Pharmaceuticals, Jefferies LLC is serving as sole financial advisor and Ropes & Gray LLP and Mannheimer Swartling Advokatbyrå AB are serving as legal counsel", per ANI's release filed with its current report; Centerview Partners and Advokatfirman Vinge advise Egetis.
• Instrument: recommended public cash offer for shares, the convertible and the warrants.
• Royalty read-through: the buyer values Egetis net of the voucher proceeds, about half of which pass to the earlier owners of the asset.

Supernus and Indivior: merger completed (Monday 2 November)

Supernus Pharmaceuticals and Indivior Pharmaceuticals completed their merger, "Effective at 8:18 a.m." Eastern Time on 2 November, per the Supernus current report. Each Supernus share "was converted into the right to receive 1.5401 shares of Indivior common stock".

• Ownership: "former Indivior stockholders own approximately 56.5% of the combined company, and former Supernus Pharmaceuticals, Inc. stockholders own approximately 43.5%".
• Debt: a senior secured term loan facility with Citibank, N.A. as agent "in an aggregate principal amount of $650,000,000, all of which was borrowed on the Closing Date".
• Instrument: all-stock merger with new term debt.
• Royalty read-through: none stated in the closing documents.

Kimberly-Clark and Kenvue (Monday 2 November). Kimberly-Clark completed its acquisition of Kenvue; "Kenvue shareholders will receive $3.50 in cash and 0.14625 shares of Kimberly-Clark common stock for each Kenvue share held". No contingent payment or royalty term is attached.

Zydus Lifesciences and Sterling Biotech (Monday 2 November). Zydus Lifesciences (NSE: ZYDUSLIFE) said that it "has completed the acquisition of the API Business of Sterling Biotech Limited", a company in which it already holds 50 per cent through a subsidiary. The business covers fermentation-based APIs including lovastatin, daunorubicin, doxorubicin and epirubicin.

The 2024 business transfer agreement set "a pre-defined lump-sum consideration of Rs. 840 mio.", about USD 9.5m, "subject to certain conditions precedent and closing date adjustments". The exchange filing of the same day gives the amount of the completed transaction as INR 1.67bn, about USD 19.0m; neither filing explains the difference. Instrument: slump-sale business purchase, cash-free and debt-free. Royalty read-through: none.

Takara Bio and S-RACMO (Monday 2 November). Takara Holdings (TSE: 2531) said that its subsidiary Takara Bio signed a basic agreement on 2 November to transfer its GMP cell-processing contract business to S-RACMO, owned 66.6 per cent by Sumitomo Chemical and 33.4 per cent by Sumitomo Pharma, by an absorption-type company split effective 1 January 2027. The split agreement is due on 16 November.

The consideration "守秘義務契約により、非開示といたします" (is not disclosed under a confidentiality agreement), and the effect on consolidated results is "軽微" (minor). Instrument: carve-out by company split. Royalty read-through: none.

Merck KGaA and Lonza (Tuesday 3 November). Merck KGaA (XETR: MRK) signed "a definitive agreement to divest its contract development and manufacturing organization (CDMO) business within its Life Science business sector to Lonza" (SIX: LONN). "Lonza will acquire the business for a mid-triple-digit million-euro amount", with closing "expected in mid-2027". Lonza's own release gives a total enterprise valuation in "the low- to mid-triple-digit millions Swiss francs", to be paid "in cash and funded with cash at hand and Lonza's existing credit facilities".

The business covers sites in Carlsbad, Madison and Verona, St. Louis and Indianapolis; "BioReliance® Contract Testing Services is not included in the transaction." Instrument: carve-out sale for cash. Royalty read-through: none.

Furui Medical and Echosens (Tuesday 3 November). Furui Medical (SZSE: 300049) signed a letter of intent on 1 November, published on 3 November, under which a vehicle of its controlling shareholder, a Luxembourg subsidiary and Echosens itself would buy 35.70 per cent of Echosens, the Paris maker of FibroScan liver elastography devices, from Echosens BidCo (Astorg), with about 33.48 per cent, and management. Furui already holds 50.07 per cent.

The price is "3 亿欧元（EUR 300,000,000）" (EUR 300m), about USD 349m, "全部以现金支付" (all in cash), funded from "自有资金及银行并购贷款等自筹资金" (own funds and self-raised funds including bank acquisition loans). The deal "尚处于初步意向阶段" (is still at a preliminary intent stage) and is a related-party transaction; the letter lapses if no definitive agreement is signed by 31 December 2026. Instrument: minority buyout for cash. Royalty read-through: none.

Rockwell Medical and Vantive (Tuesday 3 November). Vantive agreed that "Rockwell Medical will acquire Vantive's hemodialysis concentrates, HD monitors, and water treatment systems, together with related consumables and technical services", with its plant in Medolla, Italy. Its dialyser portfolio "is not included in the transaction".

Rockwell Medical (Nasdaq: RMTI) said that "the aggregate base purchase price is $125 million, subject to customary adjustments, and will be financed through two $50 million term loans from Vantive plus a $25 million convertible note issued to Vantive", converting at "a 100% premium to the 15-day" average price. "Vantive may also receive up to $45 million of additional contingent consideration based on specified revenue and EBITDA milestones."

Rockwell's current report, filed on 3 November, fixes the note's "initial conversion price of $14.94 per share", which "equals 200% of a reference price of $7.47 per share fixed in the Convertible Note", with a 3.0 per cent coupon. It also sets out the term loan margins over Term SOFR and the earn-out tests.

The transaction "is expected to close mid-2027". Instrument: carve-out sale with seller financing and an earn-out. Royalty read-through: none.

Sapphiros and binx health (Wednesday 4 November). Sapphiros, "a diagnostics platform backed by investment funds managed by KKR", and binx health, "a point-of-care diagnostics company backed by Hildred", announced "that they have combined to form Onvaro". As part of the combination, "investment funds managed by KKR, through its Health Care Strategic Growth strategy, Hildred, and EQT Life Sciences are investing capital to support Onvaro's growth trajectory".

binx health brings binx io, "an FDA-cleared, CLIA-waived molecular point-of-care system with more than 1,000 installed instruments". Mike Karsonovich, who led binx health, becomes chief executive. No amounts, ownership split or advisers are disclosed. Instrument: combination of two private-equity-backed companies with new equity. Royalty read-through: none stated.

Merck Animal Health and VAKI (Monday 2 November). VAKI, the Icelandic maker of fish-counting and aquaculture equipment, said that its next chapter "follows Merck Animal Health's decision, after careful consideration, to enter into a definitive agreement" to sell it, with founder Hermann Kristjánsson acquiring all of its assets and operations; Merck Animal Health bought VAKI in 2019. "The planned merger with Ration gives this direction a stronger technical foundation."

No terms are disclosed, and the release carries no date; IntraFish reported the announcement on 2 November. Instrument: divestment to the founder, with a planned merger. Royalty read-through: none.

Mayne Pharma and Evaris Pharma (Friday 6 November). Mayne Pharma (ASX: MYX) agreed to sell Mayne Pharma International, its contract manufacturing and Australian and international commercial business centred on the Salisbury plant, to "an entity owned by General Pharma Bidco Pty Ltd (Evaris Pharma)" for "cash consideration of $55.5 million payable at completion", about USD 39.4m, or "0.79x MPI FY26 revenue". The deal is "not subject to a financing condition", needs ACCC approval and is expected to complete in the third quarter of Mayne's 2027 financial year.

GL Capital, LifeTech Scientific and Zylox-Tonbridge (Friday 6 November). LifeTech Scientific (HKEX: 1302), a maker of vascular and structural heart devices, agreed to issue 926,342,480 new shares in two tranches at HKD 1.60, a 3.61 per cent discount, to a vehicle of GL Capital for about USD 190.7m ("approximately HK$1,482.1 million"), 16.67 per cent of the enlarged capital. Its chairman and chief executive steps down on the first tranche, and the GL Capital founder becomes chairman.

InMed Pharmaceuticals and Mentari Therapeutics (Friday 6 November). InMed Pharmaceuticals (Nasdaq: INM) completed its merger with the privately held Mentari Therapeutics and took the Mentari name, with trading under the ticker MTRI due from 9 November. Before the closing "pre-merger Mentari completed its previously announced private financings totaling approximately $490 million in gross proceeds", including the conversion of USD 50.0m of convertible notes.

Mentari develops PACAP antibodies for migraine prevention, and "The company's programs were discovered by Paragon." Holders of InMed shares on 5 November "received one non-transferable contingent value right for each such share held"; the release does not give its terms. Instrument: reverse merger with concurrent private financing and contingent value rights. Royalty read-through: none disclosed in the release.

Zylox-Tonbridge (HKEX: 2190) takes 60 per cent of the vehicle for about USD 114.5m (HKD 889.3m), and a GL Capital entity subscribes for new Zylox H shares at HKD 22.0 for about USD 112.7m (HKD 875.6m). Instrument: subscription for new shares with a change of board control. No royalty or milestone stream is involved.

Mayne keeps its US women's health and dermatology businesses, and a supply agreement provides for the "continued manufacture and supply from the Salisbury site of DORYX MPC® and TOLSURA®". Instrument: share sale agreement. Royalty read-through: none stated.

Royalty-Bearing Positions

Five chains of title the window moved, with the holder of the economics above and the payer below: bivamelagon, ralinepag, selinexor, ribaxamase and Zolgensma, with the terms published on each link.

United Therapeutics and Arena: ralinepag royalty bought out for USD 525m (Wednesday 4 November)

United Therapeutics (Nasdaq: UTHR) said in its quarterly report, filed on 4 November, that on 3 November it amended its 2018 licence with Arena Pharmaceuticals, a Pfizer subsidiary, and "made a lump-sum payment of $525.0 million to Arena". The payment buys out the royalty on ralinepag, its prostacyclin receptor agonist for pulmonary arterial hypertension.

• The royalty replaced: the licence carried "low double-digit, tiered royalties on net sales of any pharmaceutical product containing ralinepag as an active ingredient, subject to certain adjustments for third-party license payments".
• The payment: made "in exchange for the elimination of our obligation to pay royalties on net sales of any product containing ralinepag, including, if approved, ralinepag extended-release tablets and ralinepag DPI".
• Milestones: "Milestone payment obligations pursuant to the License Agreement remain in place", including USD 150.0m on a first approval of an oral form in Japan or one of five European countries.
• Accounting: the company expects to expense the payment in research and development in the fourth quarter.
• Instrument: royalty buyout by the payer under a licence amendment.
• Royalty read-through: an outbound low double-digit royalty on an unapproved asset is extinguished for a fixed USD 525m, paid by the licensee to the licensor's group.

Egetis: rare paediatric disease voucher sold for USD 190m, about half to the earlier owners (Wednesday 4 November)

Egetis Therapeutics (OMX: EGTX) said that it and its subsidiary Rare Thyroid Therapeutics International (RTTI) signed "a definitive asset purchase agreement to sell its Rare Pediatric Disease Priority Review Voucher (PRV) for gross proceeds of USD 190 million (approximately SEK 1,900 million)". The voucher came with the FDA approval of EMCITATE (tiratricol) for MCT8 deficiency. The buyer is not named.

• Earn-out: "Upon the closing of the transaction former owners of RTTI are entitled to approximately 50 percent of net proceeds of the PRV, as an earnout following Egetis’ acquisition of EMCITATE ® (tiratricol) in 2020".
• Conditions: "customary closing conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act".
• Instrument: voucher sale with an earn-out to the earlier owners.
• Royalty read-through: no royalty; the voucher is priced at USD 190m, and ANI's offer for Egetis a day later prices it in (see M&A and Restructuring).

Theriva and Biossil: ribaxamase sold for royalties capped at USD 250m (Monday 2 November)

Theriva Biologics sold SYN-004 (ribaxamase), SYN-007 and certain SYN-006 assets to Biossil Labs. Its current report says "The Closing occurred on October 30, 2026"; the sale was announced on 2 November. Biossil is the buyer of Alligator's mitazalimab, agreed on 31 October.

• Upfront: "Theriva received a $350,000 upfront payment at closing".
• Milestones: "up to $3 million upon the achievement of regulatory milestones" and "up to $88 million in potential milestones payable upon achievement of certain cumulative worldwide net sales thresholds".
• Royalty: "low single-digit royalties on net product sales, subject to a cap of $250 million".
• Upstream share: under an amendment with PREV ABR LLC, the seller to Theriva in 2012, Theriva paid PREV USD 140,000 at closing and must pay it "fifty percent (50%) of regulatory milestone payments and sales milestone payments" and "thirty-three and one-third percent (33⅓%) of royalty payments received", subject to "an aggregate cap of $13.0 million", including the closing payment.
• Instrument: asset sale with milestones and a capped royalty.
• Royalty read-through: a new capped royalty stream receivable by Theriva on a clinical-stage asset, of which a third passes to PREV up to the USD 13.0m cap.

LG Chem and Rhythm: bivamelagon royalty cut to 1 per cent for USD 350m of further upfront payments (Tuesday 3 November)

LG Chem (KRX: 051910) amended its January 2024 licence to Rhythm Pharmaceuticals (Nasdaq: RYTM) for bivamelagon (LB54640), an oral MC4R agonist for rare obesity. The amendment was signed on "2026년 11월 2일(미국시간)" (2 November, US time) and filed on 3 November; it was made "총 규모를 확대하고 판매 로열티 구조를 단순화하여" (to enlarge the total size and simplify the sales royalty structure).

• Value: "총 계약금액 : $855,000,000" (total contract value USD 855m), up from USD 305m.
• Upfront: USD 450m, of which "$100,000,000 (원 계약에 따라 기수령)" (USD 100m already received under the original contract) and "추가 선급금 : $350,000,000 (4년 분할 수령)" (additional upfront of USD 350m, received in instalments over four years). "추가 선급금은 매년 양사 합의하에 로열티로 전환할 수 있음" (the additional upfront may be converted into royalty each year by agreement of both parties).
• Milestones: "$405,000,000", payable on development, approval and sales, up from USD 205m.
• Royalty: "'29년 1월 또는 비바멜라곤 첫 매출 발생일 중 빠른 시점부터 MC4R 작용제 포트폴리오 전체의 연간 순매출액에 따라 1%수령" (1 per cent of annual net sales of the entire MC4R agonist portfolio, from January 2029 or the first sale of bivamelagon, whichever is earlier), replacing "한자릿수 초중반%" (a low-to-mid single-digit percentage) on the same base.
• Rhythm's terms: Rhythm's release, dated 2 November, sets the instalments at "$70 million within 15 business days following the effective date of the Amendment, which is Nov. 2, 2026; $100 million in September 2027; $100 million in September 2028; and $80 million in September 2029". It adds that "Rhythm may satisfy certain of the foregoing fixed payment obligations through additional royalties", and ties the new "milestone payment of up to $200 million" to "$3 billion in annual global net sales of its MC4R portfolio". Rhythm's quarterly report adds that "the royalty on net sales of bivamelagon in a region may increase by 3 % in addition to the effective royalty rate then in effect" where an LG Chem patent covers bivamelagon and neither setmelanotide nor RM-718 is covered by Rhythm's own patents.
• Instrument: licence amendment exchanging royalty for deferred upfront and milestones.
• Royalty read-through: an existing inbound royalty is cut to a flat 1 per cent on a portfolio base, and part of its value is brought forward as a four-year receivable that can be converted back into royalty.

HealthCare Royalty, Blackstone Life Sciences and Rhythm: term loan of up to USD 750m and a looser revenue interest agreement (Monday 2 November)

Rhythm Pharmaceuticals (Nasdaq: RYTM) arranged, in the release announcing the LG Chem amendment, "a five-year term loan facility led by KKR's HealthCare Royalty ("HealthCare Royalty") in partnership with funds managed by Blackstone ("Blackstone"), providing access to up to $750 million of capital". The loan is "to support the amended licensing agreement with LG Chem as well as ongoing global commercialization efforts and R&D programs."

• Size: "$750 million term-loan facility, with $500 million committed", with "an initial $250 million draw at closing, which is expected to occur on November 6, 2026", up to USD 250m more in three delayed-draw tranches to 30 June 2028, and "an additional $250 million by mutual agreement".
• Pricing: "Borrowings under the facility will bear interest at the Secured Overnight Financing Rate, or SOFR, plus 4.60%. The five-year loan has no scheduled principal amortization prior to maturity and no equity component."
• Existing royalty financing: "Rhythm and HealthCare Royalty have agreed to amend the Company's existing revenue interest financing agreement, with the amendment expected to become effective upon the closing of the term loan. The amendments remove the debt-like covenants and default provisions, limit the collateral securing the agreement and modify the agreement's material adverse effect provisions."
• Adviser: "J. Wood Capital Advisors served as financial advisor to Rhythm in connection with the financing."
• Rhythm's results: its third-quarter release of 3 November describes the facility as "led by KKR's HealthCare Royalty ("Healthcare Royalty") in partnership with Blackstone Life Sciences" and says Rhythm "entered into an amended and restated Revenue Interest Financing Agreement". Cash of about USD 320.9m at 30 September does "not include the $250 million initial draw on the term loan facility or the $70 million payment due to LG Chem". Its quarterly report, filed later on 3 November, names "Wilmington Trust, National Association, as administrative agent and collateral agent".
• Loan terms in the quarterly report: each draw "is subject to an original issue discount equal to 1.00 % of the principal amount funded"; the loans "mature and are payable in full on November 2, 2031"; Rhythm "may prepay the term loans in whole, but not in part", with premiums "that decline over the term of the loan". The further USD 250m is "uncommitted delayed draw B term loans, available through June 30, 2029, subject to the applicable lenders agreeing to provide such financing in their sole discretion".
• Revenue interest collateral: under the amended agreement the collateral is limited to IMCIVREE receivables and the accounts that collect them, and "expressly excludes intellectual property and rights associated with IMCIVREE itself and other products". No exhibit for the loan or the amended agreement had been filed by 07:15 UTC on 4 November.
• Instrument: senior term loan from two royalty investors, with an amendment to an existing revenue interest financing.
• Royalty read-through: the holder of Rhythm's revenue interest becomes its senior lender and gives up the covenants and most of the collateral on the revenue interest; the loan is to support the amended LG Chem licence.

AstraZeneca and Rhythm (Wednesday 4 November, reported). Reuters reported, citing three people familiar with the matter, that AstraZeneca made an offer of about USD 10bn for Rhythm Pharmaceuticals, "as much as $134 a share in the non-binding proposal, including payments for milestone achievements". The Wall Street Journal had reported a USD 124 a share offer made in October; Rhythm shares "closed up 28% at $110.68".

AstraZeneca declined to comment and Rhythm did not respond; no company statement has been found. Royalty read-through: none counted; a change of control would reach the HealthCare Royalty and Blackstone Life Sciences term loan, the amended revenue interest agreement and the LG Chem royalty on bivamelagon described above.

Blackstone Life Sciences and Boston Scientific: up to USD 455m of development funding for milestones and royalties (Monday 2 November)

Blackstone Life Sciences announced a collaboration to co-fund the development of Boston Scientific's (NYSE: BSX) VITALYST temporary percutaneous heart pump for cardiogenic shock. "This is the first time that Boston Scientific and BXLS will co-fund the development of a Boston Scientific product."

• Funding: Boston Scientific's quarterly report, filed on 2 November, says it entered into the agreement on 2 October and is "eligible to receive up to $455 million from contract inception through regulatory approval of the Product in the United States, unless otherwise terminated, based on qualifying development costs incurred".
• Return: "Subject to obtaining regulatory approval for the Product in the United States, Blackstone will be eligible to receive fixed regulatory and commercial milestone payments of up to 2.5 times Blackstone's actual funded amount, as well as royalties on net sales upon regulatory approval." The royalty rate is not disclosed.
• Accounting: the funding is "recognized as an obligation to perform contractual services", and no amounts had been recognised at 30 September.
• Instrument: development funding repaid through milestones and a royalty on net sales (synthetic royalty on a device in development).
• Royalty read-through: a new outbound royalty from Boston Scientific to a tracked royalty buyer, with milestones capped at 2.5 times the amount funded.

Brise and AbbVie: 2024 migraine licence valued at up to USD 757m (Monday 2 November)

Brise Pharmaceuticals disclosed the value of its exclusive licence with AbbVie (NYSE: ABBV), "which the companies entered in 2024". AbbVie leads global development and commercialisation of "two of Brise's preclinical migraine programs".

• Value: "could reach up to US $757 million plus royalties on future sales", including development, commercial, regulatory and sales milestones.
• Progress: "Brise has already achieved several near-term milestones." The upfront is not disclosed.
• Instrument: exclusive licence (signed 2024; terms first disclosed in the window).
• Royalty read-through: royalties receivable by Brise, rate not stated.

Samsung Bioepis and Teva: US rights to two marketed biosimilars for up to USD 420m (Tuesday 3 November)

Samsung Epis Holdings, listed on the Korea Exchange, disclosed that its subsidiary Samsung Bioepis signed a "상업화를 위한 협력 계약" (commercialisation partnership agreement) with Teva Pharmaceuticals International GmbH for "SB2(Remicade 바이오시밀러) 및 SB4(Enbrel 바이오시밀러)" (SB2, an infliximab biosimilar, and SB4, an etanercept biosimilar), both already approved by the FDA. The agreement was signed on 2 November, US Eastern time.

• Roles: Samsung Bioepis handles development, manufacture and supply, and "Teva는 해당 제품의 미국 시장에서의 판매를 담당함" (Teva is responsible for sales in the US market).
• Upfront: "최대 US$75,000,000" (up to USD 75m), non-refundable, of which "US$50,000,000은 계약 효력발생일로부터 30일(역일) 이내 수령 예정" (USD 50m is to be received within 30 calendar days of the effective date) and the rest on conditions in the agreement.
• Milestones: "출시 마일스톤(Milestone) : 최대 US$75,000,000" (launch milestones of up to USD 75m) and "매출 마일스톤(Milestone) : 최대 US$270,000,000" (sales milestones of up to USD 270m), for a total of "최대 US$420,000,000" (up to USD 420m).
• Profit share: "양사는 해당 제품의 상업화에 따른 이익을 계약에서 정한 바에 따라 공유함" (the two companies share the profits from commercialisation as set out in the agreement); the ratio, the term and the amounts per product are not disclosed, and disclosure of the term is deferred until 1 April 2039.
• Conditions: effectiveness depends on conditions including "규제기관의 검토 결과" (the outcome of review by regulators).
• Teva's release: Teva's release says that "Teva will pay Samsung Bioepis an upfront payment over the next 3 years" and that the two "will share profit from the commercialization of these products". Its third-quarter release names the products as "infliximab-abda, a biosimilar to Remicade® (infliximab), and etanercept-ykro, a biosimilar to Enbrel® (etanercept)".
• Instrument: territorial commercialisation licence with upfront, launch and sales milestones and a profit share.
• Royalty read-through: no royalty; a sales-linked stream of milestones and a profit share receivable by Samsung Bioepis from Teva.

Sino Biopharmaceutical and Boehringer Ingelheim: six preclinical programmes under option for up to USD 7bn (Wednesday 4 November)

Sino Biopharmaceutical (HKEX: 1177) signed an option and licence agreement with Boehringer Ingelheim covering six preclinical oncology programmes, five from its subsidiary LaNova Medicines and one from Beijing Tide. The group leads development through global Phase 1, after which "Boehringer Ingelheim is entitled to exercise its option to acquire exclusive rights to develop, manufacture and commercialize (i) four of the Programs worldwide excluding Mainland China, Hong Kong and Macau, and (ii) the remaining two worldwide".

• Economics: "The Group will receive US$358 million in upfront and near-term payments and is eligible for potential option-exercise, development, regulatory and commercial milestone payments of US$7 billion, plus up to double-digit royalties on future product sales".
• Split: the upfront and near-term amounts are not separated.
• Instrument: option and licence with upfront and near-term payments, option fees, milestones and royalties.
• Royalty read-through: a new inbound royalty band, up to double digits, receivable by Sino Biopharmaceutical on six preclinical assets.

Evommune and Hinova: VAV1 degrader licensed outside Greater China with royalties up to the low double digits (Wednesday 4 November)

Evommune (Nasdaq: EVMN) licensed from Hinova Pharmaceuticals (SSE STAR: 688302) the rights outside Greater China to an oral VAV1 molecular glue degrader, which Evommune calls EVO570; its US IND has been accepted. Hinova's own notice of 5 November describes the same terms.

• Upfront: "a one-time, non-refundable upfront cash payment to Hinova of $20.0 million" plus pre-funded warrants for 1,262,413 shares, valued at USD 10.0m.
• Milestones: "up to $150.0 million contingent upon the achievement of specified development and regulatory milestone events, and up to $920.0 million contingent upon the achievement of specified commercial milestone events".
• Royalty: "tiered royalty payments (at percentages ranging from the mid single-digits to the low double-digits, subject to customary reductions)".
• Financing: Evommune agreed the same day to sell 4,966,889 shares in a private placement of about USD 30m to fund the programme (see Clinical and Regulatory, capital items).
• Instrument: territorial exclusive licence with cash and warrant upfront, milestones and tiered royalties.
• Royalty read-through: a new inbound royalty band, mid single digits to low double digits, payable by a US company to a Chinese licensor.

Neuren and Acadia: USD 35m German launch milestone and the European royalty tiers made public (Thursday 5 November)

Neuren Pharmaceuticals (ASX: NEU) reported a "US$35 million milestone payment earned on DAYBU® launch in Germany in October 2026" and "Q3 2026 royalty income of US$16.4 million, up 51% from Q3 2025", on Acadia's DAYBUE (trofinetide) net sales of USD 140m in the quarter.

• Europe: royalties of "17%" on annual net sales up to USD 150m, "20%" from USD 150m to USD 300m and "23%" above, with one-off sales milestones of USD 15m, USD 30m, USD 50m and USD 75m at annual sales of USD 120m, USD 240m, USD 400m and USD 600m.
• North America: Acadia filed the 2023 licence as an exhibit to its quarterly report, with tiers of "Ten Percent (10%)" up to USD 250m, 12 and 14 per cent on the next two USD 250m bands and "Fifteen Percent (15%)" above USD 750m.
• Guidance: Neuren raised its 2026 income from trofinetide to "US$91 - 93 million from US$53 - 56 million".
• Instrument: sales milestone and tiered royalties under an existing licence.
• Royalty read-through: seven hard royalty rates on a commercial stream receivable by Neuren, now on the record.

Royalty Pharma, Ionis and Novartis (Wednesday 4 November). Royalty Pharma (Nasdaq: RPRX) said in its third-quarter release that "In September 2026, Novartis announced that the Phase 3 Lp(a)HORIZON trial of pelacarsen did not meet its primary endpoint", and its quarterly report records "impairment charges of $150.4 million related to pelacarsen". The same release says Royalty Pharma "funded the required first $250 million tranche of the up to $750 million senior secured term loans to Revolution Medicines" in October. Royalty read-through: a royalty asset on a failed Phase 3 written down; not counted.

Arrowhead and Sixth Street: USD 400m term loan refinanced, with royalties and milestones left out of the sweep (Wednesday 4 November)

Arrowhead Pharmaceuticals (Nasdaq: ARWR) refinanced its credit facility with funds managed by Sixth Street through an amended and restated financing agreement for a USD 400.0m term loan, "which was fully funded on the Closing Date".

• Pricing: "three-month Term SOFR (subject to a 1.00% floor) plus 5.50%", maturing on 2 November 2031, against a 15.0 per cent rate paid in kind on the old facility.
• Payoff: the repayment "represents a discount of approximately $68 million from the 2.0x MOIC payment that would have been owed to the lenders under the Existing Financing Agreement upon repayment in full on or prior to August 7, 2028".
• No sweep: the new agreement "does not require the Company to prepay the Credit Facility with any portion of net sales of plozasiran or other products, royalties, milestones or other proceeds of licensing or partnering transactions, or proceeds of pipeline asset monetizations".
• Instrument: senior term loan refinancing.
• Royalty read-through: inbound royalties, milestones and partnering proceeds are freed from mandatory prepayment.

Nxera and AbbVie: EP4 agonist programme licensed for USD 100m upfront and up to USD 1.37bn in milestones (Wednesday 4 November)

Nxera Pharma (TSE: 4565) said that its subsidiary Nxera Pharma UK Ltd granted AbbVie (NYSE: ABBV) a "グローバルにおける独占的なライセンス契約" (global exclusive licence) to its EP4 agonist programme, including NXE0033744, an oral EP4 receptor agonist for inflammatory bowel disease. Phase 1 "は良好に完了しており" (has been completed successfully).

• Upfront: "契約一時金として 1 億米ドル（約 158 億円）を受領します" (receives an upfront payment of USD 100m, about JPY 15.8bn), at Nxera's own rate of JPY 157.80.
• Milestones: "開発・販売マイルストンとして最大 13 億 7,000 万米ドル" (development and sales milestones of up to USD 1.37bn).
• Royalty: "売上高に対して段階的ロイヤリティを受領する権利を有します" (has the right to receive tiered royalties on sales); no rate is disclosed.
• Conditions: subject to antitrust clearance including under the HSR Act; if it closes by 31 December 2026 the upfront is to be recognised as revenue in the fourth quarter, and Nxera revised its 2026 forecast the same day.
• Instrument: global exclusive licence with upfront, milestones and tiered royalties.
• Royalty read-through: a new inbound tiered royalty from AbbVie to Nxera, rate not stated.

Minghui and ASKA: thyroid eye disease antibody licensed for Japan with royalties up to the mid-30s per cent (Wednesday 4 November)

Minghui Pharmaceutical, of Hangzhou and Shanghai, licensed to ASKA Pharmaceutical the exclusive Japanese rights to MHB018A, a subcutaneous IGF-1R antibody for thyroid eye disease in Phase 3. ASKA Pharmaceutical Holdings (TSE: 4886) confirmed the licence the same day.

• Upfront: Minghui "will receive an upfront payment of USD 110 million"; ASKA gives "契約一時金 110 百万米ドル" (upfront payment of USD 110m), about JPY 17.3bn at its rate of JPY 157.20.
• Milestones: "additional development, regulatory, and commercial milestone payments of up to USD 330 million".
• Royalty: "tiered royalties up to mid-30% on net sales in Japan".
• Rights: Minghui keeps the rights outside Japan. ASKA says the effect on its results for the year to March 2027 is minor.
• Instrument: territorial exclusive licence with upfront, milestones and tiered royalties.
• Royalty read-through: a new inbound royalty band, up to the mid-30s per cent, payable by ASKA to a private Chinese licensor.

Simcere and Lynk (Monday 2 November). Simcere (HKEX: 2096) said it "will obtain the exclusive commercialization rights to zemprocitinib in Greater China for the treatment of adult moderate-to-severe atopic dermatitis" and other skin indications, extending a 2022 agreement covering rheumatoid arthritis and ankylosing spondylitis. Lynk Pharmaceuticals developed the JAK1 inhibitor. No terms are disclosed.

Eton and Baylor College of Medicine (Monday 2 November). Eton Pharmaceuticals (Nasdaq: ETON) licensed "patent rights from Baylor College of Medicine covering the use of insulin-like growth factor1 (IGF-1) for infantile and epileptic spasms" for its ET-900 programme. Eton's quarterly report of 5 November gives the terms: upon FDA approval in the indication "the Company will pay $ 1,000 upon first commercial sale and up to $ 8,000 of milestones based on annual net sales within the indication ranging from $ 50,000 to $ 500,000" (USD thousands), and "will pay a low single-digit royalty on annual net sales of ET-900 for infantile and epileptic spasms". Royalty read-through: a new outbound low single-digit royalty to a university licensor.

NIH and AntaraCore (Monday 2 November). The National Heart, Lung and Blood Institute is "contemplating the grant of an exclusive patent license to AntaraCore, Systems, Inc.", of Dover, Delaware, per a notice published in the Federal Register on 2 November. The patent applications are assigned to the Government of the United States of America.

The licence "may be worldwide and in a field of use limited to catheter-based intramyocardial ablation, for treating ventricular arrhythmia in a human", and "The prospective exclusive patent license will be royalty bearing", per the text filed for public inspection on 30 October. No rate is stated. Comments and competing applications are due by 2 December.

INOVIQ and Sonic Healthcare USA (Monday 2 November). INOVIQ (ASX: IIQ) said that it "has granted Sonic Healthcare USA a licence to transfer, optimise and validate EXO-OC™", its exosome-based ovarian cancer test, at Sonic's laboratory in New York. Sonic also receives a "non-exclusive option to pursue a licence to offer EXO-OC™ as an LDT in the United States".

INOVIQ adds that Sonic "has not committed to a future commercial licence" and that the terms are confidential. Instrument: validation licence with an option on a commercial licence. Royalty read-through: none stated.

Fresenius and WuXi Biologics (Monday 2 November). Fresenius (XETR: FRE) announced an exclusive development agreement with WuXi Biologics (HKEX: 2269) giving it "Exclusive option rights for up to 37 potential first-to-market biosimilar candidates", which would take its portfolio from 29 marketed and pipeline molecules to up to 66 over the next decade. Initial work is to focus on polatuzumab vedotin and teprotumumab.

"Fresenius will compensate WuXi Biologics on a fee-for-service basis for each biosimilar candidate that Fresenius selects for development", and will hold "the full economics of each commercialized product under the agreement". No upfront, milestone or total value is disclosed. Instrument: development agreement with exclusive options. Royalty read-through: none; the payments are service fees.

Sam Chun Dang and Daiichi Sankyo Espha (Monday 2 November). Sam Chun Dang Pharm, listed on KOSDAQ, ended by mutual agreement its 2019 exclusive Japanese distribution and supply contract with Senju Pharmaceutical for SCD411, its aflibercept biosimilar, and signed a new exclusive Japanese distribution and supply contract with Daiichi Sankyo Espha the same day. Sam Chun Dang now holds the Japanese marketing authorisation in its own name.

Its filing says "계약금 및 마일스톤은 총 $17,200,000(약 230억원)을 수령하였으며 해당 금액은 반환되지 않으며" (upfront and milestone payments of USD 17.2m in total have been received and are not refundable) and that it will pay "$4,000,000(약 53억원)" (USD 4.0m) to recover the exclusive rights; "잔여 마일스톤은 계약 해지에 따라 수령하지 않습니다" (the remaining milestones will not be received). The terms of the Daiichi Sankyo Espha contract are in a separate filing not located. Instrument: distribution licence termination and re-licence. Royalty read-through: none stated.

BioArctic and Novartis (Monday 2 November). BioArctic (OMX: BIOA B) said that Novartis "has decided to terminate the Option, Collaboration and License Agreement entered into in August 2025" combining its BrainTransporter technology with an undisclosed Novartis antibody, a decision "unrelated to BioArctic's BrainTransporter technology". "BioArctic will retain the full USD 30 million upfront payment" and will recognise the rest of it as revenue in 2026. BioArctic has five BrainTransporter collaborations to date.

Under the 2025 agreement, "If Novartis exercises their option, BioArctic will be eligible to receive additional payments of up to USD 772 million", and "BioArctic will also be entitled to tiered mid-single digit royalties" on future sales. Instrument: licence termination. Royalty read-through: up to USD 772m of option-contingent payments and a tiered mid-single-digit royalty fall away.

Bio-Thera and BeiGene (Monday 2 November). Bio-Thera Solutions (SSE STAR: 688177) took back the Chinese rights to BAT1706, its bevacizumab biosimilar, from BeiGene, reported by 每日经济新闻 (National Business Daily) from the company's notice of 2 November, which we have not read. Bio-Thera "于2026年11月1日从百济神州重新获得BAT1706（贝伐珠单抗）相关知识产权及其在中国地区的全部产品权益" (on 1 November 2026 regained from BeiGene the BAT1706 intellectual property and all product rights in China).

Bio-Thera will pay BeiGene "5000万元的费用" (fees of RMB 50 million), about USD 7.0m, and "百济神州不再享有与公司BAT1706（贝伐珠单抗）相关的任何权益" (BeiGene no longer holds any rights in BAT1706). The move does not affect the "3.62亿元的首付款及里程碑款项" (RMB 362 million of upfront and milestone payments), about USD 51.0m, already received. Instrument: licence termination with a payment to the licensee. Royalty read-through: the sales-based payments due to Bio-Thera under the 2020 licence fall away.

Aarvik and Laurus Labs (Monday 2 November). Aarvik Therapeutics said that "Laurus Labs will obtain licenses for two MUTTA™ ADC molecules from Aarvik for development and commercialization in India. Aarvik will retain all rights to the ADC molecules outside India." Laurus Labs (NSE: LAURUSLABS) also invested in Aarvik's seed round. No terms are disclosed. Instrument: territorial licence. Royalty read-through: none stated.

SmartCella and HeartWorks (Tuesday 3 November). SmartCella, of Sweden, signed "a non-exclusive license agreement with HeartWorks, Inc.", giving it "the right to use the Extroducer® platform for the delivery of certain cell therapies, covering both clinical development and commercialization". HeartWorks develops autologous cell therapies for congenital heart disease.

SmartCella expects "revenue generated across multiple streams throughout the partnership, including development and commercial milestones, royalties and product sales", and says the agreement "is on similar general terms to previously announced agreements". No amounts are disclosed. Instrument: non-exclusive device licence. Royalty read-through: royalties receivable by SmartCella, rate not stated.

Basilea and Pfizer (Tuesday 3 November). Basilea Pharmaceutica (SIX: BSLN) said that "the continued strong sales performance of the antifungal Cresemba (isavuconazole) by its license partner Pfizer Inc. in Europe triggered a milestone payment of USD 37.5 million to Basilea". Global in-market sales of Cresemba in the twelve months to June 2026 "amounted to USD 817 million, a 25 percent growth year-on-year".

Under the 2017 licence for Europe (excluding the Nordics), Russia, Turkey and Israel, "Basilea will also receive royalties in the mid-teen range on Pfizer's sales in the territory"; the same release summarises them as "double-digit royalties". Instrument: sales milestone under an existing licence. Royalty read-through: a sales milestone paid on top of a mid-teen royalty stream.

BioNTech and Genentech (Tuesday 3 November). BioNTech (Nasdaq: BNTX) said in its third-quarter report that it "exercised an option in the collaboration agreement with Roche/Genentech, under which the economics for BioNTech will change from the 50:50 cost-profit sharing structure to a royalty-based model". Future research and development costs "will be generally assigned to Roche/Genentech effective January 1, 2027, while BioNTech will be eligible to receive royalties in case of successful development and commercialization".

The report does not name the programme beyond noting that the change does not affect the ongoing pancreatic cancer trial, and gives no rate. Instrument: option exercise converting a profit share into a royalty. Royalty read-through: a new inbound royalty for BioNTech, rate undisclosed.

Medincell and Teva (Tuesday 3 November). Medincell (Euronext: MEDCL) said that it "receives mid- to high-single-digit royalties on UZEDY® net sales and is eligible for up to $105M in commercial milestone payments", and that UZEDY and WELTRUZA "use Medincell's technology under a worldwide licensing agreement with Teva, with the same economic terms". Teva's third-quarter release reports UZEDY revenues of USD 85m, up 96 per cent, and raises the 2026 outlook to "$290 million–$310 million, from $270 million–$290 million". Instrument: existing licence. Royalty read-through: a band disclosed on a growing stream, now covering a second product.

Formycon and Athos (Thursday 5 November). Formycon (FSE: FYB) booked "Impairments on both products, with no cash outflow: net EUR 82 million for FYB202 and EUR 39 million for FYB201", about USD 95m and USD 45m, on its ustekinumab and ranibizumab biosimilars. It acquired the two products from Athos in 2022 for shares and "a share for Athos in future revenues from both products (contingent purchase price obligations)", and says these obligations decline with the expected revenues.

Adjusted EBITDA guidance is "revised to EUR -15 million to EUR -5 million due to the Bioeq result (previously EUR 5 to 15 million)", about USD -17m to -6m, and "the agreements with the partners remain unchanged". Not counted. Royalty read-through: an outbound revenue share to Athos and Formycon's inbound partner income on two biosimilars are both marked down.

HLS Therapeutics and Bayer (Tuesday 3 November). HLS Therapeutics (TSX: HLS) will take over the commercialisation of VERQUVO (vericiguat) in Canada and "begin recording net sales effective from the first quarter of 2027"; Bayer keeps the marketing authorisation and supplies the product. "HLS will pay Bayer royalties on net sales of VERQUVO® in Canada, along with potential one-time payments tied to the achievement of commercial milestones." No rate is disclosed. Instrument: territorial licence of a marketed product. Royalty read-through: a new outbound royalty from HLS to Bayer.

Qyuns Therapeutics and Caldera Therapeutics (Thursday 5 November). Qyuns Therapeutics (HKEX: 2509) granted Caldera Therapeutics worldwide rights to a preclinical TL1A and IL-17 bispecific, for "a one-time, non-refundable, and non-creditable upfront payment of US$30 million" and "additional payments of up to US$750 million". Qyuns "will also be entitled to receive tiered royalties on net sales of products arising from the Licensed Program during a specified time period after the first commercial sale"; no rate is given. Royalty read-through: a new inbound tiered royalty, rate not stated.

Yungjin Pharm and Pharming (Thursday 5 November). Yungjin Pharm, listed on KOSPI, added the Japanese rights to KL1333 to its 2017 licence, now held by Pharming Technologies, through a side agreement, "일본 판권 추가 이전" (an additional transfer of the Japanese rights). The licence carries "Upfront $3,000,000" and "Milestone $54,000,000" plus royalties; the terms for Japan are not disclosed. Royalty read-through: an existing inbound stream extended to Japan, rate not stated.

Foresee Pharmaceuticals and a related NewCo (Wednesday 4 November). Foresee Pharmaceuticals (TPEx: 6576) said in a material announcement that its US subsidiary will license its ALDH2 activator rights "予一新設立之NewCo.（本公司關係人）" (to a newly formed NewCo, a related party of the company), which will bear all further development costs. In return Foresee receives "500萬美元簽約金、後續里程金以及權利金" (a USD 5m signing fee, later milestones and royalties) and will hold 19 per cent of the NewCo.

The announcement marks it as a related-party transaction, says the fairness opinion has not yet been obtained, and defers the other terms to after the November board meeting. Royalty read-through: a new inbound royalty from a related company, rate not stated.

PeptiDream and MSD (Thursday 5 November). PeptiDream (TSE: 4587) said that MSD started a Phase 1 trial of a candidate from their peptide discovery collaboration and that "当社はマイルストーンフィー（金額非開示）を受領し" (the company will receive a milestone fee, amount not disclosed), to be booked in the fourth quarter. Not counted.

CStone and Kimia Therapeutics (Wednesday 4 November). CStone (HKEX: 2616) entered into a clinical collaboration with Kimia Therapeutics, of Berkeley, a portfolio company of The Column Group, under which CStone leads clinical development of a DNA damage response candidate in mainland China and Australia.

"Kimia will reimburse CStone for the applicable clinical development costs. CStone is eligible to receive milestone payments plus royalties on global net sales of the asset during the applicable royalty term". No amounts are disclosed. Instrument: development collaboration with milestones and royalties. Royalty read-through: a new inbound royalty on global sales, rate not stated.

Nurix and Sanofi (Tuesday 3 November). Nurix Therapeutics (Nasdaq: NRIX) said that Sanofi decided "to discontinue the Phase 1 first-in-human clinical trial of SAR448272, an oral STAT6 degrader, and to terminate the SAR448272 program". As a result Nurix "does not expect to receive any of the future development, regulatory and commercial milestone payments or royalties" on that programme; its other Sanofi programmes continue. Not counted (termination). Royalty read-through: an expected inbound royalty and milestone stream from Sanofi falls away.

Korro Bio and Novo Nordisk (Tuesday 3 November). Korro Bio (Nasdaq: KRRO) said that Novo Nordisk gave notice to end their collaboration, under which Korro "was eligible to receive development and commercial milestone payments and tiered royalties on net sales"; "No milestone payments were earned". The termination is effective on 1 February 2027. Not counted (termination).

Vivoryon and Simcere (Thursday 5 November). Vivoryon Therapeutics (Euronext Amsterdam: VVY) said in its third-quarter report that it has signed an agreement with Simcere under which the development and commercial rights to varoglutamstat and PBD-C06 in Greater China, licensed to Simcere in 2021, return to Vivoryon with no cash payment on termination. Simcere is eligible for payments on specified future regulatory milestones for varoglutamstat in Greater China.

Vivoryon had cash of about USD 2.0m (EUR 1.7m) at 30 September and expects its runway to reach the second half of December 2026; it is assessing a sale of the company or of assets. Not counted (termination). Royalty read-through: an inbound licence ends, and a contingent milestone stream now runs from Vivoryon to Simcere.

Ichnos Glenmark Innovation and BioCryst (Thursday 5 November). Glenmark Pharmaceuticals (NSE: GLENMARK) said in its quarterly release that, after BioCryst's acquisition of Astria Therapeutics and its "confirmation that STAR-0310 falls outside company's strategic focus on rare disease, BioCryst will return full licensing rights to IGI effective November 4th, 2026". The OX40 antagonist (ISB 830-X8, with telazorlimab) was licensed to Astria in October 2023; IGI "is currently evaluating strategic pathways for STAR-0310 going forward, including potential partnership". No terms are stated. Not counted (termination).

Edgewise and Servier (Tuesday 3 November). Edgewise Therapeutics (Nasdaq: EWTX) said in its quarterly report that "Servier announced that the pivotal GRAND CANYON study of sevasemten in Becker muscular dystrophy did not meet its primary or secondary endpoints". Edgewise sold sevasemten to Servier in July with "Potential regulatory and commercial milestone payments of up to $1,100.0 million", none recognised. Not counted. Royalty read-through: a contingent milestone stream on the sold asset is impaired.

Acrivon Therapeutics, Aqilion and LEO Pharma (Friday 6 November). Acrivon Therapeutics (Nasdaq: ACRV) bought the oral JAK1 programme of Aqilion AB, of Sweden, including ACR-525 (formerly AQ280), which is ready for Phase 2, and a preclinical PKC-theta programme, "for an undisclosed cash consideration without future royalties or milestone obligations". The deal "closed concurrently with the signing of the definitive agreement."

"Concurrently, Acrivon, Aqilion and LEO Pharma entered into an agreement terminating all future royalty and milestone obligations on ACR-525 previously agreed to between Aqilion and LEO Pharma." Acrivon's 8-K adds that "the Company has no obligation to make additional payments, including milestone or royalty payments, in respect of the Transaction." Instrument: asset purchase with a three-party termination of an earlier royalty and milestone stream. Royalty read-through: LEO Pharma's stream on ACR-525 ends; no rate was disclosed.

Anika Therapeutics and Boehringer Ingelheim (Friday 6 November). Anika Therapeutics (Nasdaq: ANIK) said in its third-quarter release that "In November, Anika entered a new 10-year partnership for the distribution of Hyvisc with its existing partner, Boehringer Ingelheim." The agreement "provides higher transfer pricing, a royalty on end-market sales, higher contractual purchases and upfront and milestone payments".

Anika expects "$8 million in payments, including a $4 million upfront payment in the first quarter of 2027 and remaining $4 million tied to commercial volumes". The royalty rate is not disclosed. Instrument: renewed distribution agreement with upfront, milestones and a royalty. Royalty read-through: a new royalty on end-market sales of Hyvisc flows to Anika; rate not stated.

Mallinckrodt and Airgas (Tuesday 3 November). In Mallinckrodt v. Airgas Therapeutics (D. Del., 1:22-cv-01648), over a generic of Mallinckrodt's inhaled nitric oxide under ANDA No. 203144, Judge Andrews ruled that "Defendants' motions are all DENIED, Plaintiffs' motion for redating is GRANTED, Plaintiffs' damages award is VACATED". The ANDA is redated to "not earlier than the latest expiration of the infringed Orange-Book patents (January 6, 2031 for the '6,794 patent and February 19, 2035 for the '9,794 patent)".

The jury had awarded "a total reasonable royalty amount of about $3.3 million" on one patent and about USD 6.1m on the others; the court vacated the award as double recovery alongside the redating. Royalty read-through: a lump-sum reasonable royalty is replaced by exclusion of the generic to 2035.

Pharmacosmos and Dr. Reddy's (Monday 2 November). Pharmacosmos sued Dr. Reddy's in the District of New Jersey (2:26-cv-14266) over its ANDA for a generic of COSELA (trilaciclib), asserting a crystal-form patent that "will expire on November 13, 2040". "Pharmacosmos Therapeutics Inc. holds an exclusive license under the '404 patent to commercialize COSELA® in the United States". Royalty read-through: none stated in the complaint.

Exelixis and Handa (Tuesday 3 November). Exelixis sued Handa in the District of Delaware (1:26-cv-01412) on a patent issued the same day, which "will expire on February 10, 2032", over Handa's cabozantinib capsules, approved under 505(b)(2) NDA No. 220613 as an alternative to CABOMETYX. Exelixis seeks an injunction. Royalty read-through: none stated.

AbbVie and Dr. Reddy's (Wednesday 4 November). AbbVie and Allergan sued Dr. Reddy's in the District of New Jersey (3:26-cv-14354) over its ANDA for generic QULIPTA (atogepant) tablets, on three patents of which "Allergan is the assignee", after a third notice letter dated 28 September. It is a second suit; the first, filed in December 2025, is on four other patents. Royalty read-through: none stated in the complaint.

Chiesi and Zydus (Wednesday 4 November). Chiesi sued Zydus in the District of New Jersey (3:26-cv-14339) over its ANDA for a generic of CLEVIPREX (clevidipine) injectable emulsion, on three patents of which Chiesi Farmaceutici "is the owner and assignee of all right, title, and interest". Royalty read-through: none stated in the complaint.

Incyte and Granules India (Wednesday 4 and Thursday 5 November). Incyte sued Granules India in the Eastern District of Texas (2:26-cv-00999) on 4 November, and in the District of New Jersey (1:26-cv-14402) on 5 November, over ANDA No. 221826 for a generic of "Jakafi XR™ (ruxolitinib extended-release) 11 mg, 22 mg, 33 mg, 44 mg, and 55 mg tablets", on five sustained-release patents listed in the Orange Book. The complaint cites Granules' statement that it is "eligible for first-to-file status". Royalty read-through: none stated in the complaint.

BDR Pharmaceuticals and the FDA (Monday 2 November). In BDR Pharmaceuticals International v. FDA (D.D.C., 1:26-cv-03679), the parties filed a joint status report and motion stating that they "agreed to a 120-day stay of all proceedings in this action, including all briefing on the PI Motion", to let the FDA decide the issues raised in its public docket on VOQUEZNA exclusivity. The FDA "expects to issue a decision in Docket No. FDA-2026-N-13038 in approximately four months".

BDR's agreement is "contingent upon the Court adopting a similar stay in the related action Civil Action No. 26-3513-JDB (D.D.C.)", Saba's suit. On 3 November Chief Judge Boasberg adopted the report, per the docket: "They shall file a further joint status report by February 16, 2027; and 2) The case is STAYED through March 2, 2027." No order in Saba's suit had been found by 07:15 UTC on 4 November. The asset is Phathom's VOQUEZNA (vonoprazan). Royalty read-through: the exclusivity question on a financed commercial product is deferred to about March 2027.

UCB and Cipla (Tuesday 3 November). In UCB v. Cipla (Fed. Cir. 2026-1992), Cipla's appeal from the District of Delaware judgment in UCB's patent case (1:21-cv-01229) over generic versions of NAYZILAM (midazolam nasal spray), the Federal Circuit ordered, "The parties having so agreed", that "The proceeding is DISMISSED under Fed. R. App. P. 42 (b)", each side bearing its own costs.

The appellees include Hananja ehf and the University of Iceland alongside UCB. No settlement terms were found. Royalty read-through: none disclosed.

Moderna and GSK (Friday 6 November). Moderna disclosed in its third-quarter release that "Moderna and GSK entered into an agreement on October 28, 2026, to settle all disputes between the parties which were pending in the U.S. and Europe". GSK had sued over mRNA patents seeking royalties on Moderna's COVID-19 and RSV vaccines.

Under the settlement "the parties granted patent cross-licenses in the field of infectious disease and are not obligated to make payments of any kind in connection with such licenses." The release is the first disclosure found. On 6 November the parties filed stipulations in the District of Delaware dismissing GSK's infringement claims over mRESVIA (1:24-cv-01136) and over Spikevax and mNEXSPIKE (1:24-cv-01135) "WITH PREJUDICE", with each party bearing its own costs; no GSK statement was found. Royalty read-through: GSK's royalty claim ends with no stream created.

Pacira and Research Development Foundation (Friday 6 November). In Pacira Pharmaceuticals v. Research Development Foundation (9th Cir., Nos. 25-3184 and 25-5879, appeal from D. Nev. 2:21-cv-02241), the court of appeals reversed in part the judgment for Pacira, "with instructions to grant judgment to RDF on Pacira's claim for royalties on the Exparel 200L process", and remanded to recalculate the pre-judgment interest RDF owes on the 45-litre portion. The memorandum is unpublished.

The court held that the 2004 amendment reaches "existing and future patent or proprietary rights" in DepoFoam technology, so the 200-litre technology "is therefore a 'future patent' right", and that the contract does not "provide[] royalties for post-expiration use of a patent" because "Royalty obligations end the second a patent expires". Pacira's quarterly report of 5 November describes "a low single-digit royalty" and RDF's position that it runs "until 2041"; Pacira reports the receipt of USD 28.3m "related to a legal judgment". Royalty read-through: an existing EXPAREL royalty to RDF restored for the 200-litre process, with Pacira under tender to Viatris until 16 November.

Henlius and Fosun Pharma (Monday 2 November). Henlius (HKEX: 2696) proposed raising the 2026 cap on payments from Fosun Pharma under its HLX01 (rituximab, HANLIKANG) collaboration from RMB 682 million, about USD 96.1m, to RMB 714 million, about USD 100.6m, at an extraordinary general meeting on 23 November. It received about RMB 482.82 million, about USD 68.0m, in the nine months to 30 September, about 70.8 per cent of the existing cap.

Henlius grants "an exclusive license to Fosun Pharma Industrial Development and/or its associates to promote and commercialise HANLIKANG in the PRC", supplies product at "(1+10%) × cost incurred", and receives "50% × Net profit of relevant products", settled "annually within the first quarter of the following year". Instrument: continuing connected transaction (licence, supply and profit share). Royalty read-through: a 50 per cent net profit share, not a royalty.

Clinical and Regulatory

The ten court items of the window, by date of filing, ruling or first public appearance. Gold sits on a licence, royalty, milestone or revenue interest, as in the Ninth Circuit's partial reversal for the Research Development Foundation on EXPAREL royalties.

Inventisbio (Sunday 1 November). Inventisbio (SSE STAR: 688382) said, in a notice to the Shanghai Stock Exchange dated 2 November and released on the evening of 1 November, that the "注册性三期临床研究达到主要终点和关键次要终点" (registrational Phase 3 study met its primary and key secondary endpoints) for nomelcitinib (D-2570), its oral TYK2 inhibitor, in moderate-to-severe plaque psoriasis. The study enrolled 391 patients, randomised 1:1:1 to two nomelcitinib arms or placebo.

At week 16 the share of patients reaching PASI90 was above 70 per cent in both nomelcitinib arms, "显著高于安慰剂组" (significantly higher than placebo), and above 80 per cent reached PGA 0/1. The drug is developed in-house and no licensee is named; a head-to-head Phase 3 against deucravacitinib is under way. The company says the result "不会对公司业绩产生重大影响" (will not have a material effect on its results).

Cerus (Monday 2 November). Cerus (Nasdaq: CERS) said that in the Phase 3 RedeS trial of the INTERCEPT Blood System for red blood cells "The primary efficacy endpoint was met, demonstrating non-inferiority for INTERCEPT RBCs compared to conventional RBCs". "Adjusted hemoglobin increment was 1.996 g/dL (N=195) in the INTERCEPT arm compared with 2.050 g/dL (N=199) in the control arm". Development was funded in part by BARDA. The product is Cerus's own; no licence or royalty applies.

HUTCHMED and AstraZeneca (Monday 2 November). HUTCHMED (HKEX: 13; Nasdaq: HCM) announced that the European Medicines Agency "has validated and accepted for regulatory review the Marketing Authorization Application (MAA) submitted by AstraZeneca" for ORPATHYS (savolitinib) with TAGRISSO (osimertinib) in MET-overexpressed or amplified lung cancer after EGFR inhibitor treatment. A Japanese application to the Ministry of Health, Labour and Welfare "has also been accepted for review".

The filings rest on the SAFFRON Phase 3, with a progression-free survival hazard ratio of 0.55. The US application was submitted in September 2026; no acceptance has been announced. ORPATHYS is "jointly developed by AstraZeneca and HUTCHMED and is commercialized by AstraZeneca"; the announcement states no milestone.

HUTCHMED's annual report on Form 20-F for 2024 says AstraZeneca pays "a fixed royalty of 30% on all sales made of any product in China". Outside China, subject to approval in papillary renal cell carcinoma, the amended agreement provides "increased tiered royalties from 14% to 18%", stepping down to "an ongoing royalty rate of 10.5% to 14.5%". Royalty read-through: Europe and Japan move from development to review on an existing royalty stream.

uniQure: Huntington's disease BLA accepted for priority review (Monday 2 November)

uniQure (Nasdaq: QURE) said that the FDA accepted its Biologics License Application for ifezuntirgene inilparvovec (AMT-130) in Huntington's disease with priority review. The FDA "sets PDUFA target action date of May 1, 2027".

• Next step: the FDA "stated that they are tentatively planning to discuss this application at an Advisory Committee meeting".
• Licence chain: AMT-130 uses uniQure's miQURE platform, "based on exclusively licensed technology from Cold Spring Harbor Laboratory", per its annual report for 2025.
• Rate: "annual fees, development milestone payments and future single-digit royalties on net sales of a licensed product are payable to CSHL. The standard 20-year patent term for the licensed patents expires in 2031."
• Instrument: regulatory filing acceptance.
• Royalty read-through: an outbound single-digit royalty to CSHL moves closer to first sales.

Johnson & Johnson, Genmab and Halozyme: RYBREVANT FASPRO approved in head and neck cancer (Thursday 5 November)

The FDA granted accelerated approval to RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) of Johnson & Johnson (NYSE: JNJ) for recurrent or metastatic head and neck squamous cell carcinoma after platinum chemotherapy and an anti-PD-(L)1 antibody. It is the first indication of the subcutaneous product outside lung cancer, per the company's release.

• Evidence: the Phase 1b/2 OrigAMI-4 study; continued approval depends on the confirmatory Phase 3 OrigAMI-5 in first-line treatment.
• Licence chain: amivantamab comes from Genmab's DuoBody licence. Genmab's third-quarter report of 5 November says "Genmab receives royalties between 8% and 10% on net sales with J&J reducing such royalty payments for Genmab's share of J&J's royalty payments made to Halozyme", and "Genmab also pays a royalty to Medarex based on RYBREVANT net sales", with no rate stated.
• Delivery royalty: the subcutaneous form uses Halozyme's ENHANZE. Halozyme's quarterly report of 5 November says "our partners will pay us royalties at an on average mid-single digit percent rate of their sales"; no rate specific to amivantamab is disclosed.
• Instrument: accelerated approval of a new indication.
• Royalty read-through: a new indication on two existing inbound streams, Genmab's 8 to 10 per cent and Halozyme's average mid-single-digit rate.

Lupin and FIRDAPSE (Monday 2 November). Lupin (NSE: LUPIN) received FDA approval for amifampridine tablets, 10 mg, a generic of Catalyst's FIRDAPSE, and "is eligible for 180 days of shared generic exclusivity" as a first filer. Catalyst's annual report for 2025 records a settlement with Lupin; the approval does not by itself set the launch date.

Alfasigma and Galapagos (Thursday 5 November). The European Commission extended the licence of Alfasigma's Jyseleca (filgotinib) to adults with active axial spondyloarthritis, Alfasigma announced; the approval covers "filgotinib 200 mg and 100 mg film-coated tablets". Galapagos sold the Jyseleca business to Alfasigma in 2024 and, per its annual report, will receive "mid-single to mid-double-digit earn-outs on European sales". Royalty read-through: a larger European label for an earn-out asset.

China Medical System and Incyte (Tuesday 3 November). China Medical System (HKEX: 867) said that its subsidiary Rxilient Medical "received approval from the Health Sciences Authority of Singapore (HSA) on 3 November 2026" for ruxolitinib phosphate cream (Lumirix) in non-segmental vitiligo with facial involvement.

Aniserve, Karyopharm and verdinexor (Thursday 5 November). The EMA's veterinary committee adopted on 5 November "a positive opinion, recommending the granting of a marketing authorisation for the veterinary medicinal product Laverdia film-coated tablets for dogs" with lymphoma; the applicant is Aniserve GmbH. Karyopharm, now in Chapter 11, licensed verdinexor for companion animals to Anivive in 2017, and Dechra later acquired those rights.

Karyopharm's 2021 annual report says it was eligible for "up to $43.25 million in future regulatory, clinical and commercial milestone payments, assuming regulatory approval of verdinexor in both the U.S. and the EU", and that "Anivive agreed to pay us up to low double-digit royalty payments based on future net sales of verdinexor." Its 2025 annual report no longer mentions the licence, so whether the stream still runs to Karyopharm is not stated.

Bio-Thera (Friday 6 November). Bio-Thera Solutions (SSE STAR: 688177) received Chinese approval of BAT2506, the first golimumab biosimilar approved in China, in rheumatoid arthritis and ankylosing spondylitis. "Bio-Thera has signed commercialization agreements with multiple partners for BAT2506, covering countries and regions such as the US, Europe, and Canada" and other regions; no partner or terms are named.

Novartis, REGENXBIO and Zolgensma (Friday 6 November). The FDA said it has received "confirmed reports of product-related insertional oncogenesis involving the GLI1 (Glioma-Associated Oncogene Homolog 1) gene" after treatment with Novartis's Zolgensma, and "has determined that the risk of neoplasia, including malignancy, is applicable to both onasemnogene abeparvovec products". It "is evaluating whether regulatory action is appropriate", and reports "no reported cases of neoplasia following Itvisma administration to date".

REGENXBIO licensed its NAV platform to Novartis for spinal muscular atrophy in 2014 and sold a capped amount of its Zolgensma and Itvisma royalties to HealthCare Royalty in 2020, per its quarterly report of 5 November, which puts third-quarter royalties at USD 2.4m on Zolgensma and USD 2.8m on Itvisma. Royalty read-through: no label action yet; the review bears on both royalty-bearing products.

The group holds the product through "a Collaboration and License Agreement with Incyte for ruxolitinib phosphate cream on 2 December 2022", covering mainland China, Hong Kong, Macau, Taiwan "and eleven Southeast Asian countries". The announcement states no royalty. Royalty read-through: approval in a new territory of a product licensed from Incyte; rate not disclosed.

Bavarian Nordic and the UK Government (Monday 2 November). Bavarian Nordic (OMX: BAVA) said that the UK Health Security Agency awarded it "a new multi-year contract" for the supply of MVA-BN, its non-replicating mpox and smallpox vaccine. "Under the four-year contract, Bavarian Nordic will supply MVA-BN through scheduled deliveries across the term."

The release adds that "The contract also includes optional flexibility provisions" and does not disclose the value. UKHSA's contract details notice of 30 October shows a direct award to Bavarian Nordic A/S, justified as "Single supplier - technical reasons" and "Section 41 Single Supplier for third-generation smallpox vaccine".

The contract was signed on 30 September 2026 and runs from 1 October 2026 to 30 September 2029, with a "Possible extension to 30 September 2030". The notices give the value as a nominal 1.00 (EUR in the contract details notice, GBP in the earlier ones), so the price is not published. The transparency notice of 8 September names the purpose as "Smallpox Vaccine (Imvanex) for UK countermeasures stockpile". Instrument: government supply contract. Royalty read-through: none.

Cloudbreak Pharma and Grand Pharma (Thursday 5 November). Cloudbreak Pharma (HKEX: 2592) reported that its Phase 3 of CBT-001 eye drops in pterygium, with 659 patients, met both primary endpoints, conjunctival hyperaemia at month 3 and lesion length at month 12, each with "p<0.001" against vehicle. Grand Pharma (HKEX: 512) said it "has obtained exclusive rights for the manufacturing (including technology transfer) and commercialization of CBT-001" in Greater China; the licence terms are not stated.

Sarepta Therapeutics (Thursday 5 November). Sarepta Therapeutics (Nasdaq: SRPT) said in its quarterly report that ENVISION, the confirmatory Phase 3 of ELEVIDYS on clinical hold since 2025, will not restart: "In November 2026, we announced we would not resume enrollment." Roche sells ELEVIDYS outside the US, and Sarepta says "We are eligible to receive royalties on these sales", at a "lower royalty rate resulting from increases in our manufacturing costs"; it pays royalties on ELEVIDYS to Nationwide Children's Hospital. Its annual report for 2025 says Roche pays royalties "at a tiered royalty rate based on the average cost to manufacture ELEVIDYS", with no band disclosed, and that Sarepta is "required to pay a low-single-digit percentage royalty on net sales of ELEVIDYS" to Nationwide.

Moderna (Friday 6 November). Moderna (Nasdaq: MRNA) said in its third-quarter release that for its norovirus vaccine mRNA-1403, "Following the Phase 3 interim analysis, which did not meet the statistical criteria for early success, Moderna does not plan to initiate an additional cohort this season." It "intends to engage with health authorities to determine the program's path forward"; no efficacy figures were given. No licensor or royalty on mRNA-1403 is named. Royalty read-through: none disclosed.

Johnson & Johnson and Protagonist (Saturday 7 November). Johnson & Johnson (NYSE: JNJ) reported that the Phase 3 ICONIC-PsA 1 study of ICOTYDE (icotrokinra) in biologic-naive adults with active psoriatic arthritis "met its primary endpoint", with ACR20 at week 16 of "58% vs. 41%" against placebo. ACR50 was 29 per cent against 16 per cent; the data were a late-breaking presentation at ACR Convergence 2026.

ICOTYDE "is not approved for the treatment of active PsA"; no filing date is given. It "was jointly discovered and is being developed pursuant to the license and collaboration agreement between Protagonist and Johnson & Johnson". Protagonist Therapeutics (Nasdaq: PTGX) is eligible for "upward tiering royalties on net product sales at percentages ranging from 6% percent to 10% percent", per its annual report for 2024. Royalty read-through: a second indication moves towards filing on a royalty-bearing product.

Jiangsu Hengrui (Wednesday 4 November). Jiangsu Hengrui (HKEX: 1276; SSE: 600276) said the FDA accepted its resubmitted licence application for camrelizumab with apatinib (rivoceranib) in first-line liver cancer, with "目标审评日期为 2027 年 4 月 9 日" (a target review date of 9 April 2027). The notice names Hengrui as applicant; the terms of the rivoceranib licence outside China were not read.

Definium Therapeutics (Tuesday 3 November). Definium Therapeutics (Nasdaq: DFTX), "a late-stage clinical biopharmaceutical company", said that its management will speak at four investor conferences: Stifel in New York on 10 November, Jefferies in London on 17 November with a psychedelics panel on 19 November, Evercore in Coral Gables on 1 December and Piper Sandler in New York on 2 December.

The company, which changed its name "from Mind Medicine (MindMed) Inc. to Definium Therapeutics, Inc." on 9 January 2026, develops DT120, "Formerly known as MM120; USAN: lysergide tartrate", per its prospectus supplement of 23 June, when it sold 20,588,236 shares at USD 34.00.

The same document refers to "our Loan and Security Agreement with K2 HealthVentures LLC, as administrative agent and Canadian collateral agent for lenders thereunder", with Ankura Trust Company as collateral trustee, and reserves shares for conversions under the K2 facility; the amount outstanding is not stated there. The release discloses no terms. Not counted.

Capital announced, priced or received between 1 and 8 November: about USD 4.64bn across 48 flows. Credit and structured capital leads with USD 2.33bn, and the Rhythm term loan of up to USD 750m is the largest single flow. M&A prices, fund closes and the Mentari financings are left out.

The same capital by instrument. Bonds and term loans make up half of the total, equity a quarter and licence upfronts just under a quarter; licence milestones were USD 72.5m across two payments.

M&A and licence prints between 1 and 8 November on a square-root scale, upfront against total. Twenty publish a figure and twenty-five publish no consideration.

Upfront as a share of the published total, for the nine licences that publish both. The amended LG Chem licence with Rhythm pays 52.6 per cent on signing and Theriva's sale to Biossil 0.4 per cent. Royalties sit outside every total.

Neurizon Therapeutics (Monday 2 November). Neurizon (ASX: NUZ) received "firm commitments to raise A$4.3 million (before costs)", about USD 3.05m, through 63.2 million shares "at A$0.068 per New Share", with a share purchase plan "targeting an additional A$2.0 million", about USD 1.42m. The placement is not underwritten and settles on 6 November; MST Financial Services and Morgans Corporate are joint lead managers.

Neurizon also redeemed on 29 October, per its Appendix 3H, all 750,000 remaining Obsidian convertible notes for "US$915,750 (~A$1.31 million), funded from the Company's existing cash reserves", and "No convertible notes remain on issue". It withdrew from its AGM a resolution to issue further convertible notes to Obsidian "as a result of the capital raising". Its ALS candidate NUZ-001 is in the HEALEY platform trial, with topline expected in "late Q2 CY2027".

Noxopharm (Monday 2 November). Noxopharm (ASX: NOX) received "commitments for $1.5 million (before costs)", about USD 1.06m, at "$0.042 per share", a 19.2 per cent discount to the last traded price, and launched a "non-underwritten Share Purchase Plan (SPP), targeting up to a further $1.0 million". PAC Partners Securities is lead manager.

Holders of its notes agreed to the "early conversion of $3.78 million of Notes, inclusive of capitalised interest, representing 87% of existing Notes on issue, on the same terms as the Placement", about USD 2.68m, subject to shareholder approval. The ASX reinstated its shares to quotation the same day. Its quarterly cash flow report shows cash of A$31,000, about USD 22,000, at 30 September, and total available funding of A$5.03 million, about USD 3.57m, including an unused at-the-market facility with Accuity Capital.

An Appendix 3B filed later on 2 November sets the share purchase plan offer to open on 23 November and close on 7 December, and says "The SPP aims to raise approximately $1.0 million".

Orexo (Monday 2 November). Orexo (OMX: ORX) set the final terms of its rights issue of about USD 26.6m (SEK 253m): "The subscription price has been set at SEK 0.80 per new ordinary share and the Rights Issue comprises a maximum of 316,143,504 new ordinary shares", a discount of about 29.9 per cent to the theoretical ex-rights price. Subscription and underwriting commitments "together cover approximately 175 MSEK, corresponding to approximately 69.2 percent", about USD 18.4m; DNB Bank is underwriter.

About 45 per cent of the proceeds is to fund the first pivotal trial of OX640 to a read-out in the first half of 2027, and about 15 per cent Orexo's share of an expected settlement with the US Department of Justice. Subscription runs from 12 to 26 November.

PegBio (Tuesday 3 November). PegBio (HKEX: 2565) agreed to place 26,813,000 new H shares at HKD 2.985, a "discount of 19.00% to the closing price", for gross proceeds of "approximately HK$80.04 million", about USD 10.3m, and net proceeds of about USD 9.9m (HKD 77.16m). Sixty per cent goes to research and development and 20 per cent to the repayment of loans; the proceeds of its December 2025 placing are expected to be "fully utilized by the end of 2026". On 6 November it cancelled its general meeting of 12 November and reconvened it for 26 November.

MediWound (Tuesday 3 November). MediWound (Nasdaq: MDWD) agreed to sell "1,200,000 ordinary shares of MediWound, at a price to the public of $12.50 per ordinary share" to H.C. Wainwright on a firm commitment basis, for gross proceeds of "approximately $15 million", with a 30-day option on 180,000 more shares. The underwriter "exercised in full its option" on 4 November, and gross proceeds including the option shares are "expected to be approximately $17.25 million", per a Form 6-K of 5 November. MediWound announced on 5 November "the closing of its previously announced underwritten public offering of 1,380,000 ordinary shares"; the proceeds are for working capital. Instrument: bought deal.

Boule Diagnostics (Wednesday 4 November). Boule Diagnostics (OMX: BOUL) resolved on a fully secured rights issue of about USD 9.8m (SEK 93m), in which "Each existing share entitles the holder to subscribe for three (3) new shares at a subscription price of SEK 0.80 per share", with an over-allotment issue of up to about USD 6.6m (SEK 63m), subject to an extraordinary general meeting.

Part of the subscription is by set-off of shareholder and bridge loans. The company said the same day that it is refocusing on consumables, service and OEM and discontinuing its instrument business. Instrument: rights issue.

BioInvent (Thursday 5 November). BioInvent International (Nasdaq Stockholm: BINV) set the terms of the rights issue it announced on 28 October: "The subscription price has been set at SEK 1.00 per new share and the Rights Issue comprises a maximum of 427,728,353 new shares", for gross proceeds of about USD 45.0m (SEK 428m). Additional top guarantee undertakings make the issue fully guaranteed, and "the guarantee fee has been increased from 11 percent to 12 percent of the guaranteed amount".

The company "expects to be financed into Q1 2028" if the issue completes; subscription runs from 7 to 21 December, after an extraordinary general meeting on 1 December. Instrument: rights issue.

Lyell Immunopharma (Wednesday 4 November). Lyell Immunopharma (Nasdaq: LYEL) agreed a private placement of 7,428,040 shares at USD 10.77, "equal to the closing price of Lyell's common stock on November 3, 2026", for about USD 80m; ARCH Venture Partners, Adage, Caligan and RTW are among the investors. "Goldman Sachs and Leerink Partners acted as placement agents".

Evommune (Wednesday 4 November). Evommune agreed to sell 4,966,889 shares at USD 6.04 in a private placement of about USD 30m to fund its newly licensed VAV1 degrader; Morgan Stanley and Leerink Partners were placement agents.

Annovis Bio (Thursday 5 November). Annovis Bio (NYSE: ANVS) priced an underwritten public offering of 19,000,000 shares and pre-funded warrants for up to 2,000,000 shares, each with an accompanying warrant, and "expects to receive total gross proceeds of approximately $21.0 million, excluding potential proceeds from the exercise of the accompanying warrants". "Canaccord Genuity is acting as the sole bookrunner"; closing is expected on or about 6 November. The proceeds fund development of buntanetap, in Phase 3, and working capital.

Precision BioSciences (Thursday 5 November). Precision BioSciences (Nasdaq: DTIL) priced "an underwritten offering of 10,235,077 shares of its common stock at a price of $7.75 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 5,893,964 shares", for gross proceeds of "approximately $125 million". Investors include First Light Asset Management, MPM BioImpact, Bleichroeder, Lynx1 Capital Management, Readout Capital, Aberdeen Investments and Driehaus Capital Management. "TD Cowen and Guggenheim Securities are acting as joint book-running managers"; its 8-K of 6 November says "The Company estimates the net proceeds from the Offering will be approximately $116.5 million" and that "The closing of the Offering is expected to occur on November 6, 2026". The final prospectus supplement sets the underwriting discount at USD 0.465 a share, about USD 7.5m in total, with no option for the underwriters; Latham & Watkins acted for the company and Cooley for the underwriters. Instrument: underwritten offering with pre-funded warrants.

INOVIO (Thursday 5 November). INOVIO Pharmaceuticals (Nasdaq: INO) priced an underwritten public offering of 58,747,235 shares "at a public offering price of $1.05 per share" and pre-funded warrants for 12,681,337 shares at USD 1.049, for gross proceeds "expected to be approximately $75 million", with a 30-day option on 10,714,285 more shares. "Jefferies and Piper Sandler are acting as joint book-running managers" and H.C. Wainwright is lead manager; closing is expected on or about 9 November. The final prospectus gives net proceeds of "approximately $70.0 million", with Cooley as company counsel and Paul Hastings for the underwriters. Instrument: underwritten offering with pre-funded warrants.

Orchestra BioMed (Thursday 5 November). Orchestra BioMed (Nasdaq: OBIO) priced an underwritten public offering of 15,000,000 shares at USD 5.00, for gross proceeds of about USD 75.0m, with a 30-day option on 2,250,000 more shares. "Piper Sandler and TD Cowen are acting as joint bookrunning managers", BTIG is a bookrunner and H.C. Wainwright lead manager; closing is expected on 9 November. The final prospectus gives net proceeds of "approximately $70.0 million", with Paul Hastings as company counsel and Latham & Watkins for the underwriters. Instrument: underwritten offering.

Xspray Pharma (Friday 6 November). Xspray Pharma (Nasdaq Stockholm: XSPRAY) resolved on a rights issue of about USD 9.5m (SEK 90m) at SEK 9.50 per share, in which "five (5) subscription rights entitle the shareholder the right to subscribe for one (1) new ordinary share", with an over-allotment issue that would bring total proceeds to "approximately SEK 162 million", about USD 17.0m. Undertakings and intentions cover "approximately 116 percent of the Rights Issue", and "are not secured by bank guarantees".

Its lender Fenja Capital agreed to extend the loan of about USD 7.8m (SEK 74.6m) to 15 August 2028, with the loan "amortized to SEK 50 million no later than 5 January 2027", and receives new warrants. Subscription runs from 17 November to 1 December. Instrument: rights issue.

Spectral Medical (Friday 6 November). Spectral Medical (TSX: EDT), which seeks FDA approval of its PMX haemoperfusion device for septic shock, closed the second and final tranche, about USD 4.5m (CAD 6.3m), of a private placement of about USD 10.1m (CAD 14.0m) of convertible unsecured notes due 1 November 2031, after a first tranche on 30 October.

The notes convert into units of one share and half a warrant "at a conversion price of $1.00 per Unit" (CAD) and bear interest at "the Canadian Overnight Repo Rate Average plus 800 basis points per annum", payable in cash or in kind. Paradigm Capital was financial adviser; the second tranche was bought by Pinnacle Island II LP, whose general partner is a Paradigm subsidiary, and by Paradigm itself. Instrument: convertible notes.

Proteomics International (Monday 2 November). Proteomics International Laboratories (ASX: PIQ) launched a share purchase plan to raise "up to A$5,000,000 (before costs)", about USD 3.55m, at "$0.10 per Share, which is a 12.2% discount" to the five-day average price. The diagnostics company is rolling out PromarkerD in Australia with Healius and expects to launch PromarkerEndo between January and March 2027.

Shanghai Yingjiexin Medical Technology (Monday 2 November). Yingjiexin "完成2亿元人民币B轮融资" (completed an RMB 200 million Series B), about USD 28.2m, reported by 投资界 (Pedaily) on 2 November; no company release was found. A CICC Capital fund led, joined by Zhuhai Technology Industry Group, Cornerstone Capital, Qiming Venture Partners and others. The company makes prefilled and reusable pens and autoinjectors for GLP-1 drugs, insulin and growth hormone, with annual pen capacity of "超1.5亿支" (over 150 million units).

Specific Biologics (Monday 2 November). Specific Biologics, of Toronto, announced an "Oversubscribed US$35 Million Series A" for a gene-editing therapy for ALS, "led by Hatteras Venture Partners, with participation from foundational investors Lumira Ventures and adMare BioInnovations and a new syndicate of life sciences investors".

GPN Vaccines (Monday 2 November). GPN Vaccines, of New York and Adelaide, announced "the closing of its US$10 million private placement financing with participation from new and existing investors". Proceeds go to "cGMP batch manufacturing, expansion of its opsonophagocytic activity (OPA) testing laboratory, and submission of the Investigational New Drug (IND) application" for Gamma-PN, a whole-cell pneumococcal vaccine that has completed four Phase 1 studies. No investors are named.

Thryv Therapeutics (Tuesday 3 November). Thryv Therapeutics, of San Francisco, announced "a $30 million Series B financing led by InClin, Inc., a global contract research organization, with continued support from existing investors", naming "existing investors Fonds de solidarité FTQ, Amplitude Ventures, Investissement Québec, Lumira Ventures, adMare BioInnovations, CTI Life Sciences Fund, and Alexandria Venture Investments". Proceeds fund ASPIRE-HF, a Phase 2a of its SGK1 inhibitor THRV-1268 in heart failure, opening for enrolment in early 2027; the first efficacy cohort of its Long QT Syndrome study has completed enrolment.

Laza Medical (Wednesday 4 November). Laza Medical, a Shifamed company, raised "up to $160 million in Series B structured financing", led by GE HealthCare with Unorthodox Ventures, PA MedTech and AMED, for a robotic imaging system for the cath lab that is not yet approved. The tranches are not described.

Alethio Therapeutics (Thursday 5 November). Alethio Therapeutics, of Oxford, announced "the successful completion of an oversubscribed $90 million (£67 million) Series A financing", "co-led by new investors Sofinnova Partners and RA Capital, alongside founding investor Oxford Science Enterprises". The proceeds fund Phase 1/2a studies of ATX-011 in essential thrombocythaemia.

Anaheim Bio (Thursday 5 November). Anaheim Bio, of Leiden, launched with a Series A of about USD 46.5m (EUR 40m) from Droia Ventures, Frazier Life Sciences, RTW, Novartis Venture Fund, RV Invest and Thuja Capital, to take a small molecule for calcium pyrophosphate deposition disease into the clinic in 2027. It was spun out of Alesta Therapeutics before Alesta's acquisition by BioMarin.

Hefei Alphana Biotechnology (Friday 6 November). Hefei Alphana Biotechnology (合肥阿法纳生物科技) reached the first close of a Series A that "总规模为5000万美元" (totals USD 50 million), Pedaily reported; Guozhong Capital led, with Hefei and Anhui state-backed industrial funds as co-leads. The amount raised at first close is not stated. The proceeds speed its in vivo CAR-T and mRNA tumour vaccine programmes; no company release was found.

Biograil (Wednesday 4 November). Biograil ApS, of Copenhagen, "announced the closure of a EUR 20 million financing round", about USD 23.3m, according to its investor High-Tech Gründerfonds; no company release was found. "Verve Ventures and Megatrend Invest are backing the company", and HTGF participates through its HTGF Opportunity growth fund; no lead is named.

The money supports work toward "the planned phase 1 clinical testing of BIONDD®", an oral device for therapeutics that would otherwise be injected, including GLP studies and a GMP manufacturing process, ahead of "a larger financing in 2027". Instrument: private equity round.

T-Therapeutics (Thursday 5 November). T-Therapeutics, of Cambridge, UK, announced an oversubscribed "$133 million Series B financing co-led by new investors Advent Life Sciences and British Business Bank". New investors JJDC, Samsara BioCapital, M-Ventures and Lilly joined existing shareholders Sofinnova Partners, F-Prime, Digitalis Ventures, Cambridge Innovation Capital, Sanofi Ventures, Tencent and BGF. The proceeds take two TCR bispecific programmes in cancer and autoimmune disease to clinical proof of concept.

Nova Anchora (Thursday 5 November). Nova Anchora, of Boston, announced "a $23 million equity financing led by Viking Global Investors, with participation from DEBRA Research gGmbH, EB Research Partnership (EBRP), the EB Medical Research Foundation (EBMRF), and Cure EB". "The round includes an initial tranche and additional capital committed subject to the achievement of specified development milestones"; the split is not given. The proceeds take a topical collagen VII therapy through IND-enabling studies and a first clinical study.

ABVC BioPharma (Monday 2 November). ABVC BioPharma (Nasdaq: ABVC) closed a private placement of "17.5% OID Notes" with "an aggregate principal amount of $4,106,060 with a maturity date of June 30, 2027" for gross proceeds of USD 3.39m, convertible after eight months at 85 per cent of a trailing price. Proceeds include "a $625,000 settlement payment to Lind Global Fund II LP". WallachBeth Capital was placement agent.

HCW Biologics (Wednesday 4 November). HCW Biologics (Nasdaq: HCWB) entered into a notes purchase agreement with Streeterville Capital, LLC for "a Promissory Note A-1 in the original principal amount of $3.2 million" and a Note B "in the original principal amount of $7.0 million". At closing on 4 November the lender paid USD 3.0m, less costs, to the company and deposited USD 7.0m in an account of a new subsidiary under a control agreement.

The A-1 note carries 8 per cent interest and an original issue discount of USD 240,000, the B note 5 per cent; both mature after 24 months, with a 10 per cent prepayment premium. Maxim Group was placement agent for a 7.0 per cent cash fee. Instrument: secured notes.

aap Implantate (Monday 2 November). aap Implantate (XETRA: AAQ1) plans a rights issue of "bis zu 1.486.563 neuen Aktien zu einem Preis von 1,35 EUR" (up to 1,486,563 new shares at EUR 1.35), about USD 2.33m in total on our arithmetic (EUR 2.01m), with subscription from 6 to 20 November. It also plans to raise the share capital "gegen Sacheinlagen um bis zu EUR 1.350.000,00" (against contributions in kind by up to EUR 1,350,000, about 9 per cent), contributing "Aktionärsdarlehen im Nennbetrag von EUR 1.700.000,00" (shareholder loans with a nominal value of EUR 1.7m, about USD 1.98m) for up to 1,350,000 new shares, subject to an audit of the contribution in kind.

EASE Holdings (Monday 2 November). EASE Holdings BV, a Netherlands-based provider of medical equipment on a pay-per-use or managed-service basis in South Africa and Ghana, secured "US$9.5 million in additional equity from AAFC Group Inc", "bringing its total equity to US$24 million". The equity is "Combined with its debt facilities", which the release does not size, and the company expects "at least US$20 million of new installations in South Africa next year".

NeoSci Ventures (Tuesday 3 November). NeoSci Ventures, of Singapore, raised about USD 53m (SGD 70m) for its first institutional biotech fund, reported by TNGlobal from a statement of 3 November; no fund release was found. Limited partners named include Taiwan's National Development Fund and EDBI, and DealStreetAsia adds Catcher Technology and Crescendas Group and describes the amount as a first close. Not counted in the private funding total.

Aulis Capital (Tuesday 3 November). Aulis Capital, a life sciences investor with teams in Hong Kong, Beijing, Shanghai, Silicon Valley and Boston, completed "首期基金 Aulis Capital Fund I, L.P.（"一期基金"）的最终募集，总认缴规模2亿美元" (the final close of its first fund, Aulis Capital Fund I, L.P., with total commitments of USD 200m), reported by 投资界 (Pedaily) from the firm's statement; no fund release was found. Not counted.

Insilico Medicine (Tuesday 3 November). Insilico Medicine (HKEX: 3696) agreed to establish a fund with Value Partners Shenzhen as manager: "The total capital commitment to the Fund is RMB610 million, of which the Group proposes to contribute a total of RMB302.5 million", about USD 85.9m and USD 42.6m. "The target fund size is RMB1.01 billion", about USD 142m, for growth-stage companies in biomedicine and related fields. Not counted.

Patient Square Royalty & Structured Solutions (Tuesday 3 November). Patient Square Royalty & Structured Solutions, L.P., a Delaware limited partnership, filed a Form D as a new notice for a pooled fund, with the offering amount "Indefinite", "Total Amount Sold $ 0" and the "First Sale Yet to Occur". No announcement was found. Not counted.

League Tables

Advisers, counsel, placement agents, lenders, capital and royalty counterparties, courts and investors named in the issue for 1 to 8 November, counted once per mandate. Cooley and Latham & Watkins lead capital markets counsel with four each, and Centerview Partners and Gibson Dunn lead the advisers with three each.

Placement agents and capital markets advisers. Leerink Partners, 2 (Lyell and Evommune placements); DNB Carnegie, 2 (Orexo rights issue, sole global coordinator; BioInvent offering, sole global coordinator and sole bookrunner); DNB Bank, 2 (Orexo rights issue, underwriter; BioInvent offering, guarantor of about USD 36.6m (SEK 348m) in total; DNB Bank is the parent of DNB Carnegie, so the two lines cover the same two deals); MST Financial Services and Morgans Corporate, 1 each (Neurizon placement, joint lead managers and bookrunners); PAC Partners Securities, 1 (Noxopharm placement, lead manager and bookrunner); WallachBeth Capital, 1 (ABVC notes, placement agent); J. Wood Capital Advisors, 1 (Rhythm term loan, financial adviser to Rhythm); H.C. Wainwright, 3 (MediWound bought deal, sole book-running manager; INOVIO and Orchestra BioMed offerings, lead manager); Piper Sandler, 2 (INOVIO and Orchestra BioMed offerings, joint book-running manager); TD Cowen, 2 (Orchestra BioMed and Precision BioSciences offerings, joint book-running manager); Jefferies, 1 (INOVIO offering, joint book-running manager); Guggenheim Securities, 1 (Precision BioSciences offering, joint book-running manager); BTIG, 1 (Orchestra BioMed offering, bookrunner); Zonda Partners, 1 (Xspray rights issue, sole global coordinator and sole bookrunner); Goldman Sachs, 1 (Lyell placement); Morgan Stanley, 1 (Evommune placement); Oppenheimer & Co., 1 (Evommune placement, capital markets adviser); Canaccord Genuity, 1 (Annovis offering, sole bookrunner); Macquarie Capital, 1 (PegBio placing, sole overall coordinator, sole placing agent and capital market intermediary); Maxim Group, 1 (HCW Biologics notes, placement agent); Västra Hamnen Corporate Finance, 1 (Boule rights issue, financial adviser); Nordic Issuing, 1 (Boule rights issue, issuing agent); Haoyue Capital (浩悦资本), 2 (Hefei Alphana Series A and Yingjiexin Series B, sole financial adviser on each); Paradigm Capital, 1 (Spectral Medical convertible notes, financial adviser).

Capital markets counsel. Lowenstein Sandler, 2 (underwriter's counsel on the MediWound and Annovis offerings); Latham & Watkins, 4 (MediWound, US counsel; Precision BioSciences, company counsel; Orchestra BioMed, underwriters' counsel; Lyell placement, placement agents' counsel, per the firm's release); Meitar, 1 (MediWound, Israeli counsel); Cooley, 2 (Precision BioSciences, underwriters' counsel; INOVIO, company counsel); Paul Hastings, 2 (INOVIO, underwriters' counsel; Orchestra BioMed, company counsel); Loeb & Loeb, 1 (Annovis, company counsel); Advokatfirman Vinge, 2 (Orexo and Xspray rights issues, legal adviser); Mannheimer Swartling, 1 (BioInvent offering, company counsel); Advokatfirman Delphi, 1 (Boule rights issue, legal adviser); Hunter Taubman Fischer & Li, 1 (ABVC notes, company counsel); Sichenzia Ross Ference Carmel, 1 (ABVC notes, counsel to the placement agent).

Private round counsel. Cooley, 2 (T-Therapeutics Series B and Alethio Series A, company counsel); Sidley Austin, 1 (Laza Series B, company counsel); WilmerHale, 1 (GE HealthCare, lead investor in the Laza Series B). All four from the firms' own releases.

Lenders. JPMorgan Chase Bank, 2 (ANI USD 676m bridge facility for the Egetis offer, administrative agent; Kimberly-Clark committed financing for Kenvue); Citibank, N.A., 1 (Supernus USD 650m term loan, agent); Vantive, 1 (Rockwell Medical, two USD 50m term loans and a USD 25m convertible note, seller financing through Vantive Finance I Limited); HealthCare Royalty, 1 (Rhythm term loan of up to USD 750m, lead); Blackstone Life Sciences, 1 (Rhythm term loan); Wilmington Savings Fund Society, 1 (Karyopharm debtor-in-possession facility, agent; also agent under the pre-petition credit agreement and trustee and collateral agent of the 2028 and 2029 notes); Wilmington Trust, 1 (Rhythm term loan, administrative and collateral agent); Sixth Street, 1 (Arrowhead USD 400m term loan; Sixth Street Lending Partners as administrative and collateral agent); Streeterville Capital, 1 (HCW Biologics notes, lender); Fenja Capital II, 1 (Xspray loan of about USD 7.8m (SEK 74.6m), term extended to August 2028); Joel Eklund's companies and AB Slädens Pensionsstiftelse nr 3, 1 each (Boule bridge loan); Grenspecialisten and Thomas Eklund through Tedcap AB, 1 each (Boule owner loans). The JPMorgan Kimberly-Clark commitment is from the November 2025 announcement; the completion release names no lender.

M&A advisers. Centerview Partners, 3 (Egetis, financial adviser on the ANI offer; Kenvue, financial adviser; Karyopharm, investment banker); Jefferies, 2 (ANI, sole financial adviser on the Egetis offer; Indivior, joint financial adviser); Kirkland & Ellis, 2 (Vantive, legal; Kimberly-Clark, legal); Gibson Dunn, 3 (Rockwell Medical, legal; Kimberly-Clark, legal and healthcare regulatory; Mentari, legal on the InMed merger); Advokatfirman Vinge, 1 (Egetis, legal, ANI offer); Ropes & Gray and Mannheimer Swartling, 1 each (ANI, legal counsel on the Egetis offer); Cantor Fitzgerald, 1 (Supernus, lead financial adviser); Wells Fargo, 1 (Supernus, additional financial adviser); Saul Ewing, 1 (Supernus, legal); Morgan Lewis, 1 (Supernus, ex-US legal matters); Piper Sandler, 1 (Indivior, joint financial adviser); Citi, 1 (Indivior, financial advice); Goodwin Procter, 1 (Indivior, legal); PJT Partners and J.P. Morgan Securities, 1 each (Kimberly-Clark, financial advisers); Arnold & Porter, 1 (Kimberly-Clark, legal and healthcare regulatory); McKinsey & Company, 1 (Kimberly-Clark, adviser); Goldman Sachs, 1 (Kenvue, financial adviser); Cravath, Swaine & Moore, 1 (Kenvue, legal); BofA Securities, 1 (Lonza, financial adviser on the Merck KGaA CDMO purchase); Perella Weinberg Partners and Barclays, 1 each (Vantive, financial advisers); Aquilo Partners, 1 (Rockwell Medical, exclusive financial adviser); Mar Advisors, 1 (VAKI buyer, financial, per IntraFish); Arta lögmenn, 1 (VAKI buyer, legal, per IntraFish); Joele Frank, Wilkinson Brimmer Katcher, 1 (Kimberly-Clark and Kenvue, strategic communications for both); Wedbush Securities, 1 (Mentari, exclusive strategic financial adviser on the InMed merger); Lucid Capital Markets, 1 (InMed, financial adviser); Norton Rose Fulbright, 1 (InMed, legal counsel, with Norton Rose Fulbright Canada); Huatai Financial Holdings (Hong Kong), 1 (GL Capital's subscriber, financial adviser on the LifeTech subscription). The Kimberly-Clark and Kenvue advisers are those named when the deal was announced in November 2025; the Supernus and Indivior advisers are named in the completion release; the InMed and Mentari advisers are named in the merger announcement of 19 May 2026.

Restructuring advisers. Sidley Austin, 1 (Karyopharm, legal counsel); FTI Consulting, 1 (Karyopharm, financial and communications adviser); Latham & Watkins and Haynes and Boone, 1 each (ad hoc group of Karyopharm term lenders and noteholders, legal counsel); Houlihan Lokey, 1 (the same group, investment banker and financial adviser); Paul Hastings, 1 (Ayrmid, legal counsel); Nixon Peabody, 1 (counsel to the DIP agent, the pre-petition first lien agent and the notes trustee); Hogan Lovells Cadwalader US, 1 (the consenting royalty investors, counsel); Stifel, 1 (the consenting royalty investors, financial adviser); Stretto, 1 (Karyopharm, proposed claims and noticing agent). Highbridge Capital Management, whose funds majority-own Ayrmid and hold term loans and both note series, signed the restructuring support agreement and recused itself from the ad hoc group's deliberations; not counted as an adviser. Source: the first-day declaration and the 8-K of 2 November.

Licensing advisers. Stifel, 1 (Minghui, exclusive financial adviser on the ASKA licence); Fangda Partners, 2 (Minghui, legal adviser on the ASKA licence; Qyuns, on the Caldera licence, per a dated headline on the firm's website); Latham & Watkins, 1 (AbbVie, on the Nxera licence); Orrick, 1 (Nxera, on the AbbVie licence). The Latham and Orrick roles are from the firms' own releases.

Capital and royalty counterparties. HealthCare Royalty, 2 (Rhythm, revenue interest agreement amended to remove covenants and limit collateral; Karyopharm, revenue interest claims to be replaced by a five-year 3.0 per cent royalty under the proposed plan, with HCR Karyopharm SPV as royalty collateral agent; its capped REGENXBIO royalties, bought in 2020, are a read-through and not counted); Royalty Pharma, 2 (Revolution Medicines, optional USD 250m royalty tranche not drawn; pelacarsen royalty written down); DRI Healthcare, 1 (tavapadon royalty participation rights, purchase closed); Bain Capital and NovaQuest Capital Management, 1 each (sellers of the tavapadon rights to DRI).

Ayrmid, 1 (Karyopharm, myelofibrosis CVR to funded debt holders); PREV ABR LLC, 1 (Theriva, a third of the Biossil royalties up to a USD 13.0m cap); Athos, 1 (Formycon, revenue share on two biosimilars); LEO Pharma, 1 (Aqilion, royalties and milestones on the JAK1 programme ended by the Acrivon purchase); Arena, a Pfizer subsidiary, 1 (United Therapeutics, ralinepag royalty bought out for USD 525m); Research Development Foundation, 1 (Pacira, EXPAREL royalty restored in part on appeal).

Obsidian, 1 (Neurizon, convertible notes redeemed); Lind Global Fund II, 1 (ABVC, settlement payment); Accuity Capital, 1 (Noxopharm, at-the-market facility); K2 HealthVentures and Ankura Trust Company, 1 each (Definium loan, administrative agent and collateral trustee; not counted).

Investors. Lumira Ventures and adMare BioInnovations, 2 each (Specific Biologics Series A, Thryv Series B); RTW, 2 (Anaheim, Lyell); Adage, 2 (Lyell placement, Adage Capital Management; Evommune placement, Adage Capital Partners); Sofinnova Partners, 2 (Alethio Series A, co-lead; T-Therapeutics Series B). Hatteras Venture Partners, 1 (Specific Biologics Series A, lead); Genesys Capital, BDC Life Sciences Venture Fund, DeepWork Capital and Seido Capital, 1 each (Specific Biologics Series A, new investors); InClin, 1 (Thryv Series B, lead); Fonds de solidarité FTQ, Amplitude Ventures, Investissement Québec, CTI Life Sciences Fund and Alexandria Venture Investments, 1 each (Thryv Series B). A CICC Capital fund, 1 (Yingjiexin Series B, lead); Zhuhai Technology Industry Group, Cornerstone Capital and Qiming Venture Partners, 1 each (Yingjiexin Series B); 厚新健投 and 映月基金, 1 each (Yingjiexin Series B, follow-on); 光合创投, 1 (Yingjiexin Series B, existing shareholder investing again); AAFC Group, 1 (EASE equity, sole investor named); Blackstone Life Sciences, 1 (Boston Scientific VITALYST development funding). First Light Asset Management, MPM BioImpact, Bleichroeder, Lynx1 Capital Management, Readout Capital, Aberdeen Investments and Driehaus Capital Management, 1 each (Precision BioSciences offering); Flerie, Ribbskottet, the Fourth Swedish National Pension Fund, Unionen, Coeli Asset Management, Hunter Capital and Lars Jörnow, 1 each (Xspray rights issue, undertakings and intentions). Value Partners Shenzhen, 1 (Insilico fund, general partner and manager); Insilico Medicine, 1 (its own fund, limited partner, about USD 42.6m of RMB 610m committed); Shanghai Pudong Construction and Shanghai Hanchen Lanxi Intelligent Technology, 1 each (Insilico fund, limited partners). GE HealthCare, 1 (Laza Series B, lead); Unorthodox Ventures, PA MedTech and AMED, 1 each (Laza, existing investors); Droia Ventures, Frazier Life Sciences, Novartis Venture Fund, RV Invest and Thuja Capital, 1 each (Anaheim Series A); ARCH Venture Partners and Caligan, 1 each (Lyell); Balyasny Asset Management, Defilade Capital Management, OrbiMed and Squadron Capital Management, 1 each (Evommune placement); RA Capital, 1 (Alethio Series A, co-lead); Oxford Science Enterprises, Cancer Research Horizons and the University of Oxford, 1 each (Alethio); Advent Life Sciences and British Business Bank, 1 each (T-Therapeutics Series B, co-leads); JJDC, Samsara BioCapital, M-Ventures, Lilly, F-Prime, Digitalis Ventures, Cambridge Innovation Capital, Sanofi Ventures, Tencent and BGF, 1 each (T-Therapeutics); Viking Global Investors, 1 (Nova Anchora, lead); DEBRA Research, EB Research Partnership, EB Medical Research Foundation and Cure EB, 1 each (Nova Anchora). KKR, Hildred and EQT Life Sciences, 1 each (Onvaro, new capital; amounts not disclosed). Guozhong Capital (国中资本), 1 (Hefei Alphana Series A, lead); 南京鸿景, 深圳久荣 and 上海钦荔, 1 each (Hefei Alphana Series A, follow-on); the state-backed co-leads are under State and supranational participants. GL Capital, 2 (GL China Opportunities Fund V through GL Lighthouse Two, LifeTech subscription of about USD 190.7m (HKD 1,482.1m); GL Lighthouse Three, 39,800,000 new Zylox-Tonbridge H shares for about USD 112.7m (HKD 875.6m)). Redmile, Van Herk, Forbion and HealthInvest, 1 each (BioInvent offering, subscription commitments of about USD 8.4m (SEK 80m) in total). Hallberg Management, Grenspecialisten, AB Slädens Pensionsstiftelse nr 3, Protean Fonder, Joel Eklund's companies, Antap Capital, Thomas Eklund through Tedcap AB and Torben Jørgensen, 1 each (Boule rights issue, unremunerated subscription commitments covering the issue in full). Catcher Technology and Crescendas Group, 1 each (NeoSci Ventures, limited partners, per DealStreetAsia and TNGlobal; EDBI and Taiwan's National Development Fund are under State and supranational participants). The Neurizon and Noxopharm placees are not named, apart from Neurizon's cornerstone, its largest shareholder Mr Chek Loon Tan, and Noxopharm's chairman, Fred Bart, whose participation of about USD 0.24m (AUD 0.375m) needs shareholder approval. Verve Ventures, Megatrend Invest and High-Tech Gründerfonds, 1 each (Biograil). Pinnacle Island II LP and Paradigm Capital, 1 each (Spectral Medical convertible notes, buyers of the second tranche).

Mentari Therapeutics, flagged and not counted (financings announced in May and July 2026 that closed at the InMed merger on 6 November): Fairmount led the USD 290m private placement of May with Commodore Capital, Deep Track Capital, Janus Henderson Investors, a16z Bio + Health, Venrock Healthcare Capital Partners, Wellington Management, TCGX, Blackstone Multi-Asset Investing, BB Biotech, Farallon Capital, RTW Investments, Vivo Capital and Perceptive Advisors; Jefferies, TD Cowen, Stifel, UBS Investment Bank and Wedbush & Co. were the placement agents, and Cooley advised them.

The USD 200m private placement of July named Fairmount, ADAR1 Capital Management, Venrock Healthcare Capital Partners, Sirenia Capital Management, Janus Henderson Investors, Blackstone Multi-Asset Investing, RTW Investments, Deep Track Capital, Vivo Capital, Commodore Capital and BB Biotech as investors, and Jefferies, TD Cowen, Stifel and Guggenheim Securities as placement agents. None of these is added to the counts above.

State and supranational participants. British Business Bank, 1 (T-Therapeutics Series B, co-lead); Investissement Québec, 1 (Thryv Series B); EDBI and Taiwan's National Development Fund, 1 each (NeoSci Ventures, limited partners; not counted); Hefei Industry Investment Group's life and health company (合肥产投集团旗下生命健康公司), 产投国正 and Anhui Ceyuan Industrial Investment (安徽策源产业投资有限公司), 1 each (Hefei Alphana Series A, co-leads), with Hefei Industry Investment's venture guidance fund (合肥产投集团旗下创业投资引导基金公司) also investing; Business Development Bank of Canada, 1 (Specific Biologics Series A, through its Life Sciences Venture Fund, also listed under Investors); KfW and the ERP Special Fund, 1 each (Biograil, as investors in High-Tech Gründerfonds' HTGF Opportunity fund; indirect); UK Health Security Agency, 1 (Bavarian Nordic, MVA-BN supply contract); National Heart, Lung and Blood Institute, 1 (AntaraCore, prospective exclusive royalty-bearing licence); BARDA, 1 (Cerus, part funding of development).

Courts. District of New Jersey, 4 (Pharmacosmos v. Dr. Reddy's; AbbVie and Allergan v. Dr. Reddy's; Chiesi v. Zydus; Incyte v. Granules India); District of Delaware, 3 (Mallinckrodt v. Airgas Therapeutics; Exelixis v. Handa; GSK v. Moderna); Eastern District of Texas, 1 (Incyte v. Granules India); District of Columbia, 1 (BDR Pharmaceuticals v. FDA); Federal Circuit, 1 (UCB v. Cipla); Ninth Circuit, 1 (Pacira v. Research Development Foundation). Judges: Andrews, with Magistrate Judge Hatcher (Mallinckrodt v. Airgas); Hall (Exelixis v. Handa; UCB v. Cipla in the district court); Williams, with Special Master Squire (GSK v. Moderna); Neals, with Magistrate Judge Espinosa (Pharmacosmos); Gilstrap, with Magistrate Judge Payne (Incyte, Eastern District of Texas); Kiel, with Magistrate Judge Hougah (Incyte, New Jersey); Quraishi and Magistrate Judge Singh (Chiesi v. Zydus, from the case number); Chief Judge Boasberg (BDR v. FDA); Circuit Judges M. Smith and Tung and District Judge Kane, sitting by designation (Pacira v. Research Development Foundation; Silva, with Magistrate Judge Koppe, in the district court). Bankruptcy Judge Perez (Karyopharm).

Litigation counsel. Mallinckrodt: Richards, Layton & Finger and Sterne, Kessler, Goldstein & Fox; Airgas Therapeutics: Phillips, McLaughlin & Hall and Buchanan Ingersoll & Rooney. Pharmacosmos: FBT Gibbons and Arnold & Porter Kaye Scholer. Exelixis (v. Handa): Morris, Nichols, Arsht & Tunnell and WilmerHale. AbbVie and Allergan: McCarter & English and Finnegan. Chiesi: Saul Ewing and Quinn Emanuel. Incyte (Eastern District of Texas): Gillam & Smith and Fish & Richardson; Incyte (New Jersey): Saul Ewing and Fish & Richardson. UCB: Morris, Nichols, Arsht & Tunnell and Covington & Burling in the district court, Covington on the appeal; Cipla: Morris James and K&L Gates in the district court, K&L Gates on the appeal.

BDR Pharmaceuticals: ArentFox Schiff; Phathom, intervening: Latham & Watkins; FDA: the United States Attorney's Office. GSK (v. Moderna): Richards, Layton & Finger and Desmarais; Moderna: Farnan LLP and Rakoczy Molino Mazzochi Siwik. Pacira: Kirkland & Ellis and Pisanelli Bice; Research Development Foundation: Norton Rose Fulbright, Allison MacKenzie and Peterson Baker.

Counsel from the complaints, opinions and docket attorney lists. No counsel has yet appeared for Dr. Reddy's, Zydus, Handa or Granules; two notices of appearance in Chiesi v. Zydus of 5 November are not readable.

Currencies

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.

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.