Royalty Monetization and Royalty Finance

We are consistently recognized among the top practitioners in intellectual property, licensing, and life sciences transactions, with honors reflecting our impact on high-value collaborations and royalty monetization.

• Chambers USA – Intellectual Property
• The Legal 500 US – Intellectual Property
• Managing IP Americas Awards – IP Transactions Firm of the Year (2023, 2025)
• LMG Life Sciences – Licensing & Collaboration Firm of the Year (2018, 2020–2021, 2023–2024)
• Best Lawyers in America – Biotechnology & Life Sciences (2006–2026)
• Massachusetts Lawyers Weekly – Go-To Lawyers, Healthcare & Life Sciences (2024)

We have structured and negotiated royalty acquisitions, synthetic royalty transactions, and IP monetization strategies that unlock liquidity from patent portfolios and revenue-generating assets across industries.

Traditional Royalty Monetization Transactions (buy-side):

• Bain Capital in connection with DRI Healthcare Trust’s acquisition of certain royalty participation rights in U.S. net sales of tavapadon, a Parkinson’s disease drug candidate, for $316 million, payable upon U.S. Food and Drug Administration approval.
• Blackstone Life Sciences, a private investment company, in numerous transactions, including:
  • in its $2 billion strategic collaboration with Alnylam to advance RNA interference (RNAi) medicines.
  • in its $295 million purchase of Elanco’s U.S. royalty stream related to XDEMVY.
  • in its $390 million purchase of Sutro Biopharma’s royalty interests in Vaxcyte’s products.
• Canadian Pension Plan Investment Board in numerous transactions, including:
  • in its purchase of a royalty interest in venetoclax from Australia’s Walter and Eliza Hall Institute of Medical Research.
  • in its approximately $1.3 billion purchase of a portion of LifeArc’s royalty interests on worldwide sales of Keytruda® (pembrolizumab).
  • in its $221 million acquisition of tiered royalty interests from Tafamidis Holdings.
  • in its acquisition of Bristol Myers Squibb royalties on four commercialized diabetes-related products.
• Maverick Capital in its purchase of a royalty interest in ATA-188, a multiple sclerosis drug, from QIMR.
• A global alternative asset management firm in numerous transactions, including:
  • in its purchase of a capped royalty interest from a biotechnology company on a clinical antibody-based cancer therapeutic;
  • in its $31 million purchase of a royalty interest in a cancer drug from a university.
• A pharmaceutical company in purchasing a 13 percent portion of the royalties and milestones owed to another biopharmaceutical company, related to the potential approval and commercialization of a drug for rare epilepsies and seizure-related disorders.
• An investment firm in its $60 million royalty monetization transaction related to a collaboration agreement for a chronic kidney disease medication.

Traditional Royalty Monetization Transactions (sell-side)

• LA BioMed and the University of California Los Angeles (UCLA) in the sale of their royalty rights to Kybella, an FDA-approved injectable drug.
• Radius Pharmaceuticals, Inc., a specialty biopharmaceutical company, in its sale of a royalty and milestone stream in elacestrant to DRI Healthcare Acquisitions LP.
• The Lundquist Institute in the sale of its right to receive a contingent payment earn-out under a sale agreement pursuant to which The Lundquist Institute previously sold its investment in a biotech company.
• UniQure N.V. in agreement to sell a portion of the royalty rights due to uniQure from CSL Behring from the net sales of HEMGENIX, the first gene therapy approved for adults with hemophilia B, to HealthCare Royalty and Sagard Healthcare for up to $400 million.
• A Canadian life science company in the $50 million sale of its royalty interest in a medication used in fertility treatments to a global investment firm focused in healthcare and life sciences.
• A leading children’s hospital in the $182 million sale of its royalty interest in a vaccine given to infants to help prevent rotavirus to a biopharma royalty buyer and healthcare innovator funder.
• A leading private cancer center in the sale of a royalty interest in its prostate cancer treatment.
• A leading alternative asset management firm in its acquisition and subsequent sale of a royalty interest on sales of a heart stress test by a Japanese drug company.
• A Massachusetts-based university in connection with the sale of a pharmaceutical royalty stream.
• A premier private research university in the $650 million sale of its royalty interest in a biologic medication that treats autoimmune disease to a biopharma royalty buyer and healthcare innovator funder.
• A private investment company in numerous royalty transactions, including:
  • in its $925 million capped-sale of a royalty entitlement related to a product marketed by a leading pharmaceutical company
  • in its $310 million sale of a royalty entitlement on worldwide net sales of an FDA-approved RNAi therapeutic to a royalty acquisition company.
• A Swiss drug company in a royalty purchase agreement with a healthcare fund that provides non-dilutive financing to companies in the biotech, biopharma, medical technology, and healthcare services sectors, including an upfront purchase price of $30 million and up to an additional $38 million upon the achievement of certain sales milestones.
• An undisclosed buyer in its sale of a portion of a UK medical charity’s worldwide royalty interest on sales of two biologics that treat autoimmune disease

Synthetic Royalty Monetization Transactions

• ADC Therapeutics in its sale of a synthetic royalty interest in ZYNLONTA and Cami to Healthcare Royalty Partners.
• Ironwood Pharmaceuticals in its $175 million royalty-based debt offering related to sales of LINZESS.
• Sixth Street (TSSP) in investment of up to $175 million in non-dilutive clinical trial financing in Phase 3 clinical trial by Clovis Oncology. In exchange, Sixth Street would receive quarterly downstream payments on percentages of direct sales of the drug Rubraca, royalty payments from out-licenses outside the U.S., if any, and other amounts received by Clovis for any other commercialized agreements for Rubraca.
• Viridian Therapeutics in entering a royalty financing agreement with DRI Healthcare Acquisitions for up to $300 million and accelerated its timelines for the submission of the company’s veligrotug biologics license application and the topline clinical data readouts of its VRDN-003 Phase 3 clinical trial in patients with thyroid eye disease.
• A commercial-stage biopharmaceutical company in its $70 million synthetic royalty-based financing from a prominent private equity and venture capital investment firm.
• A pharmaceutical company in its $35 million investment in exchange for a tiered royalty on future sales of two therapies and a $5 million investment through an equity private placement.
• An investment firm in its $80 million financing of a biotechnology company, including a $30 million equity investment and a $50 million synthetic royalty loan.
• A leading pharmaceutical investor in its synthetic royalty transaction for an adult atrial fibrillation therapy.

Development and Product Financing Transaction

• Bain Capital in numerous transactions, including:
  • in its over $200 million strategic growth transaction with Serán Bioscience, a leading CDMO.
  • in its $125 million risk-sharing arrangement with NovaQuest Capital Management to fund Phase 3 trials for Cerevel Therapeutics’ tavapadon.
• Blackstone Life Sciences, a private investment company, in numerous transactions, including:
  • in its $250 million investment in Anagram Therapeutics.
  • in its up to $1 billion strategic financing collaboration with PTC Therapeutics, a biopharmaceutical company focused on rare disorders.
  • in its $430 million financing collaboration with Amicus.
  • in its $400 million collaboration with Teva Pharmaceuticals to support development of duvakitug.
  • in its up to $330 million strategic financing collaboration with Harmony Biosciences Holdings, Inc., a pharmaceutical company focused on rare neurological diseases.
  • in its combination with Intellia Therapeutics, Inc. and Cellex Cell Professionals GmbH to develop CAR T-cell therapies.
  • in its up to $300 million collaboration with Takeda where funds managed by Blackstone Life Sciences will co-fund certain Phase 3 trials for mezagitamab.
  • in its up to $750 million collaboration with Moderna, Inc. to fund influenza program development.
  • in its $250 million financing of AvenCell Therapeutics, a cell therapy developer.
  • in the IP aspects of its $570 million loan and revolving credit facility with Axsome Therapeutics.
  • in its $150 million investment in Alnylam Pharmaceuticals’ cardiometabolic disease programs.
• Insmed in its $150 million secured royalty financing agreement with OrbiMed, an investor in the healthcare industy.
• Zenas BioPharma in securing up to $300 million in funding from Royalty Pharma in exchange for royalties on obexelimab.
• A global alternative asset management firm in its $250 million revolving debt issuance backed by biopharmaceutical royalty interests.
• A leading global pharmaceutical company in a $210 million strategic development financing deal with a transatlantic bioscience investment firm to support select studies of an oncology asset in non-small cell lung cancer, and pursuant to which a portfolio clinical development company and the sponsor entered into a clinical collaboration agreement establishing a joint steering committee to oversee development.