Royalty financing across life sciences
We use our own AI models to find royalties and introduce their holders to asset managers and royalty funds, who may buy the royalties or lend against them. Holders use the money to fund trials, launches or acquisitions.
What we do
A royalty is a share of sales paid for the use of an invention: a 5% royalty on a product selling $200m a year pays the holder $10m a year. Royalty financing turns those future payments into money today.
See five worked examples, deal options and royalty terms in plain words on the For royalty holders page.
A financing tool that has barely left pharma
Wherever technology is licensed, royalties are paid: on drugs and vaccines, medical devices, animal medicines, software, and plant varieties and traits. In pharma, holders regularly sell these royalties or borrow against them. In the other areas the instrument works the same way, but there is not yet a proper market for it. We are working to build that market and to grow royalty financing across life sciences.
- What is licensed
- A drug, licensed to a partner that sells it
- How the royalty is paid
- A percentage of net sales
- Royalty financings, 2020 to 2025
- 127
- What is licensed
- An antigen, an adjuvant or a vaccine platform
- How the royalty is paid
- A percentage of sales, or a fee per dose
- Royalty financings, 2020 to 2025
- 1
- What is licensed
- A device design or a component technology
- How the royalty is paid
- A percentage of device sales
- Royalty financings, 2020 to 2025
- 2
- What is licensed
- A medicine or vaccine for pets or livestock
- How the royalty is paid
- A percentage of sales
- Royalty financings, 2020 to 2025
- 1
- What is licensed
- Software, an algorithm or a data set
- How the royalty is paid
- A share of licence or subscription revenue
- Royalty financings, 2020 to 2025
- 0
- What is licensed
- A plant variety or a genetic trait
- How the royalty is paid
- A fee per unit of seed sold, or a share of sales
- Royalty financings, 2020 to 2025
- 0
| Area | Sales | Share | Deals |
|---|---|---|---|
| Pharma and vaccines | About $1.6tn | 71% | 128 |
| Medtech | Over $500bn | 22% | 2 |
| Crops and seeds | About $120bn | 5% | 0 |
| Animal health | About $39bn | 2% | 1 |
Sales show where royalties can arise; the share of sales that carries a royalty varies by area. Sales are for the latest year available, 2022 to 2024, and rounded; shares use $500bn for medtech. The pharma figure includes vaccines other than for COVID-19. Animal health covers only the 20 largest companies, so its share is understated. Digital health has no reliable figure for global sales and is left out. Deals are those publicly disclosed and listed in the tracker, classified by Capital for Cures by the product area of the royalty.
Our own AI models read the documents where royalties are written down
Most royalties are never announced. They sit in licence agreements, company filings, court records and patent assignments. Our models, trained on licensing deals and run on our own hardware in Switzerland, extract the terms and map who pays royalties to whom.
- Company filings in the US, Japan, Korea and China
- Court records, where royalty rates are sometimes unredacted
- Patent records and changes of ownership
- Approved products in all six areas
- Royalty rate, tiers and caps
- Territory and term
- Who pays whom, across agreements
- Signs that a holder may want to sell
- Royalties that were never announced, such as a large company paying a small private licensor
- Royalty tails: payments that continue after a cap is reached or the main patents expire
- Royalties on one region, such as Japan or Europe
- Smaller royalties held by universities and hospitals
- Royalties outside pharma
Who we work with
Sell or borrow against the royalties you receive.
- Biotech and pharma companies with partnered products
- Companies in vaccines, medtech, animal health, digital health, and crops and seeds
- Universities, hospitals and research foundations
We work with asset managers and royalty funds that buy royalties or lend against them.
How we work with asset managers and royalty fundsHow we work with asset managers and royalty funds
We work with asset managers and royalty funds that buy royalties or lend against them. We find royalties and prepare the information they need to review them.
- 1 Find
We search filings, patent records and our network across six areas of life sciences, and approach the holders.
- 2 Prepare
We collect the licence terms, the payment history and available sales data for each royalty, and identify the consents needed from partners and lenders.
- 3 Bundle
Where royalties are too small to fund one by one, we group them into portfolios large enough to fund.
- 4 Introduce
We introduce holders to asset managers and royalty funds, which carry out their own due diligence, agree terms with the holder and make their own investment decisions.
We also audit royalty books that asset managers and royalty funds already hold. More on portfolio audits
Our weekly analysis of royalty deals
26 October 2026 Someone else's patent: what an injunction against a licensed product does to the licensor's royalty 
25 October 2026 The Weekly Term Sheet (2026-W43) 
24 October 2026 The price of consent: what a royalty holder charges after the deal has closed 
23 October 2026 Fund of the Week: Petrichor Healthcare Capital Management