Royalty Finance Tracker
Publications | March 31, 2025
Gibson Dunn is a leader in royalty finance, including royalty monetizations and synthetic royalty financing transactions. With an interdisciplinary team bringing together expertise in M&A, licensing, finance, intellectual property, FDA regulatory matters and tax matters, Gibson Dunn has extensive experience representing buyers and sellers of royalty entitlements, including academic institutions, biotechnology and pharmaceutical companies and royalty acquisition funds. This breadth of experience provides valuable insight and commercial perspective that can be critical to an efficient and successful royalty financing transaction.
The Gibson Dunn team has represented clients in royalty finance transactions with a total aggregate value of approximately $8 Billion. Since 2020, Gibson Dunn has completed (representing either company/seller or fund/buyer) nearly 30% of the royalty finance transactions entered into by the most active funds in the space.
As a leading firm in the royalty finance space, we are using our resources and market knowledge to compile and curate all royalty finance transactions that have occurred since January 1, 2020. If you are aware of a transaction that is not appropriately reflected below, please email GibsonDunnRoyaltyTracker@gibsondunn.com with the applicable details.
| Date | Company / Seller | Fund / Buyer | Product Name | Aggregate Value | Upfront Payment |
| 3/31/2025 | Eagle Pharmaceuticals, Inc. | Blue Owl Capital Inc. | BENDEKA (bendamustine hydrochloride injection) | $69 million | $69 million |
| 3/18/2025 (originally 1/9/2023) | Liquidia Corporation | HealthCare Royalty (HCRx) | YUTREPIA™ (treprostinil) | $75 million | $25 million |
| 3/17/2025 | SWK Holdings Corporation | Soleus Capital LLC | Undisclosed | $34.0 million | $34.0 million |
| 3/17/2025 | SWK Funding LLC | ANI Pharmaceuticals, Inc. | ILUVIEN / YUTIQ | $17.25 million | $17.25 million |
| 3/12/2025 (originally 3/4/2024) | Heidelberg Pharma AG | HealthCare Royalty (HCRx) | Zircaix (TLX250-CDx) | $0 | $20 million |
| 3/3/2025 | Nuvation Bio | Sagard Healthcare Partners | taletrectinib | $150 million | $150 million |
| 2/25/2025 | Castle Creek Biosciences, Inc. | XOMA Royalty Corporation (syndicate also includes Ligand Pharmaceuticals Incorporated, Paragon Biosciences, and Valor Equity Partners) | D-Fi (FCX-007) | $75 million | $75 million |
| 2/12/2025 | Biogen | Royalty Pharma plc | litifilimab | $250 million | Undisclosed |
| 1/30/2025 | GENFIT | HCRx | Iqirvo® (elafibranor) | €185 million | €135 million |
| Date | Company/Seller | Fund/Buyer | Product Name | Aggregate Value | Upfront Payment |
| 12/2/2024 | Pulmokine Inc. | XOMA Royalty | Seralutinib | $20,000,000 | $20,000,000 |
| 11/4/2024 | KalVista Pharmaceuticals | DRI Capital | Sebetralstat | $179,000,000 | $100,000,000 |
| 11/4/2024 | Syndax Pharmaceuticals, Inc. | Royalty Pharma | Niktimvo (axatilimab-csfr) | $350,000,000 | $350,000,000 |
| 11/1/2024 | Geron Corporation | Royalty Pharma | RYTELO (imetelstat) | $125,000,000 | $125,000,000 |
| 10/21/2024 | Twist Bioscience Corporation | XOMA Royalty | Various early-stage programs (60+) across Twist’s Biopharma Solutions business unit | $15,000,000 | $15,000,000 |
| 10/3/2024 | Editas Medicine, Inc. | DRI Capital | CASGEVY | $57,000,000 | $57,000,000 |
| 9/20/2024 | BRAIN Biotech AG | Royalty Pharma | Deucrictibant | $140,000,000 | $20,000,000 |
| 9/3/2024 | Ascendis Pharma Bone Diseases A/S | Royalty Pharma | Yorvipath (palopegteriparatide) | $150,000,000 | $150,000,000 |
| 8/12/2024 | scPharmaceuticals Inc. | Perceptive Advisors | FUROSCIX (furosemide injection) | $50 million | $25 million |
| 7/22/2024 | Valinor Pharma | Grunenthal | Movantik | $250,000,000 | $250,000,000 |
| 7/17/2024 | OPKO Health | HCRx | NGENLA | $250,000,000 | $250,000,000 |
| 7/16/2024 | Aclaris Therapeutics | OMERS | OLUMIANT (baricitinib) | $31,500,000 | $26,500,000 |
| 6/28/2024 | HLS Therapeutics Inc. | DRI Capital | Xenpozyme (olipudase alfa) | $45,750,000 | $13,250,000 |
| 6/27/2024 | Esperion Therapeutics, Inc. | OMERS | Bempedoic Acid Products, including Nilemdo® (bempedoic acid) and Nustendi® (bempedoic acid and ezetimibe) | $304,656,180 | $304,656,180 |
| 5/24/2024 | Agios Pharmaceuticals | Royalty Pharma | Vorasidenib | $905,000,000 | $905,000,000 |
| 5/22/2024 | Cytokinetics | Royalty Pharma | Omecamtiv mecarbil; CK-586 | $400,000,000 | $150,000,000 |
| 5/9/2024 | Verona Pharma | OMERS | ensifentrine | $250,000,000 | $100,000,000 |
| 5/9/2024 | ImmuNext, Inc. | Royalty Pharma | Frexalimab | $525,000,000 | $525,000,000 |
| 5/8/2024 | Karyopharm Therapeutics Inc. | HCRx | XPOVIO (selinexor) and other future products | $49,494,864 | $49,494,864 |
| 4/29/2024 | Dare Bioscience | XOMA Royalty | XACIATO Ovaprene; Sildenafil | $33,000,000 | $22,000,000 |
| 3/27/2024 | Moderna | Blackstone | Moderna influenza Flu Products | $750,000,000 | Undisclosed |
| 3/4/2024 | Heidelberg Pharma | HCRx | Zircaix (TLX250-CDx) | $115,000,000 | $25,000,000 |
| 2/1/2024 | Omeros | DRI Capital | Omidria | $170,000,000 | $115,000,000 |
| 1/17/2024 | BridgeBio Pharma | CPPIB | Acoramidis | $200,000,000 | $200,000,000 |
| 1/12/2024 | Talphera | XOMA Royalty | DSUVIA | $8,000,000 | $8,000,000 |
| Date | Company/Seller | Fund/Buyer | Product Name | Aggregate Value | Upfront Payment |
| 12/29/2023 | ImmunityBio | Oberland Capital | Anktiva (N-803) | $300,000,000 | $200,000,000 |
| 12/15/2023 | XOMA Royalty | Blue Owl Capital Corporation | Vabysmo (faricimab) | $140,000,000 | $130,000,000 |
| 11/9/2023 | Teva Pharmaceuticals International GmbH | Royalty Pharma | Olanzapine (including TEV-447479) | $125,000,000 | $100,000,000 |
| 11/3/2023 | Xencor | OMERS | Ultomiris (ravulizumab-cwvz) Monjuvi (tafasitamab-cxix) | $227,000,000 | $215,000,000 |
| 10/19/2023 | PTC Therapuetics | Royalty Pharma | Evrysdi | $1,500,000,000 | $1,000,000,000 |
| 9/5/2023 | Ascendis Pharma A/S | Royalty Pharma | Skytrofa | $150,000,000 | $150,000,000 |
| 8/24/2023 | Ferring Pharmaceuticals | Royalty Pharma | Adstiladrin (nadofaragene firadenovec-vncg) | $500,000,000 | $300,000,000 |
| 8/22/2023 | TheracosBio | HCRx | veterinary product (Bexacat™ (bexagliflozin tablets)) | Undisclosed | Undisclosed |
| 8/14/2023 | Radius Pharmaceuticals, Inc. | DRI Capital | Orserdu (elacestrant) | $140,000,000 | $130,000,000 |
| 8/2/2023 | Lantheus Holdings, Inc. | HCRx | RELISTOR (methylnaltrexone bromide) | $103,000,000 | $98,000,000 |
| 7/7/2023 | S*Bio Pte Ltd | DRI Capital | VONJO (Pacritinib) | $66,000,000 | $66,000,000 |
| 6/30/2023 | Eisai Co., Ltd. | DRI Capital | Orserdu (elacestrant) | $85,000,000 | $85,000,000 |
| 6/21/2023 | LadRx Corporation | XOMA Royalty | aldoxorubicin, arimoclomol | $11,000,000 | $5,000,000 |
| 6/21/2023 | Sutro Biopharma, Inc. | Blackstone | Vaxcyte Inc.’s products, including VAX-24 and VAX-31 | $390,000,000 | $140,000,000 |
| 6/5/2023 | UCLA | Royalty Pharma | Erleada | $59,000,000 | $59,000,000 |
| 5/12/2023 | Humacyte, Inc. | Oberland Capital | Humacyte’s Human Acellular Vessel (HAV) | $150,000,000 | $40,000,000 |
| 5/12/2023 | uniQure N.V. | HCRx | HEMGENIX | $400,000,000 | $375,000,000 |
| 4/27/2023 | DRI Capital | Sanofi | TZIELD (teplizumab-mzwv) | $310,000,000 | $210,000,000 |
| 4/25/2023 | Enanta Pharmaceuticals, Inc. | OMERS | MAVYRET (glecaprevir/pibrentasvir)/MAVIRET (glecaprevir/pibrentasvir) | $200,000,000 | $200,000,000 |
| 3/30/2023 | Aptevo Therapeutics Inc. | XOMA Royalty | IXINITY (coagulation factor IX (recombinant)) | $9,650,000 | $9,600,000 |
| 3/22/2023 | PureTech | Royalty Pharma | KarXT | $500,000,000 | $100,000,000 |
| 3/8/2023 | MacroGenics, Inc. | DRI Capital | TZIELD (teplizumab-mzwv) | $200,000,000 | $100,000,000 |
| 1/9/2023 | Liquidia Technologies, Inc. | HCRx | YUTREPIA™ (treprostinil) other products marketed by Liquidia | $100,000,000 | $32,500,000 |
| 1/9/2023 | Ionis Pharmaceuticals, Inc. | Royalty Pharma | SPINRAZA® BIIB-115 Pelacarsen | $1,125,000,000 | $500,000,000 |
| Date | Company/Seller | Fund/Buyer | Product Name | Aggregate Value | Upfront Payment |
| 12/20/2022 | Atara Biotherapeutics | HCRx | Ebvallo (tabelecleucel) | $31,000,000 | $31,000,000 |
| 11/28/2022 | Sanofi S.A. | DRI Capital | Xenpozyme (olipudase alfa) | $56,500,000 | $30,000,000 |
| 11/9/2022 | Arrowhead Pharmaceuticals | Royalty Pharma | Olpasiran | $410,000,000 | $250,000,000 |
| 9/30/2022 | Omeros Corporation | DRI Capital | Omidria | $125,000,000 | $125,000,000 |
| 9/9/2022 | AnaptysBio, Inc. | DRI Capital | Zejula | $45,000,000 | $35,000,000 |
| 8/8/2022 | Clearside Biomedical, Inc. | HCRx | XIPERE (approved), SCS Microinjector | $65,000,000 | $32,500,000 |
| 7/21/2022 | Undisclosed | DRI Capital | Pegcetacoplan including EMPAVELI® /ASPAVELI®) | $24,500,000 | $24,500,000 |
| 7/14/2022 | Ultragenyx Pharmaceutical | OMERS | Crysvita | $500,000,000 | $500,000,000 |
| 7/13/2022 | Theravance Biopharma, Inc. Innoviva, Inc. | Royalty Pharma | TRELEGY ELLIPTA (Trelegy) ampreloxetine | $1,610,000,000 | $1,310,000,000 |
| 6/30/2022 | Blueprint Medicines | Royalty Pharma | Gavreto (pralsetinib) | $340,000,000 | $175,000,000 |
| 6/29/2022 | Ardelyx, Inc. | HCRx | tenapanor | $20,000,000 | $10,000,000 |
| 6/16/2022 | Rhythm Pharmaceuticals | HCRx | IMCIVREE® (setmelanotide) | $100,000,000 | $37,500,000 |
| 5/10/2022 | Zealand Pharma | Oberland Capital | Glepaglutid; and any other products of Zealand (e.g., dasiglucagon, and BI 456906) | 15,000,000 | (60,000,000) |
| 3/15/2022 | Eye Therapies, LLC | HCRx | Lumify | $71,000,000 | Undisclosed |
| 3/15/2022 | Sanofi | Blackstone | Sarclisa (isatuximab) (subcutaneous formulation and delivery) | $300,000,000 | N/A |
| 1/7/2022 | Cytokinetics Inc. | Royalty Pharma | aficamten (royalties) | $150,000,000 | $50,000,000 |
| Date | Company/Seller | Fund/Buyer | Product Name | Aggregate Value | Upfront Payment |
| 12/31/2021 | Tafamidis Holdings, LLC (a Blackstone Life Science’s portfolio company) | CPPIB | Vyndaqel and Vyndamax (Tafamidis) | $221,000,000 | Undisclosed |
| 12/13/2021 | Zealand Pharma | Oberland Capital | Glepaglutid; and any other products of Zealand (e.g., dasiglucagon, and BI 456906) | $200,000,000 | $100,000,000 |
| 11/19/2021 | BioCryst Pharmaceuticals, Inc. | Royalty Pharma | ORLADEYO™ (berotralstat) BCX9930 | $150,000,000 | $150,000,000 |
| 11/19/2021 | BioCryst Pharmaceuticals, Inc. | OMERS | ORLADEYO | $150,000,000 | $150,000,000 |
| 9/30/2021 | Galderma Laboratories, Inc. | DRI Capital | Oracea (doxycycline) Two additional undisclosed products | $46,400,000 | $46,400,000 |
| 9/29/2021 | Spero Therapeutics | HCRx | Tebipenem HBr (Tebi); and SPR720, SPR206 and any other products marketed by Spero | $125,000,000 | $50,000,000 |
| 8/25/2021 | CTI BioPharma Corp. | DRI Capital | VONJO (Pacritinib) | $85,000,000 | $60,000,000 |
| 8/25/2021 | ADC Therapeutics SA | HCRx | Zynlonta (loncastuximab tesirine), Cami (camidanlumab tesirine) | $325,000,000 | $225,000,000 |
| 7/15/2021 | Kuros Biosciences | XOMA Royalty | vidutolimod (CMP-001) (Fast Track and Orphan Drug) | $149,500,000 | $7,000,000 |
| 6/23/2021 | Karyopharm Therapeutics Inc. | HCRx | XPOVIO (selinexor) other Karyopharm programs, including eltanexor | $25,000,000 | $60,000,000 |
| 6/15/2021 | Inventor of Botox | HCRx | Botox | $40,000,000 | $40,000,000 |
| 6/2/2021 | MorphoSys | Royalty Pharma | Tremfya, Gantenerumab, Otilimab (Phase 3), Pelabresib, CPI-0209 | $1,575,000,000 | $1,425,000,000 |
| 4/8/2021 | Dicerna Pharmaceuticals, Inc. | Royalty Pharma | OXLUMO (lumasiran) | $240,000,000 | $180,000,000 |
| 4/1/2021 | GlaxoSmithKline (GSK) | Royalty Pharma | Cabometyx, Cometriq | $392,000,000 | $342,000,000 |
| 3/30/2021 | Aptevo Therapeutics Inc. | HCRx | Ruxience | $67,500,000 | $35,000,000 |
| 3/23/2021 | Viracta Therapeutics | XOMA Royalty | DAY101 (pan-RAF kinase inhibitor) vosaroxin (topoisomerase II inhibitor) | $33,500,000 | $13,500,000 |
| 2/25/2021 | Akebia Therapeutics | HCRx | Vafseo (vadadustat) | $60,000,000 | $45,000,000 |
| 2/15/2021 | Co-Inventor of Krystexxa | HCRx | Krystexxa (pegloticase injection) | Undisclosed | Undisclosed |
| 1/15/2021 | Minerva Neurosciences, Inc. | Royalty Pharma | Seltorexant | $155,000,000 | $60,000,000 |
| Date | Company/Seller | Fund/Buyer | Product Name | Aggregate Value | Upfront Payment |
| 12/22/2020 | REGENXBIO Inc. | HCRx | Zolgensma | $200,000,000 | $200,000,000 |
| 12/16/2020 | Nektar Therapeutics | HCRx | ADYNOVATE, MOVANTIK, Rebinyn, and certain licensed products | $150,000,000 | $150,000,000 |
| 12/8/2020 | Mirum Pharmaceuticals, Inc. | Oberland Capital | Maralixibat | $200,000,000 | $50,000,000 |
| 12/7/2020 | BioCryst Pharmaceuticals, Inc. | Royalty Pharma | ORLADEYO™ (berotralstat), BCX9930 | $125,000,000 | $125,000,000 |
| 11/2/2020 | Cystic Fibrosis Foundation Therapeutics | Royalty Pharma | Cystic fibrosis franchise (a collection of drugs) including Kalydeco (ivacaftor), Orkambi (lumacaftor and ivacaftor), Symdeko/Symkevi (tezacaftor and ivacaftor) and Trikafta/Kaftrio (elexacaftor, tezacaftor and ivacaftor) | $650,000,000 | $575,000,000 |
| 11/2/2020 | Bioasis Technologies Inc. | XOMA Royalty | four lysosomal storage disorder enzymes | $1,200,000 | $1,200,000 |
| 8/15/2020 | An inventor of VIMPAT | HCRx | Vimpat (lacosamide) | $308,000,000 | $308,000,000 |
| 8/7/2020 | Biohaven Pharmaceutical Holding Company Ltd. | Royalty Pharma | zavegepant (formerly known as vazegepant; Nurtec ODT | $250,000,000 | $150,000,000 |
| 7/17/2020 | PTC Therapeutics, Inc. | Royalty Pharma | Risdiplam | $650,000,000 | $650,000,000 |
| 6/30/2020 | Axogen, Inc. | Oberland Capital | Any products, e.g., Axogen Nerve Graft | $75,000,000 | $35,000,000 |
| 6/12/2020 | Medtronic plc | Blackstone | Various Insulin Delivery and Sensory Medical Devices (four undisclosed type 1 diabetes programs) | $337,000,000 | N/A |
| 6/11/2020 | Agios Pharmaceuticals, Inc. | Royalty Pharma | IDHIFA (enasidenib) | $255,000,000 | $255,000,000 |
| 6/10/2020 | Reata Pharamaceuticals, Inc. | Blackstone | bardoxolone methyl (bardoxolone) | $300,000,000 | $300,000,000 |
| 6/9/2020 | AiCuris Anti-infective Cures GmbH | Royalty Pharma | Prevymis (letermovir) | $220,000,000 | $220,000,000 |
| 4/10/2020 | Alnylam Pharmaceuticals | Blackstone | Inclisiran | $1,000,000,000 | $500,000,000 |
| 4/7/2020 | Chiasma, Inc. | HCRx | Mycapssa (octreotide) and any other future products | $75,000,000 | $25,000,000 |
| 3/5/2020 | Massachusetts General Hospital | Royalty Pharma | Entyvio (vedolizumab) | $94,000,000 | $94,000,000 |
| 2/23/2020 | RedHill Biopharma | HCRx | Products (any current or future products)– e.g., Talicia, Aemcolo | $115,000,000 | $30,000,000 |
| 2/21/2020 | Theravance Biopharma, Inc. | HCRx | Trelegy Ellipta | $200,000,000 | $200,000,000 |