How we look at every royalty stream we originate.
Three public pharmaceutical assets, walked through the way we walk through every asset we originate.
Each example renders the six-layer view: clinical status, royalty stack, rate comparables, milestones, competitive risk, and value to the holder.
None of these assets is a Capital for Cures transaction. They are public worked examples illustrating the methodology. All numbers are derived from public filings, regulatory disclosures, and analyst consensus. Information was correct, to the best of our knowledge, as of the date of publication and may have changed since.
Foundayo (orforglipron)
What the engine produces when an asset is approved, the royalty is held by a single non-fund holder, and the transaction has not yet happened.
Walks the six-layer view from clinical status through to three carve-out scenarios sized for CFC's actual ticket band, anchored on the Imdelltra precedent.
- Y1 royalty (7%)$105–196M
- Peak royalty (7%)$1.0–1.4B/yr
- Patent runway~2042
LUMRYZ (sodium oxybate ER)
What the engine produces when the royalty has tiered indication-contingent rates, retroactive litigation history, and an acquisition has just closed with a CVR.
The case for why the engine matters: a standard rate database shows "3.85%." The full picture is what determines whether the royalty is worth acquiring.
- Narcolepsy royalty3.85%
- IH royalty (contingent)10%
- Acquisition value~$2.1B + CVR
Imdelltra (tarlatamab)
A real, recent royalty transaction, decoded. Royalty Pharma paid $885M upfront (up to $950M total) for a 7% royalty on Amgen's Imdelltra.
We rebuild the deal economics from the press release and Investor Day disclosures, calibrating the multiple, the IRR target, and the sharing structure that anchor every other approved-asset scenario on this site.
- Upfront / total$885M / $950M
- Royalty rate~7%
- Implied multiple~4.5× peak
Three shapes of value the methodology has to handle.
Most royalty pages show one example. We show three because three different shapes of asset force three different views of the engine.
- Foundayo. The clean acquisition opportunity: approved asset, single licensor, no transaction yet.
- LUMRYZ. The messy structure that defeats simple rate databases: tiered rates, indication-contingent kickers, ongoing litigation, fresh CVR.
- Imdelltra. The recent precedent that calibrates pricing for everything else.
Together they answer the question a capital partner should ask: does the methodology hold up across the actual range of cases an originator sees in a year?
If it only works on the clean ones, the platform is a database. If it works on all three, the platform is an origination engine.