Royalty Pharma agreed to invest $425 million tied to Neurimmune’s cliramitug, a TTR-fibril-depleting antibody aimed at transthyretin amyloidosis with cardiomyopathy (ATTR-CM). The transaction includes an upfront payment and additional contingent cash milestones linked to predetermined clinical and regulatory outcomes. Cliramitug is currently evaluated in the Phase 3 DepleTTR-CM trial, with results expected in 2028, and the therapy targets amyloid deposits already present in cardiac tissue—distinct from approved competitors that focus on slowing new accumulation. For Royalty Pharma, the deal adds exposure to a growing ATTR-CM market and continues the company’s strategy of acquiring royalty streams across late-stage or near-approval therapies. For biotech finance, the structure highlights how royalty capital is increasingly used to bridge expensive late-stage costs without fully diluting developers’ long-term rights.