Teva Pharmaceuticals agreed a financing arrangement with Royalty Pharma that could provide up to $500 million to support development of TEV-‘408, an anti–IL‑15 antibody being tested for vitiligo. The initial $75 million tranche will fund a Phase 2b vitiligo study slated to start this year, with Royalty Pharma able to provide the remainder based on trial milestones. Royalty financing structures provide near-term cash for clinical programs while linking further funding to positive readouts. Teva will pay milestones and downstream royalties if the asset reaches market; the deal underscores alternative financing strategies in a tighter capital environment.