Standard & Poor's rated its first royalty securitization based on a pharmaceutical research patent held by a university, and anticipates more such deals down the line.

The deal, which was privately placed and sold to investors abroad, was worth more than $100 million, and agented by the London office of West LB. The transaction was called BioPharma Royalty Trust, and is structured as a $57 million senior tranche, subordinated by a mezzanine tranche and an equity piece.

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