HCR NANO SPV

HCR NANO SPV is a special purpose vehicle (SPV) established by HealthCare Royalty (HCR) to manage a strategic financing agreement with the biotechnology company Nanobiotix. Formed in 2023, the entity serves as the legal structure for a $140 million investment aimed at supporting the global development and commercialization of NBTXR3, a novel nanoparticle radioenhancer. The SPV holds the rights to future royalties and milestone payments generated by NBTXR3, which is currently in Phase 3 clinical trials for head and neck squamous cell carcinoma. This arrangement provides Nanobiotix with non-dilutive capital while allowing HCR to isolate the financial risks and rewards associated with this specific oncology asset. The vehicle is a key component of HCR's broader strategy to invest in late-stage healthcare innovations through structured royalty deals.