The Partnering Playbook - Part 3

Deal economics are at the heart of every successful collaboration. In this session, Morrison Foerster partners Matt Karlyn and Stephanie Sharron, along with guest speaker John Dyer, Managing Director at Aquilo Partners, will break down the financial mechanics of licensing and partnering agreements, including upfront payments, milestones, royalties, equity components, and revenue-sharing models. We’ll also examine diligence and minimum commitment obligations, payment waterfalls, and audit rights, as well as acquisition options and other impactful economic outcomes. Our panel will highlight current trends in structuring financial terms to balance risk and reward between licensors and licensees.

Topics include:

• Upfronts, milestones, and royalties — balancing risk and reward
• Royalty reductions
• Sublicensing revenue splits
• Equity components in collaborations
• Payment waterfalls and audit rights
• Shortfall, minimum commitment, and diligence obligations

To hear more about our upcoming events in this series, see our full schedule below:

Part 4: Beyond the Deal – Managing Partnerships and Preparing for Exit - May 28, 2026

Closing a deal is only the beginning. This session will cover best practices for managing ongoing collaborations, including alliance management frameworks, dispute resolution, and step-in rights. We’ll also explore provisions that become critical in change-of-control events, M&A transactions, or IPO readiness, such as assignment restrictions and consent requirements. Attendees will learn how to manage collaborations effectively today while positioning them for long-term success and value realization.