I could be wrong about this, but you, as a third party should be indifferent to holding it vs cash. J&J shouldn't - if they owned this it would change the cost

I could be wrong about this, but you, as a third party should be indifferent to holding it vs cash. J&J shouldn't - if they owned this it would change the cost structure of selling the product. Let's say they buy it, they're now paying $x less in cost per unit, which from a static perspective is the same as the cash value of the royalty, but it could allow them to drive more money into advertising, which would yield more sales of the product. Previously this would've increased the value of the royalty (which they don't own) but now they capture that value instead.