A Dallas-based specialty lender approaches a pivotal moment as it prepares to merge with Runway Growth Finance, marking the end of an era for one of healthcare credit's most specialized players.

Terray Therapeutics has assembled what may be the largest proprietary chemistry dataset in drug discovery—13+ billion target-molecule binding measurements, growing at 1 billion per quarter. The Los Angeles-based company has raised over $200 million.

The Volume Trap: Why Diagnostic Royalties Don't Compound Royalty financing has become a cornerstone of life sciences capital

Biotech ETFs surge in 2025 as sector emerges from nuclear funding winter. XBI +37%, ARKG +43%, IBB +30%—all crushing the S&P 500. Big Pharma's $176B patent cliff drives M&A frenzy with 100%+ premiums. Fund flows turn positive for first time since 2021. Is the biotech winter finally over?

Royalty financing can be structured as a “true sale” (outright transfer) or a secured loan backed by royalties. True sales often reduce bankruptcy risk and can bring legal/financial advantages; loan-like structures may leave the buyer exposed if the seller faces distress.

The week's transactions tell a clear story: China-origin assets now command 32% of global licensing deal value, up

Biotech valuation hinges on a small number of binary clinical events. A Phase 3 readout. An FDA approval letter. A

In my November 25 post, I discussed "Royalties as a Credit Derivative," exploring how creative financing can extend

Dayra Therapeutics is a Toronto-based biotech company developing oral macrocyclic peptide drugs for immunological diseases. The company launched in November

The pharmaceutical royalty market has grown at a 45% CAGR since 2018, reaching over $6 billion in annual transaction volume—