The fulcrum security is the most senior class in a debtor's capital structure that does not recover in full under a plan of reorganization. Classes above it are paid in cash, reinstated, or cashed out at par.

A record year of volume, a buying side crowded with new capital, a wave of assets coming out of China, and a consolidating set of aggregators. Where the royalty market actually stands in May 2026, and where it is heading.

Anti-pledge provisions are the most underestimated structural friction in pharmaceutical royalty finance. They sit in the assignment, encumbrance, or change-of-control clauses of nearly every modern license agreement, framed in one or two lines of dense contractual prose: "Neither party may assign this Agreement or any rights hereunder without the

W21 at a glance Window (Sun May 17 – Fri May 22): ~$0.86B in disclosed near-term cash, committed equity, and debt; up to ~$2.98B in contingent milestones, CVRs, and warrant-exercise proceeds separately; plus a €10.7B specialty-pharma take-private and a ~$21B-AUM manager combination, both one layer up the stack.

Best-efforts placements are the most procedurally important and economically misunderstood capital-raising structure in modern royalty finance. They sit on the cover page of almost every micro-cap and small-cap biotech offering memorandum since 2023, framed in three lines of stock language: "the placement agent shall serve as the exclusive placement

BioCryst Pharmaceuticals (Nasdaq: BCRX) is a Research Triangle Park, North Carolina-based commercial-stage rare disease biotechnology company anchored by ORLADEYO (berotralstat), the first oral, once-daily plasma kallikrein inhibitor approved for the prophylaxis of hereditary angioedema (HAE).

Delos Capital is a life sciences venture capital firm headquartered in Hong Kong, with operating presence in Cambridge, Massachusetts, and Shanghai. It invests in therapeutics and medical technology companies across the United States and Greater China. The firm combines conventional venture investing with active company creation through its in-house incubator,

Royalty bonds are the misunderstood instrument in pharmaceutical finance. Most market participants conflate four distinct security types under the same label. # Category Issuer What it is Tradable? 1 Fund-level corporate notes Royalty Pharma plc, DRI Healthcare Trust Unsecured corporate bond of a royalty fund. Pari passu on the fund'

When Geron Corporation announced its $375 million package of synthetic royalty and senior secured debt financings in November 2024, a quiet but consequential transaction sat at the centre of the structure. Geron used a portion of the new proceeds to fully repay $86.5 million owed under its existing loan