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Latest — 24 Jul 2026

Fund of the week: Celadon Partners

Celadon Partners is a private, transpacific private equity firm founded in 2018. It does not publish fund financials, does not disclose assets under management, holds no royalty interest identified in public sources, and carries no owned patent estate. Its documented activity in life sciences consists of a small number of

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Company of the week: Chai Discovery

Chai Discovery spent two years turning a benchmark result into a customer list. On 14 July 2026 it closed a $400 million Series C at a $3.8 billion valuation, roughly triple its mark seven months earlier, with Eli Lilly, Pfizer, and Novartis already using its models. Chai is a

The impairment is not the loss: what a 1.4 billion dollar write-down tells a royalty investor

BMS wrote AUGTYRO down by 1.4 billion dollars. The charge is not the loss, it is the accounting noticing the loss. The same broken forecast lands as an intangible impairment on the acquirer, a provision for changes in expected cash flows on the royalty investor, and nothing at all

The Boomerang Licence: When Regional Rights Are Bought Back, Not Handed Back

A regional out-licence usually ends by running off or by reverting on termination. A third ending is the boomerang: the licensor, often after being acquired itself, buys the territory back for fresh cash and extinguishes the royalty.

Biopharma's public probability

On 16 July 2026 Kalshi began listing clinical-trial and FDA contracts. Every royalty, milestone and CVR already embedded a probability of success. Now a handful of those numbers trade in the open. Here is what each contract prices, who is allowed to know it, and whether any of it is hedgeable.

The Weekly Term Sheet (2026-W29)

The week in numbers Six days, July 12 to 17 of W29. The headline is Lilly's roughly $2.8B (up to $3.8B with CVRs) acquisition of AtaiBeckley for its psychedelic depression pipeline, announced July 16. The largest prints are completions, not originations: GSK / Nuvalent ($10.6B), Angelini

The Royalty Spin-Off: When a Biotech Separates Its Royalties From Its Pipeline

A drug-discovery company that out-licenses an asset to a larger partner ends up holding two very different things. One is a royalty on the partner's future sales, a contractual cash flow with a defined lifespan. The other is the rest of the pipeline, a set of

Fund of the week: The Michael J. Fox Foundation

The Michael J. Fox Foundation for Parkinson's Research (MJFF) is the largest nonprofit funder of Parkinson's research in the world, and, unusually for this series, it files a full public tax return. It is donor-funded, evergreen, and structured as a grantmaker rather than an investor.

Company of the week: Vera Therapeutics

Vera Therapeutics spent six years turning a drug that had failed in lupus, MS, and arthritis into an approved kidney medicine. On 7 July 2026 the FDA cleared atacicept, and in the same moment flipped a dormant royalty owed to Merck KGaA into a live, cash-paying obligation. Vera is

Debt for Deferral: When a Royalty Monetisation Is Taxed as a Loan, Not a Sale

A royalty monetisation is characterised separately by tax law, accounting, bankruptcy law, and its commercial terms. The four answers can differ on the same deal. Only the tax answer decides whether the upfront cash is income this year or deferred across the life of the stream. This piece covers how

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Weekly structural analysis on pharmaceutical royalty financing. Deal mechanics, legal events, fund positioning, primary sources.

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