Acquire many royalty and milestone interests on Phase 1 and Phase 2 assets at deep discounts, on the order of one to three million dollars each. Assemble a diversified book of hundreds of them. Then either hold the book or recycle it. The question is whether any version of that

Pharmaceutical royalty finance is a growing asset class, but it stops before Phase 2. Gibson Dunn's tracker counts 133 disclosed transactions across the largest funds from 2020 to 2025, worth about 32.7 billion dollars, with a 2025 median deal size of 221 million dollars. Almost none of

What Are Species-Specific Royalties? Species-specific royalties are licensing or royalty financing arrangements where payments are tied only to sales of a compound in a defined animal species or set of species. If a molecule can be developed for dogs, for cats, for cattle and for humans, a species-

The week in numbers Nine days, July 18 to 26 of W30. One secondary stream purchase: on July 22 Royalty Pharma bought a slice of Neurimmune's cliramitug royalty for up to $425M, a Swiss origination. July 23 was the busiest day: Roche H1 results with Vabysmo a top-

A royalty is a window with two moving edges. When the money starts is set by first commercial sale, not signing; when it stops turns on patents, SPCs, exclusivity and deal structure. A field guide to modelling royalty duration, and the gap between contractual and economic expiry.

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

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

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

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.