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Latest — 31 Jul 2026

Fund of the week: Soleus Capital

Soleus Capital Management, L.P. is a healthcare specialist in Greenwich, Connecticut, formed in 2017 and operating from 2018. It is an SEC-registered adviser (CRD 294459, file 801-118942) filing Form ADV, quarterly 13F reports, and beneficial-ownership filings, and it has grown regulatory assets under management from roughly

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Company of the week: Crescent Biopharma

Crescent Biopharma carries an unusually dense set of royalty obligations for a company with a single lead asset. It pays a royalty to the incubator that originated its lead molecule, pays a second to the Chinese partner that supplied one of its ADCs, may owe a third to its manufacturer,

Pennies on the Dollar at Fund Scale: The Structure of Early-Royalty Aggregation

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

The Clinic Door: Why Early-Stage Royalty Financing Is So Complicated and So Rare

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

Species-Specific Licences and Royalties in Animal Health: Structure, Allocation, and Recent Deals

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 Weekly Term Sheet (2026-W30)

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-

When Does the Money Stop? Modeling Royalty Stream Expiry in Pharmaceutical Transactions

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.

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

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

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

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