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Latest — 14 May 2026

Fund of the week: Coefficient Giving, Biosecurity & Pandemic Preparedness Fund

What is Coefficient Giving? Coefficient Giving is a San Francisco-based philanthropic funder and advisor that recommends and administers grants on behalf of major donors pursuing what it calls cost-effective, high-impact giving. Until November 2025, the organisation was known as Open Philanthropy. The name change formalised a strategic shift toward operating

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Co-Promotion Rights in Pharmaceutical Royalty Deals: How They Work, How They Reshape the Stack

Co-promotion rights are the most consistently underestimated provision in pharmaceutical license agreements. They sit innocuously in the term sheet as a one-line option held by the licensor, often free, often "subject to mutually agreed terms." When exercised, they restructure the entire economic profile of the contract: the US

Rights Reacquisition: Buyer Archetypes, Royalty Stack Mechanics, and the Asymmetric Pricing of Returned Pharmaceutical Assets

A pharmaceutical right, once licensed, comes home through a dozen distinct mechanisms operated by five distinct buyer archetypes. The same legal instrument (an Asset Purchase Agreement, a Termination Agreement, a contractual reversion clause) means very different things depending on whether a Phase-3-failed asset is being salvaged by its original developer,

Waterfall Disputes in Stacked Royalty Deals: When Multiple Holders Go to War Over the Same Revenue Stream

In April 2022, a Texas jury needed two hours to decide that Daiichi Sankyo owed Seagen $41.8 million in back royalties on Enhertu — plus an 8% running rate on all future US sales of what was already a multi-billion dollar oncology franchise. Three years later, the Federal Circuit reversed

The Weekly Term Sheet (2026-W19)

W19 at a glance Window: Sun May 3 – Fri May 8, 2026. ~$17.95B committed deal value + up to $5.5B contingent + ~$3.2B fresh biotech equity / structured capital. Headline events: $6.7B Merck/Terns close (Tue); $4.1B Angelini/Catalyst (Thu); $1.05B Roche/PathAI (Thu); $1.0B Phoenix

The Deuterium Problem: When a Hydrogen Swap Becomes a Royalty Dispute

How a royalty fund and a pharma company ended up in arbitration over whether deutivacaftor is the same compound as ivacaftor — and what it means for the pharmaceutical royalty market

Company of the week: Immunocore

Immunocore Holdings plc is an Oxfordshire, UK-based commercial-stage biotechnology company developing a novel class of TCR bispecific immunotherapies branded ImmTAX (Immune mobilizing monoclonal TCRs Against X disease). The company trades on Nasdaq under the ticker IMCR and, as of late April 2026, carries a market capitalisation in the $1.5–

Fund of the week: Vie Ventures

Fund Snapshot Firm Vie Ventures Vehicle Immunology & Autoimmune (I&A) Fund LP Established July 9, 2025 (public launch) Headquarters 245 Main St, Floor 2, Cambridge, MA 02142 Strategy Series B and C equity into private biotech companies developing therapies for autoimmune and immune-mediated diseases Structure Closed-end venture fund,

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

The single most consequential variable in any royalty valuation is the terminal date — the point at which cash flows cease. Getting this wrong by even two years can shift an asset's net present value by 15–25%. Yet the mechanics of royalty expiry remain among the least well-understood

Insolvency Liens in Pharma Royalty Transactions: The Risk That Reshapes Deal Structure

When Clearside Biomedical filed for Chapter 11 protection in November 2025, equity holders quickly zeroed in on a detail buried in the company's pre-petition filings: a September 2025 amendment to its royalty agreement with HealthCare Royalty Partners had allegedly waived a contingent $12.5 million payment, nearly five

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

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