P05
It is the unknown that defines our existence. We are constantly searching, not just for answers to our questions, but for new questions. We are explorers.

Latest

12
Feb
Company of the week: SpyGlass Pharma

Company of the week: SpyGlass Pharma

Company Overview and Technology SpyGlass Pharma (sometimes referred to as SpyGlass Bio) is a late-stage ophthalmic biotechnology company focused on
33 min read
11
Feb
The Landscape of Vaccine Royalties and Royalty Financing

The Landscape of Vaccine Royalties and Royalty Financing

Vaccine royalties have matured into a distinct sub-asset class, driven by blockbuster revenues from HPV, pneumococcal, shingles, and mRNA vaccines.
10 min read
10
Feb
AI Vendors Want Drug Royalties: Outcome-Based Licensing, IP Mechanisms, and the Case for Royalty Financing

AI Vendors Want Drug Royalties: Outcome-Based Licensing, IP Mechanisms, and the Case for Royalty Financing

OpenAI has publicly floated a revenue model in which it would subsidize AI compute for drug discovery firms in exchange
20 min read
09
Feb
Geography of the Deal: How Territory Shapes Pharmaceutical Royalty Financing

Geography of the Deal: How Territory Shapes Pharmaceutical Royalty Financing

Every royalty transaction carries a map. Before the discount rate is set, before the cap structure is negotiated, before the first dollar changes hands, the most consequential question in pharmaceutical royalty financing is deceptively simple: where does the money come from?
29 min read
08
Feb
The Weekly Term Sheet (2026-W05)

The Weekly Term Sheet (2026-W05)

The first week of February 2026 delivered an active transaction period. Four IPOs collectively raised $987 million — the busiest single
20 min read
07
Feb
Joint Clinical Assessment, National HTA, and Their Integration into Royalty Financing Models in Europe

Joint Clinical Assessment, National HTA, and Their Integration into Royalty Financing Models in Europe

How the EU's harmonised clinical assessment framework is changing the mathematics of pharmaceutical royalty underwriting
14 min read
06
Feb
Fund of the week: Bertelsmann Healthcare Investments (BHI)

Fund of the week: Bertelsmann Healthcare Investments (BHI)

Overview and Investment Focus Bertelsmann Healthcare Investments (BHI) is a dedicated healthcare venture fund launched in late January 2026 by
23 min read
05
Feb
Company of the week: TRex Bio - Decoding Regulatory T Cells for Autoimmune Therapies

Company of the week: TRex Bio - Decoding Regulatory T Cells for Autoimmune Therapies

What has tiny arms but might revolutionize autoimmune treatment? No, not that T-Rex—this one's all about regulatory T cells, and its reach into immunology is anything but short.
22 min read
04
Feb
The Role of Arrow Declarations in Pharmaceutical Royalty Transactions – UK, EU, and US Perspectives

The Role of Arrow Declarations in Pharmaceutical Royalty Transactions – UK, EU, and US Perspectives

Introduction Arrow declarations have emerged as a distinctive mechanism in patent litigation, particularly within the UK pharmaceutical sector, with significant
34 min read
03
Feb
Equity Kickers in Life Sciences Financing: Warrant Structures, Deal Mechanics

Equity Kickers in Life Sciences Financing: Warrant Structures, Deal Mechanics

Equity kickers—warrants, options, convertible features, or other equity-linked instruments bundled with debt or investment transactions—serve as return enhancers
42 min read