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Latest — 01 May 2026

Company of the week: Ray Therapeutics

Ray Therapeutics (RayTx) is a Berkeley, California-based clinical-stage biopharmaceutical company developing genotype-independent optogenetic gene therapies for inherited retinal diseases (IRDs) and other blinding conditions. The company is privately held, with cumulative equity capital of approximately $231 million raised across seed, Series A, and Series B rounds, supplemented by approximately $12

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The Skinny-Label Question Comes to One First Street: What Hikma v. Amarin Means for Pharmaceutical Royalty Financing

On Wednesday, April 29, 2026, the Supreme Court of the United States heard oral argument in Hikma Pharmaceuticals USA Inc. v. Amarin Pharma, Inc. (No. 24-889). It is the Court's first patent inducement case since Commil v. Cisco (2015) and its first skinny-label case since Caraco v. Novo

Anti-Dilution Mechanics in Synthetic Royalty Agreements: Protecting Investor Economics When the Underlying Asset Gets Sublicensed, Reformulated, or Combined

When Royalty Pharma commenced dispute resolution proceedings against Vertex Pharmaceuticals over the royalty treatment of Alyftrek — arguing that deutivacaftor is "the same as" ivacaftor and therefore royalty-bearing at approximately 8%, while Vertex paid only approximately 4% — the dispute crystallised something that synthetic royalty practitioners have long understood but

Will GLP-1 Royalties Deliver What They Promised? Deal Economics Under a Repricing Regime

The GLP-1 class is the largest pharmaceutical revenue event of the decade. Combined 2024 sales of Wegovy and Ozempic reached $26 billion, with Mounjaro and Zepbound adding approximately $16 billion. For 2025, tirzepatide alone reached $36.5 billion, making it the world's best-selling drug, with semaglutide close behind

M&A with Embedded Synthetic Royalty: How Acquirers Close Deals with a Royalty Partner at the Table

When a buyer cannot, or will not, fund an acquisition entirely from cash, stock, or traditional debt, a synthetic royalty sold concurrently with the signing of the merger agreement can close the funding gap. The structure is now an established piece of the life sciences M&A toolkit, with

The Weekly Term Sheet (2026-W17)

The Weekly Term Sheet (2026-W17) Full edition — Sunday April 19 to Friday April 24, 2026 / W17 W17 at a glance Window total: ~US$6.93B in committed deal value (upfronts, equity, and raised capital; excludes contingent milestones, "up to" headlines, and secondary share sales). Deal value breakdown Deal

How a 12th-Century Financial Instrument Built a $50 Billion Asset Class

In November 1158, on the plains outside Piacenza, Emperor Frederick Barbarossa convened the Diet of Roncaglia to reassert imperial authority over the wealthy cities of northern Italy. Among the prerogatives he claimed was one that would have seemed entirely unremarkable to his contemporaries but reads, to a modern royalty investor,

Company of the week: Kazia Therapeutics

Kazia Therapeutics is a Sydney, Australia-based clinical-stage oncology company developing therapies designed to reprogram cancer biology and overcome treatment resistance. The company trades on Nasdaq under the ticker KZIA and, as of mid-April 2026, carries a market capitalisation of approximately $110 million at a share price around the $9–10

Fund of the week: OMERS Life Sciences

Fund Snapshot Firm OMERS Life Sciences (division of OMERS Capital Markets) Parent Ontario Municipal Employees Retirement System (OMERS) Established 2016 Parent Net Assets CAD $145.2B (~USD $104B) as of December 31, 2025 2025 Parent Net Return 6.0% / CAD $8.2B in net investment income Cumulative Life Sciences Deployment

The Co-Funding Royalty: Phase III Co-Investment, Synthetic Revenue Interests, and How BD Teams Position the Hybrid Proposal

Somewhere between a licence, a loan, and an equity investment — but structurally none of these — sits a transaction type that has quietly become one of the most consequential instruments in late-stage pharmaceutical finance. No IP changes hands. No fixed coupon is owed. No shares are issued, no board seats granted.

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

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