P05.org

Sign in Subscribe

Latest — 12 Jul 2026

The Weekly Term Sheet (2026-W28)

The week in numbers July 4 to July 11, 2026: four acquisitions, six royalty-bearing originations, one synthetic royalty (Oberland / MeiraGTx), one €3.0B structured-equity monetisation (Apollo / Bayer), one structured-credit refinancing (OrbiMed / TOI), one milestone cash event (Aligos), and two negative royalty re-rates (Ionis WAINUA, GSK / Alector)

More issues

Disease-Linked Bonds: Instruments, Coupons, and Payoffs

Since the September 2025 analysis, the disease-linked bond category has separated into families that no longer behave alike. Instruments that place principal at risk on a parametric trigger or a measured outcome saw little or no new issuance in 2024 to 2026. Instruments that rest on a sovereign credit,

Fund of the week: Retinal Degeneration Fund

Venture philanthropy: the RD Fund is donor-backed and evergreen, with $59.5M net assets, 18 companies and $0 royalty income on file. Its value is upstream, originating the rare-disease assets whose royalties later land on other desks.

Company of the week: Pacira BioSciences

Pacira BioSciences owns its non-opioid drugs rather than licensing a platform, so its royalty life runs backwards: it litigated one royalty out of existence, wrote a negative royalty against EXPAREL's own volumes to 2039, and in June 2026 sold iovera° to Zimmer Biomet for up to $140 million.

The Pre-Funded Warrant: A Share That Does Not Count, Until It Does

A pre-funded warrant is a paid-up share that counts for EPS, disappears from beneficial ownership, and reappears as owned stock for tax. How the gap between the three lets a fund hold 15 percent while reporting 9.99, and where it meets royalty finance.

The Minimum Guarantee, Disaggregated: Floors, Puts, and the Sale/Loan Boundary in Healthcare Royalty Finance

A minimum guarantee is a written put. Where it sits on the sale-to-loan boundary sets the accounting, tax and bankruptcy outcome of a healthcare royalty deal.

The Floor, Not the Dream: Royalty Financing on the Asset That Missed Its Projection

A drug that misses its billion-dollar consensus still writes real cash every quarter. Royalty capital never priced the story, only the floor left behind. When that floor is a cheap, de-risked asset, when it is a value trap, and what a decade of deals and the forecast data actually show.

The Weekly Term Sheet (2026-W27)

The week in numbers June 28 to July 3, 2026: four acquisitions (Zymeworks with Theravance ~$929M, Ipsen with Kartos $450M upfront, Ipsen with Memo Therapeutics EUR 200M upfront, United Therapeutics with Thymmune $140M upfront), one medtech divestiture (Pacira with Zimmer Biomet, up to $140M), one all-stock reverse-merger closing

Biotech SPACs and the Royalty Question: Where Blank-Check Capital Meets Drug-Royalty Financing in 2026

Two markets are running hot at the same time and rarely touch. The SPAC market has revived, with 138 vehicles raising about 25.8 billion dollars in 2025 on Renaissance Capital data, nearly triple the 8.7 billion of 2024, and biotech sponsors are back in the funnel. The pharmaceutical-

Company of the week: Protillion Biosciences

Protillion Biosciences is a Stanford spinout in Carlsbad that sells a protein-discovery engine rather than a drug. It stayed quiet and lightly funded for years, then in June 2026 signed a multi-target collaboration with Merck worth up to $510 million in milestones. Protillion Biosciences, Inc. (private) spent its

About

P05.org

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

Topics