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Latest — 17 Jun 2026

Non-Recourse Litigation Sales in Pharmaceutical Royalty Finance: How They Work, How They Reshape the Stack

Non-recourse litigation sales are the fastest-growing and least-understood asset class in modern pharmaceutical royalty finance. They sit at the intersection of three distinct markets: the established institutional litigation finance industry (Burford Capital, Omni Bridgeway, Parabellum, Therium), the pharmaceutical royalty fund universe (Royalty Pharma, HealthCare Royalty, OMERS, XOMA)

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Declaratory Judgment Actions in Royalty Disputes: When and Why Parties Sue for Clarity Before the Money Stops

A declaratory judgment is a court ruling on who is right, with no order to pay or stop. You use it when the cost of uncertainty exceeds the cost of suing.

The Drug Patent Troll: Why the NPE Model Never Worked in Pharma

One patent covers one product. The only infringer is the company that deliberately made it. That structural fact makes pharmaceutical molecules almost impossible to troll — and explains why every attempt has failed.

The Weekly Term Sheet (2026-W24)

The week in numbers * $10.6B all-cash: GSK to acquire Nuvalent (Nasdaq: NUVL), a clinical-stage precision-oncology company, at $124.00 per share (about a 40% premium, roughly $9.4B net of Nuvalent's cash) via a tender offer for all Class A and Class B shares.

No-Royalty Thresholds in Pharma Royalty Financing: When the Cash Doesn't Flow

A no-royalty threshold is a contractually defined level of net sales, time, or performance below which the buyer of a royalty receives nothing. The mechanism is uncontroversial in concept and notoriously consequential in practice. It moves cash flow timing, reshapes IRR distributions, alters accounting recognition, complicates true-sale opinions,

Company of the week: Cogent Biosciences

Cogent Biosciences, Inc. (Nasdaq: COGT) is a Waltham and Boulder based biotechnology company developing precision therapies for genetically defined diseases. Its single clinical-stage product, bezuclastinib, is a selective tyrosine kinase inhibitor of the KIT D816V mutation and other KIT exon 17 mutations, and is the engine behind three near-

Fund of the week: High-Tech Gründerfonds

What is High-Tech Gründerfonds? High-Tech Gründerfonds (HTGF) is Germany's largest and most active seed-stage venture investor. It is a public-private partnership, founded in 2005 in Bonn to close the early-stage funding gap that once left many German university and research spin-outs without

Digital Health Royalties

A mechanics-and-gap analysis of royalties in digital health and prescription digital therapeutics as of 2026.

How Veterinary Royalty Deals Are Built

Why animal-health royalties are structured the way they are: FDA-CVM regulatory triggers, species fragmentation, the cash-pay market, the option-to-acquire lifecycle that keeps eliminating royalties, and the deleveraging monetizations, with the numbers and the deal anatomy.

Grounding the Machine: How AI Drug Design Actually Handles Hallucination

A generative model does not know what it does not know. When it proposes a molecule, a binding pose, or a mechanism, the practical question, for anyone reading its output or underwriting the platform that produced it, is whether the answer is real or a confident fiction.

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

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