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

17
Apr
Company of the week: Opus Genetics

Company of the week: Opus Genetics

Opus Genetics is a Research Triangle Park, North Carolina-based clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases (IRDs)
22 min read
16
Apr
Fund of the week: Jeito Capital

Fund of the week: Jeito Capital

Fund Snapshot Firm Jeito Capital Fund I Jeito I, €534M ($630M), final close September 2021 Fund II Jeito II, >
19 min read
15
Apr
Revolving Credit Facilities in Pharmaceutical Financing

Revolving Credit Facilities in Pharmaceutical Financing

Understanding the instrument that sits behind every major royalty fund's capital structure and every commercial-stage biotech's liquidity toolkit — how revolvers work, why they matter, and how they interact with royalty financing transactions.
17 min read
14
Apr
Royalty on Net Sales vs. Net Profits: Why the Definition of the Base Matters More Than the Rate

Royalty on Net Sales vs. Net Profits: Why the Definition of the Base Matters More Than the Rate

When two pharmaceutical companies or a biotech and a royalty fund negotiate a royalty agreement, the headline debate is almost
16 min read
13
Apr
Latin America's Pharmaceutical Royalty Market: The Overlooked Frontier

Latin America's Pharmaceutical Royalty Market: The Overlooked Frontier

The conversation about emerging markets in pharmaceutical royalties runs a predictable circuit. China dominates the headlines, Korea is gaining ground,
16 min read
12
Apr
The Weekly Term Sheet (2026-W15)

The Weekly Term Sheet (2026-W15)

April 5–10, 2026 saw $9.2 billion in confirmed capital deployed across biopharma, spanning 6 M&A transactions,
68 min read
11
Apr
The Royalty Interest Agent in Pharmaceutical Royalty and Revenue Interest Transactions

The Royalty Interest Agent in Pharmaceutical Royalty and Revenue Interest Transactions

The term "Royalty Interest Agent" does not appear as a standardised designation in pharmaceutical royalty financing documentation. Instead,
13 min read
10
Apr
Company of the week: Coefficient Bio

Company of the week: Coefficient Bio

Coefficient Bio was a New York-based stealth AI-biotech startup founded in September 2025. On April 3, 2026, Anthropic — the San
21 min read
09
Apr
Fund of the week: Catalio Capital Management — Nexus Fund IV

Fund of the week: Catalio Capital Management — Nexus Fund IV

Overview and Investment Focus Catalio Capital Management is not a traditional venture capital firm — it is a scientist-entrepreneur network turned
18 min read
08
Apr
Minimum Royalty Floors: Ensuring Drizzle in a Revenue Drought

Minimum Royalty Floors: Ensuring Drizzle in a Revenue Drought

Pharmaceutical licensing agreements are complex instruments designed to allocate risk between parties with fundamentally different positions. The licensor—often a
19 min read