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)

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.

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 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.

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,

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-

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

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

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.