The least glamorous instrument in the toolkit, dissected down to the coupon Royalty finance gets written about through its friendliest instrument, the true sale. That is the one that makes the press releases: non-dilutive, off the balance sheet, no covenants, no maturity. The larger and quieter flow is its

Rallybio is a New Haven rare-disease biotech that lost its lead program in 2025, sold what it could, and by mid-2026 had been reduced to a stock-market listing and a pile of cash that an oncology company, Avenzo Therapeutics, is now reversing into. Its surviving royalty stack

What is KCap Biotechnology Fund? KCap Biotechnology Fund LP is a small, Boston based investment fund focused on RNA and genetic medicine companies. It is run through two related entities, Kuahiwi Capital LLC as general partner and Kuahiwi Management LLC as the management company, and it was co founded in

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-