Latest
09
Mar
Japan's Pharmaceutical Royalty Market: Will We See More Assets Out of Japan?
The conversation about Asia-Pacific pharmaceutical royalties tends to start and end with China. The out-licensing volume data from 2025 makes
16 min read
08
Mar
The Weekly Term Sheet (2026-W10)
Visual Summary
Week in Numbers: $16.6B total disclosed value, $9.3B M&A, $295M+ royalty and non-dilutive capital,
121 min read
07
Mar
China's Royalty Market and VIE Structures: Navigating Enforceability in a $130B Opportunity
On March 2, 2026, Royalty Pharma announced the appointment of Kenneth Sun as Senior Vice President and Head of Asia,
9 min read
06
Mar
Company of the week: Harbour BioMed
Company Overview and Technology
Harbour BioMed ("HBM"; HKEX: 02142) is a global biopharmaceutical company headquartered across Shanghai, Natick
20 min read
05
Mar
Fund of the Week: Blue Owl Capital's Life Sciences Platform
A $2.5 billion pharma royalty book, a $157.8 billion credit platform, and a private credit crisis that has separated the two. What the fund architecture reveals.
15 min read
04
Mar
Private Credit Under Stress: Implications for Pharmaceutical Royalty Funds
Redemption freezes at Blue Owl, record outflows at Blackstone's BCRED, and a wave of withdrawals across the industry&
9 min read
03
Mar
Non-Recourse Royalty-Backed Notes in Pharmaceutical Financing
Understanding the hybrid instrument between a true royalty sale and traditional debt—how it works, why it matters in the capital stack, and what the Royalty Pharma–Zymeworks deal reveals about the market's evolution.
14 min read
02
Mar
Spring-Loaded Royalty Clauses in Pharma Deals
Understanding the mechanics of trigger-based provisions in royalty monetizations and structured financings.
32 min read
01
Mar
The Weekly Term Sheet (2026-W09)
The week of February 22–26, 2026 recorded approximately $16.0 billion in announced and completed biotech and healthcare transaction
59 min read
28
Feb
The Royalty Swap: When Warrants Become Revenue Interests
When Immunic filed its 8-K on February 13, 2026, the headline was a $200 million private placement led by BVF
14 min read