A royalty book carries a modified duration near five years, a discount rate in which the risk-free is now more than a third of the total, and a preferred return hurdle struck when the five-year point was under 1%. The asset has not changed. What an allocator gives

A pharmaceutical merger agreement fixes the price on the signing date and delivers it on the closing date. Between the two sit the tender offer clock, the shareholder vote, and the merger control timetable, and the interval runs from weeks to more than a year. Two financing problems live in

Two aggregators printed on consecutive days, in opposite structures. Royalty Pharma bought Zealand's remaining rusfertide economics outright for $100M, half on closing and half a year later, leaving the seller 0.25% of net sales above $1.5B. HealthCare Royalty took OPKO's mazdutide royalty as security

A royalty is only worth what someone will pay for it, and not everyone who writes those cheques is buying the same thing. The phrase "royalty fund" hides at least five different businesses. One buys finished, marketed royalties and clips the coupon. One funds the last year of

Binney Street Capital is the venture fund of Dana-Farber Cancer Institute, the Boston academic cancer centre. Established in September 2020 and publicly launched in January 2021 as the Institute's first venture fund, it invests in companies built on Dana-Farber intellectual property or co-founded by Dana-

Relation sits at the top of the royalty stack, not the bottom. It holds no approved drug and almost no clinical risk, yet it is quietly assembling a royalty book on medicines that do not exist, across three different deal structures.

An earlier piece on this site, The Landscape of Vaccine Royalties and Royalty Financing, mapped how vaccine royalty streams arise, how they differ from therapeutic royalties, which deals have printed, and how the messenger RNA patent wars redistributed the economics of the pandemic products. It ended on an observation it

A royalty market can fail in three ways. There can be no cash flow, in which case there is nothing to discuss. There can be cash flow and no price, which is the biosimilar case: a stream exists, both sides can see it, and no number satisfies buyer and seller

A royalty market prices duration. A biosimilar is an asset engineered to have none. That single sentence explains most of what follows, but not the part that matters. The absence of a biosimilar royalty market is not a gap waiting to be filled. It is an equilibrium, held in place