Company of the week: Alteogen
Alteogen Inc. (KOSDAQ: 196170) is a South Korean biopharmaceutical platform company founded in 2008 and headquartered in Daejeon. It operates
Fund of the week: AN Venture Partners I
Overview and Investment Focus
AN Venture Partners (ANV) is not a conventional venture capital firm. It is a Tokyo and
Force Majeure and MAC Clauses in Pharmaceutical Royalty Agreements: The Pandemic's Unfinished Legal Lesson
When COVID-19 spread across the global economy in early 2020, lawyers across every sector reached for the same clause in
Royalty Assignment vs. Novation: Legal Distinctions That Matter at Exit
When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring,
Secondary Royalty Market Liquidity: Bid-Ask Spreads and Price Discovery
When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent'
The Weekly Term Sheet (2026-W13)
W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced
Royalty Buybacks: When and Why Pharma Companies Repurchase Their Own Royalties
When ADC Therapeutics filed its February 2026 8-K amending its royalty agreement with HealthCare Royalty, the headline focused on the
Fund of the week: Novo Holdings
Overview and Investment Focus
Novo Holdings is not a typical corporate venture capital fund. It is the wholly owned holding
Manufacturing Royalties vs. Sales Royalties: The CDMOs Entering the Royalty Space
When Fujifilm Diosynth Biotechnologies signed a 10-year, $3 billion manufacturing agreement with Regeneron in April 2025, the deal was widely
