When Biotech Dreams Die: The Art of Winding Down Pharmaceutical Companies
In the basement of a nondescript office building in South San Francisco, the fluorescent lights still hummed over empty lab
New Year's Resolutions for Biotech in 2026
Six thoughtful (and slightly cheeky) resolutions for biotech investors, executives, and scientists to make 2026 a breakthrough year.
Revenue Interest Purchase and Sale Agreements in Pharma Royalty Financing
What Is a Revenue Interest Purchase and Sale Agreement?
A Revenue Interest Purchase and Sale Agreement is a contractual financing
Stalking Horse Sales and Pharmaceutical Royalties: A Complete Guide
In restructuring parlance, a stalking horse bid is an initial binding offer on a bankrupt debtor's assets, made by a chosen buyer, that sets the floor price for an auction.
The Silicon Arms Race Transforming Drug Discovery: Hardware, Pricing, and Total Cost of Ownership
The pharmaceutical industry's computational infrastructure is undergoing its most dramatic transformation in decades. NVIDIA's Blackwell architecture,
The Weekly Term Sheet (52)
The final full week of 2025 delivered over $10.5 billion in biotech and pharma transactions despite the holiday lull.
When Pharmaceutical Promises May Become Tradable Assets: CVRs, Royalties, and the Market for Contingent Drug Payments
The pharmaceutical industry runs on promises. Drug companies promise to pay royalties when products succeed. Acquirers promise additional payments if
The Great Biotech Cash Arbitrage: Anatomy of a Sector in Distress
A record 161 biotechnology companies traded at negative enterprise value in mid-2025, representing over $5 billion in trapped capital where shareholders hold claims on cash that market prices say is worth less than nothing.
The Twelve Deals of Christmas
Biotech's 2025 was a year of contradictions. Venture funding collapsed to 2012 levels while the XBI climbed 37%. Startup formation cratered 70% while Big Pharma wrote $20+ billion in M&A checks.
Biotech's Holiday Wishlist for 2026
Tongue-in-cheek wishes for the biotech industry – from faster trials to friendlier FDA letters – that would make the new year a little brighter for all.
