Intellectual Property-Backed Financing: Global Developments and Regional Realities
Introduction: The Promise of Invisible Assets
In the modern economy, the most valuable assets often cannot be seen or touched.
Fund of the week: Ligand Pharmaceuticals
Investment Thesis and Business Strategy
Ligand Pharmaceuticals operates a "royalty aggregation" business model, building a diversified portfolio of
Company of the week: Kumquat Biosciences - A Fruitful Endeavor in Oncology Innovation
Congratulations to Kumquat Biosciences on its brilliant naming -- the kumquat is indeed a great fruit, known for its sweet-tart
Contingent Value Rights in Biotech M&A: A Quantitative Analysis of Market Evolution and Valuation Dynamics
Executive Summary: CVR deployment reaches $35 billion across Q1-Q3 2025 transactions
Contingent Value Rights (CVRs) have become integral to biotech
The Refinancing Landscape for Biopharma Royalty Funds
In a high-interest-rate environment (U.S. Fed Funds ~5.25–5.50% in 2024), traditional biotech funding has pulled back
Patentability of AI-Discovered Medicines: Navigating Legal Frameworks and Clinical Progress
The AI drug discovery sector achieved its first major clinical validation in 2025 with Insilico Medicine's rentosertib becoming
The Weekly Term Sheet (39)
Biotech dealmaking surged this week, from Pfizer’s $7.3 billion obesity acquisition to a run of licensing, royalty financings,
Milestone Payments in Pharma & Biotech Licensing Deals
Overview
Milestone payments are contingent fees in pharmaceutical and biotech deals that become due when a product achieves specific goals.
Company of the week: Revolution Medicines
Introduction and Company Overview
Revolution Medicines (NASDAQ: RVMD) is a late-stage oncology biotech focused on targeting the RAS oncogene family,
Fund of the week: Breakout Ventures
Executive Summary
Breakout Ventures is a San Francisco-based venture capital firm specializing in life sciences and "deep tech"
