Sebastian Gensior

Vaccine royalties have matured into a distinct sub-asset class, driven by blockbuster revenues from HPV, pneumococcal, shingles, and mRNA vaccines.

OpenAI has publicly floated a revenue model in which it would subsidize AI compute for drug discovery firms in exchange for royalties on any resulting products. No deals exist yet. But the proposal — better understood as outcome-based licensing than simple pricing — has surfaced structural questions that matter to anyone in

Every royalty transaction carries a map. Before the discount rate is set, before the cap structure is negotiated, before the first dollar changes hands, the most consequential question in pharmaceutical royalty financing is deceptively simple: where does the money come from?

The first week of February 2026 delivered an active transaction period. Four IPOs collectively raised $987 million — the busiest single week for biotech public offerings in roughly twelve months. Alongside the IPO burst, more than a dozen M&A transactions were announced or closed, several high-value cross-border licensing agreements

How the EU's harmonised clinical assessment framework is changing the mathematics of pharmaceutical royalty underwriting

Overview and Investment Focus Bertelsmann Healthcare Investments (BHI) is a dedicated healthcare venture fund launched in late January 2026 by Bertelsmann SE & Co. KGaA's investment arm. It consolidates Bertelsmann's prior healthcare venture activities into an independent, financial-first fund with a transatlantic focus (North America and

What has tiny arms but might revolutionize autoimmune treatment? No, not that T-Rex—this one's all about regulatory T cells, and its reach into immunology is anything but short.

Introduction Arrow declarations have emerged as a distinctive mechanism in patent litigation, particularly within the UK pharmaceutical sector, with significant implications for royalty-bearing transactions and licensing strategies. An Arrow declaration is a court's declaratory judgment that a product or process was old or obvious (lacking novelty or inventive

Equity kickers—warrants, options, convertible features, or other equity-linked instruments bundled with debt or investment transactions—serve as return enhancers across life sciences financing. The mechanism is straightforward: lenders or investors receive the right to purchase equity at a fixed price, creating asymmetric upside if the company's stock

Recent pharmaceutical royalty financings have increasingly featured "royalty tail" provisions. In a royalty monetization, an originator (typically a pharma or biotech company) sells a portion of its future royalty stream to an investor in exchange for upfront cash. A royalty tail typically means the investor's right