Sebastian Gensior

Sublicense royalties have become an important feature in pharmaceutical royalty financing deals, especially as biotech firms and pharma companies seek creative funding structures. In simple terms, a sublicense royalty (or sublicensing income) is the share of revenue that an original licensor earns when its licensee grants a sub-license to a

In the basement of a nondescript office building in South San Francisco, the fluorescent lights still hummed over empty lab benches. Three months earlier, this space had buzzed with scientists racing to prove that their CAR-T therapy could cure cancer. Now, the centrifuges sat silent, the freezers unplugged, and a

Six thoughtful (and slightly cheeky) resolutions for biotech investors, executives, and scientists to make 2026 a breakthrough year.

What Is a Revenue Interest Purchase and Sale Agreement? A Revenue Interest Purchase and Sale Agreement is a contractual financing arrangement where a company sells an interest in its future revenue stream, often tied to a specific product or royalty, to an investor in return for immediate capital. The investor

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 pharmaceutical industry's computational infrastructure is undergoing its most dramatic transformation in decades. NVIDIA's Blackwell architecture, AMD's MI355X, Google's TPU v7 Ironwood, and AWS Trainium3 have all entered production in 2025, while cloud rental rates have collapsed 64–75% from 2024 peaks.

The final full week of 2025 delivered over $10.5 billion in biotech and pharma transactions despite the holiday lull.

The pharmaceutical industry runs on promises. Drug companies promise to pay royalties when products succeed. Acquirers promise additional payments if clinical trials reach their endpoints. Academic institutions license their discoveries in exchange for future revenue streams they may never see. These promises—contingent value rights, milestone payments, and royalty interests—

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.

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.