Sebastian Gensior

The Reverse Morris Trust has become Big Pharma's favourite instrument for shedding non-core assets without triggering billions in corporate tax. But for royalty investors, royalty holders, and licensors who have carefully structured their claims against a specific counterparty, an RMT is not just a tax-efficient divestiture

In December 2025, Royalty Pharma agreed to pay $275 million for a 9.25% synthetic royalty on Denali Therapeutics' tividenofusp alfa—a treatment for Hunter syndrome, a lysosomal storage disorder affecting roughly 2,000 patients in the United States. The deal carried a 3.0× cap multiple, with an

The conversation about Asia-Pacific pharmaceutical royalties tends to start and end with China. The out-licensing volume data from 2025 makes that reflex understandable, and Royalty Pharma's appointment of Kenneth Sun as Head of Asia is the clearest institutional signal yet that Western royalty capital is moving

Visual Summary Week in Numbers: $16.6B total disclosed value, $9.3B M&A, $295M+ royalty and non-dilutive capital, $838M equity financings, $8.2B debt issuances Royalty League Table: Seven royalty and non-dilutive financing transactions: Teva/Blackstone ($400M), Royalty Pharma/Zymeworks ($250M), Heidelberg/HCRx+Soleus ($45M), and

On March 2, 2026, Royalty Pharma announced the appointment of Kenneth Sun as Senior Vice President and Head of Asia, effective May 2026. Sun, formerly Head of Asia Pacific Healthcare Investment Banking at Morgan Stanley, will be based in Hong Kong and lead the company's royalty business across

Company Overview and Technology Harbour BioMed ("HBM"; HKEX: 02142) is a global biopharmaceutical company headquartered across Shanghai, Natick (Massachusetts) and Rotterdam (Netherlands), committed to the discovery, development and commercialisation of novel antibody therapeutics in immunology and oncology. Founded in 2016 by Dr. Jingsong Wang, a former Harvard Medical

A $2.5 billion pharma royalty book, a $157.8 billion credit platform, and a private credit crisis that has separated the two. What the fund architecture reveals.

Redemption freezes at Blue Owl, record outflows at Blackstone's BCRED, and a wave of withdrawals across the industry's largest funds have placed the $1.8 trillion private credit market under its most sustained pressure in years. For those in the adjacent world of pharmaceutical royalty financing,

Understanding the hybrid instrument between a true royalty sale and traditional debt—how it works, why it matters in the capital stack, and what the Royalty Pharma–Zymeworks deal reveals about the market's evolution.

Understanding the mechanics of trigger-based provisions in royalty monetizations and structured financings.