Sebastian Gensior

When Editas Medicine sold its future Cas9 licence fees to a DRI Healthcare subsidiary for $57 million upfront, the transaction crystallised something that pharmaceutical royalty practitioners have long understood but rarely said out loud: reach-through royalties are not "royalties on the tool." They are engineered downstream participation

The hybrid instrument that sits at the intersection of debt, royalty, and equity — how it functions, why it is gaining traction, and what CFOs and investors need to understand about its structural mechanics.

W14 (March 29–April 5, 2026) opened with the formal announcement of the week's headline deal: Eli Lilly's $2.75 billion global R&D collaboration with Insilico Medicine, upgrading the FT-previewed $2 billion GLP-1 license reported in W13 into a broader, multi-target

When Blackstone closed a $1.47 billion asset-backed securitisation backed by royalties from 45,000 songs in November 2024, 25 institutional investors participated in a single rated issuance structured by MUFG, with Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko as joint bookrunners. The notes were rated A-

Alteogen Inc. (KOSDAQ: 196170) is a South Korean biopharmaceutical platform company founded in 2008 and headquartered in Daejeon. It operates across three distinct lines of business: subcutaneous drug delivery technology licensing under the Hybrozyme™ platform, next-generation biologic drug development using the NexP™ and NexMab™ platforms, and biosimilar commercialisation via

Overview and Investment Focus AN Venture Partners (ANV) is not a conventional venture capital firm. It is a Tokyo and San Francisco-based fund built on a specific structural thesis: that Japan's academic biotech ecosystem is deeply underserved by institutional capital, and that bridging Japanese science to the

When COVID-19 spread across the global economy in early 2020, lawyers across every sector reached for the same clause in their contracts: force majeure. In pharmaceutical licensing, supply, and manufacturing agreements, the consequences were immediate and visible. In pharmaceutical royalty agreements, something subtler and more instructive happened. Almost nothing

When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring, one question surfaces faster than almost any other: can this agreement be transferred, and if so, how? The answer turns on a distinction that is elementary in contract law but

When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent's neladalkib and zidesamtinib from "an undisclosed third party" for up to $315 million, most readers focused on the therapeutic thesis. The more interesting detail was the

W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced a $2.175 billion acquisition of Ouro Medicines—adding a clinical-stage BCMAxCD3 T-cell engager with an intricate Galapagos co-development structure including 20-23% royalties on