Fund of the week: NKF Innovation Fund
How the National Kidney Foundation is betting venture philanthropy can transform kidney care — and what could go wrong.
Sebastian Gensior
Step-In Rights in Pharmaceutical Licensing and Royalty Transactions
Step-in rights are contractual provisions allowing one party to assume operational control when the counterparty fails to perform. In pharmaceutical transactions—where development timelines span decades and a single molecule can absorb billions in capital—these clauses function as structural safeguards against asset neglect, technology dormancy, and value destruction
Valuing Data the Way Wall Street Values Drug Royalties
How the analytical tools of pharmaceutical royalty finance — risk-adjusted NPV, probability weighting, decay curves, and defensibility analysis — translate directly to pricing healthcare data assets. And why the market may be mispricing them right now.
Anything You Say to a Chatbot May Be Used Against You
A court ruling in New York has settled a question that most executives never thought to ask. The answer should worry anyone who has ever pasted something sensitive into Claude or ChatGPT.
The Weekly Term Sheet (2026-W07)
Biotech and Healthcare Transactions: Week of February 8–14, 2026
The week of February 8–14, 2026 recorded over $25 billion in announced and completed biotech and healthcare transaction value, headlined by Eli Lilly's back-to-back deals totaling more than $10.8 billion in potential value. Lilly&
Royalties That Wake Up: How Change-of-Control Triggers Reshape Pharma Deal Economics
When Innoviva moved to acquire La Jolla Pharmaceutical in 2022, the transaction revealed a hidden tripwire that many biotech M&A participants only discover when it's too late. Healthcare Royalty Partners, which had provided La Jolla with $125 million in exchange for tiered royalties on GIAPREZA, sent
Fund of the week: Epidarex Capital
Overview of Epidarex Capital and Strategy
Epidarex Capital is a transatlantic venture capital firm focused on early-stage life science and health technology companies in "under-ventured" research hubs across the UK and the US. Founded in 2010 and co-headquartered in Edinburgh (UK) and Bethesda, MD (USA)
Company of the week: SpyGlass Pharma
Company Overview and Technology
SpyGlass Pharma (sometimes referred to as SpyGlass Bio) is a late-stage ophthalmic biotechnology company focused on sustained drug delivery for chronic eye diseases. Its flagship innovation is the Bimatoprost Drug Implant-Intraocular Lens (BIM-IOL) System, which integrates a glaucoma medication (bimatoprost) into a standard
The Landscape of Vaccine Royalties and Royalty Financing
Vaccine royalties have matured into a distinct sub-asset class, driven by blockbuster revenues from HPV, pneumococcal, shingles, and mRNA vaccines.
AI Vendors Want Drug Royalties: Outcome-Based Licensing, IP Mechanisms, and the Case for Royalty Financing
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