The Vintage Year Problem in Royalty Funds: Why 2021 Burned Brightest
Understanding how the biotech funding boom, near-zero interest rates, and inflated entry multiples combined to create a generation of challenged pharma royalty portfolios — and whether 2022, 2023, and 2024 vintages face the same fate.
What Happens to Royalties When a Drug Gets a Label Expansion
Understanding the contractual mechanics, valuation dynamics, and investor risk when a drug's approved indications grow after the deal is signed.
The Weekly Term Sheet (2026-W12)
The week of March 15-21, 2026, marked a notable tempo change in the global life sciences deal landscape. After a
Skinny Label Infringement: When Carve-Outs Fail and Royalty Streams Bleed
The "skinny label" is a regulatory permission slip to seek approval for fewer than all conditions of use
Company of the week: Asahi Kasei
Company Overview and Corporate Structure
Asahi Kasei Corporation (TSE: 3407, OTC: AHKSY) is a Japanese multinational conglomerate founded in May
Fund of the week: HealthCap IX
Overview and Investment Focus
HealthCap is not a generalist European venture capital firm — it is one of the oldest, most
Step-up Provisions in Pharmaceutical Royalty Financings
When Savara sold a royalty on MOLBREEVI to RTW funds in late 2025, the deal included a clause that most
The Overriding Royalty Interest in Pharmaceutical Royalty Financing
The overriding royalty interest has been a standard instrument in oil and gas financing for over a century. It has
Royalties on Antibody-Drug Conjugates: The Linker-Payload Patent Problem and Who Owns the Royalty When Three Parties Each Contributed a Component
The antibody-drug conjugate has a structural feature that makes it uniquely problematic from an intellectual property standpoint: it is, by
The Weekly Term Sheet (2026-W11)
The second week of March 2026 represented a defining period for the global life sciences sector, as the industry transitioned
