Sebastian Gensior

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.

The week of February 22–26, 2026 recorded approximately $16.0 billion in announced and completed biotech and healthcare transaction value, headlined by Gilead Sciences' $7.8 billion definitive agreement to acquire Arcellx, GSK's $950 million acquisition of 35Pharma, and Asahi Kasei's €780 million (~$920

When Immunic filed its 8-K on February 13, 2026, the headline was a $200 million private placement led by BVF Partners to fund the company's Phase 3 ENSURE trials in relapsing multiple sclerosis. Buried alongside it was a transaction that inverts the entire structural logic I described

Company of the week: Suzhou Ribo Life Science Company Overview and Technology Suzhou Ribo Life Science (Ribo, HKEX: 06938) is a clinical-stage Chinese biotechnology company focused on nucleic acid therapeutics (siRNA and related oligonucleotides). Founded in 2007 by Chinese and Swedish scientists, Ribo operates an integrated R&D