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.
Sebastian Gensior
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
Geography of the Deal: How Territory Shapes Pharmaceutical Royalty Financing
Every royalty transaction carries a map. Before the discount rate is set, before the cap structure is negotiated, before the first dollar changes hands, the most consequential question in pharmaceutical royalty financing is deceptively simple: where does the money come from?
The Weekly Term Sheet (2026-W06)
The first week of February 2026 delivered an active transaction period. Four IPOs collectively raised $987 million — the busiest single week for biotech public offerings in roughly twelve months. Alongside the IPO burst, more than a dozen M&A transactions were announced or closed, several high-value cross-border
Joint Clinical Assessment, National HTA, and Their Integration into Royalty Financing Models in Europe
How the EU's harmonised clinical assessment framework is changing the mathematics of pharmaceutical royalty underwriting