Sebastian Gensior

The week of December 15–20, 2025 saw substantial deal flow as companies moved to close transactions before year-end. Total announced deal value exceeded $15 billion across M&A, licensing, royalty acquisitions, and private financings.

How the EU's December 2025 reforms aim to transform Europe into a biotech powerhouse while keeping medicines affordable—and why success is far from guaranteed

Baker Brothers Advisors stands as arguably the most successful biotech-focused hedge fund in history, having generated an estimated $8 billion windfall from a single 20-year investment in Seagen while building concentrated positions across some of the sector's most consequential drug developers. Founded in 2000 by brothers

Executive Summary Amicus Therapeutics (NASDAQ: FOLD) has transformed from a venture-backed rare disease startup into a profitable commercial-stage company with $528 million in 2024 revenue, two marketed products for lysosomal storage disorders, and a patent settlement securing Galafold exclusivity through January 2037. The company achieved its first GAAP-

As 2025 draws to a close, three major oncology conferences delivered substantial clinical trial data that will inform treatment decisions throughout 2026. The American Society of Hematology Annual Meeting (December 6-9, Orlando), San Antonio Breast Cancer Symposium (December 9-12), and ESMO Immuno-Oncology Congress (December 10-12, London)

The veterinary pharmaceutical sector generated an estimated $650 million to $975 million in annual royalty flows in 2024, representing approximately 1-1.5% of the global $65 billion animal health market. Between 2023 and December 2025, the animal health industry executed numerous royalty-bearing deals and partnerships as companies sought

The question of where to take a biotech company public has never carried higher stakes. In 2025, the transatlantic divide in biotech capital markets has widened dramatically: Nasdaq captured 98% of global biotech IPO capital through early December, while all European exchanges combined produced just one pure-play biotech listing.

The week of December 8-13, 2025 delivered extraordinary capital formation across biopharma, with $3.2 billion in follow-on offerings sold in a single 24-hour period on December 10—the largest such day in biotech history. Ligand Pharmaceuticals unveiled an ambitious five-year roadmap projecting 23% royalty CAGR

Biotech deal announcements routinely trumpet eye-catching "biobucks" figures—billions promised in future milestone payments if all goes well. Yet few of those contingent dollars ever materialize. Between 2023 and 2025, the industry saw a striking gap between milestones announced and milestones achieved, as most clinical and regulatory

A Dallas-based specialty lender approaches a pivotal moment as it prepares to merge with Runway Growth Finance, marking the end of an era for one of healthcare credit's most specialized players.