Sebastian Gensior

The Pension Fund Challenge—And Why Royalties Address It Defined benefit pension plans face a structural dilemma: actuarial assumptions of 6-7% annual returns must be met against a backdrop of compressed fixed income yields and elevated equity valuations. Traditional 60/40 portfolios no longer generate sufficient risk-adjusted returns

What Are Indication-Specific Royalties? Indication-specific royalties are royalty financing or licensing arrangements where payments are tied only to sales of a product in a particular indication (i.e. a specific therapeutic use or medical condition). In other words, if a drug or device is approved for multiple uses,

The third week of January, recorded over $10 billion in confirmed and potential transaction value across 30+ biotech, pharmaceutical, and healthcare deals globally. GSK's $2.2 billion acquisition of RAPT Therapeutics headlined M&A activity, while Shionogi's $2.125 billion investment to double its ViiV

The pharmaceutical royalty market has deployed over $29 billion since 2020 into patent-protected assets—yet systematically ignores a parallel universe of monetizable cash flows worth multiples of that amount. Established consumer health brands, branded generics, mature biologics facing biosimilar competition, and the biosimilar portfolios themselves generate tens of billions

BCM Europe AG occupies an unusual position in the pharmaceutical financing landscape. The Zug-based investment company has quietly assembled control over a NASDAQ-listed holding company, acquired a clinical-stage immuno-oncology platform, and is now attempting to execute an $845 million licensing transaction that would pay half its

Biotechnology startups often promise to "drug the undruggable," but few have embraced that challenge as boldly as Proxima Biosciences.

Patent expiration is the single largest value driver in pharmaceutical royalty valuation, yet most market participants use oversimplified assumptions. Rigorous Loss of Exclusivity (LOE) modeling requires understanding patent term calculations, extension mechanisms, and realistic post-LOE erosion curves—knowledge that separates sophisticated royalty investors from those who leave money on

The GTN Landscape: A $356 Billion Problem Enters a New Era "Gross-to-net" (GTN) refers to the difference between a drug's list price—often the Wholesale Acquisition Cost (WAC)—and the net revenue the manufacturer actually realizes after all discounts, rebates, and fees. In today&

In Silico Medical Device Regulation Reaches Global Inflection Point The regulatory landscape for computational modeling in medical device development has undergone significant transformation as of January 2026. The FDA's November 2023 credibility framework remains the global gold standard, but the European Commission's December 2025 MDR simplification

The second week of 2026—dominated by the 44th Annual J.P. Morgan Healthcare Conference in San Francisco—delivered over $12 billion in announced transaction value despite the conspicuous absence of any transformational M&A