Sebastian Gensior

Somewhere between a licence, a loan, and an equity investment — but structurally none of these — sits a transaction type that has quietly become one of the most consequential instruments in late-stage pharmaceutical finance. No IP changes hands. No fixed coupon is owed. No shares are issued, no board seats granted.

Pure medical device royalty monetization remains a small segment of the life sciences non-dilutive capital market. Of Gibson Dunn's reported $6.5 billion in aggregate 2025 royalty financing, the device share is statistically rounding error — and Q1 2026 continued the pattern. Three transactions closed in January 2026 that

Notes from the 7th Norwegian Life Science Investor Partnering Day on what Norway has, what is missing, and how a Norwegian pharmaceutical royalty fund could actually be put together.

W16 opened with Friday holdovers and closed with a Friday evening headlined by UCB's up to $1.15 billion acquisition of Neurona Therapeutics ($650M upfront + $500M in milestones), the first major regenerative cell therapy M&A of 2026 and UCB's structural entry into cell-based disease-modifying

When Royalty Pharma filed its S-1 prospectus ahead of its 2020 IPO, the organizational chart told a story that no amount of financial modeling could fully capture. At the top sat Royalty Pharma plc, an English public limited company incorporated under the laws of England and Wales. Beneath it, Royalty

Opus Genetics is a Research Triangle Park, North Carolina-based clinical-stage biopharmaceutical company developing gene therapies for inherited retinal diseases (IRDs). The company trades on the Nasdaq under the ticker IRD and, as of April 14, 2026, carries a market capitalisation of approximately $396 million at a share price of $5.

Fund Snapshot Firm Jeito Capital Fund I Jeito I, €534M ($630M), final close September 2021 Fund II Jeito II, >€1B ($1.2B), final close March 31, 2026 Total AUM €1.6B (~$1.9B) Target Portfolio Fund I: 12--15 companies (actual: ~22); Fund II: 15--20 companies Max Single Commitment Up

Understanding the instrument that sits behind every major royalty fund's capital structure and every commercial-stage biotech's liquidity toolkit — how revolvers work, why they matter, and how they interact with royalty financing transactions.

When two pharmaceutical companies or a biotech and a royalty fund negotiate a royalty agreement, the headline debate is almost always about the rate. A licensor argues for 8%. The licensee counters with 5%. They settle at 6.5%, and everyone calls it a done deal. That conversation is the

The conversation about emerging markets in pharmaceutical royalties runs a predictable circuit. China dominates the headlines, Korea is gaining ground, Japan is attracting renewed institutional attention following the analysis in our recent piece on the Japanese market, and Europe — from Basel to Berlin — has been reliably generating mid-market transactions for