The Co-Funding Royalty: Phase III Co-Investment, Synthetic Revenue Interests, and How BD Teams Position the Hybrid Proposal
Somewhere between a licence, a loan, and an equity investment β but structurally none of these β 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.