Sebastian Gensior

Overview and Investment Focus AN Venture Partners (ANV) is not a conventional venture capital firm. It is a Tokyo and San Francisco-based fund built on a specific structural thesis: that Japan's academic biotech ecosystem is deeply underserved by institutional capital, and that bridging Japanese science to the U.

When COVID-19 spread across the global economy in early 2020, lawyers across every sector reached for the same clause in their contracts: force majeure. In pharmaceutical licensing, supply, and manufacturing agreements, the consequences were immediate and visible. In pharmaceutical royalty agreements, something subtler and more instructive happened. Almost nothing changed

When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring, one question surfaces faster than almost any other: can this agreement be transferred, and if so, how? The answer turns on a distinction that is elementary in contract law but

When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent's neladalkib and zidesamtinib from "an undisclosed third party" for up to $315 million, most readers focused on the therapeutic thesis. The more interesting detail was the four

W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced a $2.175 billion acquisition of Ouro Medicines—adding a clinical-stage BCMAxCD3 T-cell engager with an intricate Galapagos co-development structure including 20-23% royalties on global net sales—while Sanofi simultaneously

When ADC Therapeutics filed its February 2026 8-K amending its royalty agreement with HealthCare Royalty, the headline focused on the dramatic reduction of its change-of-control payment. Buried in the same filing was a contractual detail that answers a question the royalty financing industry rarely discusses directly: what happens when the

Overview and Investment Focus Novo Holdings is not a typical corporate venture capital fund. It is the wholly owned holding and investment company of the Novo Nordisk Foundation — one of the largest philanthropic foundations in the world — and functions simultaneously as a controlling industrial shareholder, a multi-stage life science investor,

When Fujifilm Diosynth Biotechnologies signed a 10-year, $3 billion manufacturing agreement with Regeneron in April 2025, the deal was widely reported as a milestone in U.S. biologics reshoring. What received considerably less attention was its structural significance for the pharmaceutical royalty market: for the first time at that scale,

Understanding how the biotech funding boom, near-zero interest rates, and inflated entry multiples combined to create a generation of challenged pharma royalty portfolios — and whether 2022, 2023, and 2024 vintages face the same fate.