Royalties as a Credit Derivative: Modeling Default Risk in a High-Yield Environment
A synthetic royalty stream can be viewed not just as an asset purchase but as a complex credit derivative. In
The Capital Stacking Quagmire: Sequencing Royalty Deals in a Public Biotech
Introduction
In today's tough biotech funding climate, many public biotechs have resorted to creative financing combos to stay
The Weekly Term Sheet (47)
Biotech and Healthcare Transactions Report: November 17-21, 2025
Abbott's $21 billion Exact Sciences acquisition dominated a busy week
Jefferies Week London 2025 – A City Buzzing with Healthcare Deals and Innovation
London has just wrapped up the Jefferies Global Healthcare Conference 2025, now firmly established as Europe’s largest healthcare investment
Company of the week: SanegeneBio
SanegeneBio is a venture-backed biotechnology company founded in 2021, focused on developing RNA interference (RNAi) therapeutics for cardiometabolic and immunological
Royalty Finance Without the Ornament: How Charities, Lawyers and Biotech Veterans Actually Use It
We held our first royalty-financing event in London during the Jefferies Healthcare Conference, a meeting better known for quick negotiations
Cross-Border Pharmaceutical Royalty Transactions
Introduction
The pharmaceutical royalty market has become increasingly sophisticated, with specialized funds and institutional investors acquiring rights to future royalty
Biotech Liquidation Market Enters Consolidation Phase Amid Historic Sector Distress
The biotech liquidation market showed signs of maturation during September-November 2025, with established players pausing acquisition activity while market distress
The Promise and Perils of Royalty-Financed Platform Trials: Can Wall Street Finally Cure ALS?
A new financing model proposes to bridge biotech's "valley of death" by combining adaptive platform trials
The Weekly Term Sheet (46)
The biotech sector experienced one of its most intense dealmaking periods of 2025 during November 10-15, with over $25 billion
