When ADC Therapeutics filed an 8-K on February 23, 2026, the headline was the dramatic reduction of its change-of-control payment to HealthCare Royalty from $750 million to as little as $150 million. Buried in the exhibits was a detail that tells you far more about where royalty

When the IRS informed Amgen in 2021 that it owed $10.7 billion in back taxes and penalties—the largest transfer pricing dispute in pharmaceutical history—the agency was not merely quibbling over accounting methodology. It was challenging the fundamental architecture through which one of the world's largest

Biosimilar companies are capital-intensive, margin-constrained, and acutely exposed to competitive timing risk. They spend $100 million to $250 million developing a product that must launch into a market where pricing power erodes with every subsequent entrant. Their revenues are structurally declining from day one. And yet, a growing

The week of February 15–21, 2026 recorded approximately $16.5 billion in aggregate announced transaction value across 35+ discrete events.

When Agios Pharmaceuticals sold its vorasidenib royalty to Royalty Pharma for $905m in 2024, a single buyer wrote the entire cheque. There were no co-investors, no club structure and no syndicate desk. In leveraged finance, a transaction of that scale would almost certainly require multiple lenders. In biopharma royalty

Iambic Therapeutics is a San Diego-based clinical-stage biotechnology company using physics-informed artificial intelligence to discover and develop novel small-molecule drugs, primarily in oncology.

How the National Kidney Foundation is betting venture philanthropy can transform kidney care — and what could go wrong.

Step-in rights are contractual provisions allowing one party to assume operational control when the counterparty fails to perform. In pharmaceutical transactions—where development timelines span decades and a single molecule can absorb billions in capital—these clauses function as structural safeguards against asset neglect, technology dormancy, and value destruction

How the analytical tools of pharmaceutical royalty finance — risk-adjusted NPV, probability weighting, decay curves, and defensibility analysis — translate directly to pricing healthcare data assets. And why the market may be mispricing them right now.

A court ruling in New York has settled a question that most executives never thought to ask. The answer should worry anyone who has ever pasted something sensitive into Claude or ChatGPT.