Stalking Horse Sales and Pharmaceutical Royalties: A Complete Guide
In restructuring parlance, a stalking horse bid is an initial binding offer on a bankrupt debtor's assets, made by a chosen buyer, that sets the floor price for an auction.
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The Silicon Arms Race Transforming Drug Discovery: Hardware, Pricing, and Total Cost of Ownership
The pharmaceutical industry's computational infrastructure is undergoing its most dramatic transformation in decades. NVIDIA's Blackwell architecture, AMD's MI355X, Google's TPU v7 Ironwood, and AWS Trainium3 have all entered production in 2025, while cloud rental rates have collapsed 64–75% from 2024 peaks.
The Weekly Term Sheet (52)
The final full week of 2025 delivered over $10.5 billion in biotech and pharma transactions despite the holiday lull.
When Pharmaceutical Promises May Become Tradable Assets: CVRs, Royalties, and the Market for Contingent Drug Payments
The pharmaceutical industry runs on promises. Drug companies promise to pay royalties when products succeed. Acquirers promise additional payments if clinical trials reach their endpoints. Academic institutions license their discoveries in exchange for future revenue streams they may never see. These promises—contingent value rights, milestone payments, and royalty interests—
The Great Biotech Cash Arbitrage: Anatomy of a Sector in Distress
A record 161 biotechnology companies traded at negative enterprise value in mid-2025, representing over $5 billion in trapped capital where shareholders hold claims on cash that market prices say is worth less than nothing.
The Twelve Deals of Christmas
Biotech's 2025 was a year of contradictions. Venture funding collapsed to 2012 levels while the XBI climbed 37%. Startup formation cratered 70% while Big Pharma wrote $20+ billion in M&A checks.
Biotech's Holiday Wishlist for 2026
Tongue-in-cheek wishes for the biotech industry – from faster trials to friendlier FDA letters – that would make the new year a little brighter for all.
Decoupling Dilemmas: China Biotech's Global Balancing Act
East meets West in the lab and the marketplace – how China's evolving biotech sector is navigating US tensions, domestic pressures, and forging a new path forward into 2026.
Zymeworks' Royalty-Driven Pivot: From Canadian Biotech Aspirant to Hybrid Royalty Aggregator
Zymeworks Inc. (NASDAQ/TSX: ZYME) has formally abandoned its ambition to become "Canada's first Big Pharma" in favor of a royalty-driven business model that combines partnership economics with selective internal R&D. The November 2025 strategic pivot, catalyzed by positive Phase 3 data for its
The Weekly Term Sheet (51)
The week of December 15–20, 2025 saw substantial deal flow as companies moved to close transactions before year-end. Total announced deal value exceeded $15 billion across M&A, licensing, royalty acquisitions, and private financings.