We held our first royalty-financing event in London during the Jefferies Healthcare Conference, a meeting better known for quick negotiations than for slow examinations of cash-flow structures. The contrast worked. While the main conference discussed valuation cycles, clinical inflection points and the temperament of public markets, our session attracted people

Introduction The pharmaceutical royalty market has become increasingly sophisticated, with specialized funds and institutional investors acquiring rights to future royalty streams from universities, biotech companies, and research institutions across borders. When a U.S.-based buyer acquires royalty rights from sellers in Europe—particularly in the United Kingdom, Germany, France,

The biotech liquidation market showed signs of maturation during September-November 2025, with established players pausing acquisition activity while market distress indicators reached unprecedented levels. Tang Capital's Concentra Biosciences completed no new deals after a frenetic July-August period that saw three major acquisitions totaling over $500 million close. Meanwhile,

A new financing model proposes to bridge biotech's "valley of death" by combining adaptive platform trials with royalty payments. The math looks compelling on paper—28% returns for investors, faster drug development for patients. But can it actually work? The Innovation That Caught My Eye When

The biotech sector experienced one of its most intense dealmaking periods of 2025 during November 10-15, with over $25 billion in total transaction value across M&A, licensing, and venture financing. Eli Lilly emerged as the week's most aggressive dealmaker with three partnerships totaling $3.2 billion

Introduction: Raising Capital for Defense In the biotech industry's recent downturn, many companies have faced plummeting valuations – over 220 Nasdaq-listed biotechs traded below their net cash by late 2023. Desperate to fund R&D without diluting shareholders at rock-bottom prices, these firms increasingly turned to royalty financing

Executive Summary Royalty Pharma (Nasdaq: RPRX) represents a paradox in modern pharmaceutical finance: a company that has simultaneously constructed formidable competitive moats while facing structural vulnerabilities that mainstream analysis consistently underestimates. The firm commands approximately 50% market share in biopharma royalty funding since 2020—roughly four times its nearest competitor—

With a name like Braveheart, this San Francisco-based biotech is showing plenty of heart (and courage) as it launches into the cardiovascular arena. In fact, the company just emerged in November 2025 with a formidable $185 million Series A war chest to tackle hypertrophic cardiomyopathy (HCM). (No word on whether

A New Axis of Royalty Flows China's biotech industry has become an increasingly vital node in global pharmaceutical value chains. Chinese-origin drugs are now out-licensed globally at scale, while Western firms aggressively seek to penetrate China's market via regional deals. These relationships generate complex, multi-jurisdictional royalty

A scientist in a university lab toils over a breakthrough therapy. Years later, that discovery becomes a best-selling drug, delivering a steady stream of royalty income to the university. Once regarded simply as a happy windfall, these royalty streams are now treated as strategic financial assets. Universities across the United