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—

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.

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.

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.

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 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

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.

How the EU's December 2025 reforms aim to transform Europe into a biotech powerhouse while keeping medicines affordable—and why success is far from guaranteed

Baker Brothers Advisors stands as arguably the most successful biotech-focused hedge fund in history, having generated an estimated $8 billion windfall from a single 20-year investment in Seagen while building concentrated positions across some of the sector's most consequential drug developers. Founded in 2000 by brothers

Executive Summary Amicus Therapeutics (NASDAQ: FOLD) has transformed from a venture-backed rare disease startup into a profitable commercial-stage company with $528 million in 2024 revenue, two marketed products for lysosomal storage disorders, and a patent settlement securing Galafold exclusivity through January 2037. The company achieved its first GAAP-