The CFO's Complete Guide to Pharmaceutical Royalty Financing: From Preclinical to Commercial
A stage-by-stage decision framework for evaluating synthetic royalties, royalty monetization, and alternatives in the $29 billion royalty financing market
Pharmaceutical
The Annuity Trap: Valuing Gene Therapy Royalties When Cash Flows Are Conditional
How outcome-based payment models are forcing royalty investors to rethink fundamental valuation assumptions—and what the early data reveals
High-cost
The Weekly Term Sheet (48)
Biotech Transactions: November 23-29, 2025
GE HealthCare's $2.3 billion acquisition of Intelerad dominated a shortened Thanksgiving week
China's clinical trial paradox: massive volume growth masks declining quality and FDA skepticism
Despite a 73% collapse in venture funding from $15.7B (2021) to $4.2B (2024), China's clinical trial
Fund of the week: RA Capital Management
RA Capital Management, the $12.6 billion biotech-focused investment firm founded in 2001, has aggressively expanded beyond its equity roots
Company of the week: Hanmi Pharm (South Korea)
Company Overview
Hanmi Pharm Co. is one of South Korea's leading pharmaceutical companies, distinguished by its heavy investment
Japan's Biotech and Pharma Industry in 2025: Market Overview and Key Players
Introduction: A New Era for Japanese Pharmaceutical Innovation
Japan's pharmaceutical landscape is undergoing a profound transformation. No longer
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
