Stacking Royalty Financings: Priority Waterfalls, Leakage Risks, and Synthetic Seniority
Royalty financings in pharma and biotech are increasingly "stacked" – multiple monetizations and debt facilities layered on identical royalty
Fund of the week: Droia Ventures
Executive Summary
Droia Ventures is a Belgium-based venture capital firm that has established itself as one of Europe's
DISCO Pharmaceuticals: Grooving Through the Cancer Surfaceome
No, they're not selling disco balls—but DISCO Pharmaceuticals certainly knows how to shine in biotech. The company
Repayment Caps in Pharmaceutical Royalty Transactions: A Definitive Reference Guide
Repayment caps have emerged as the defining structural element of synthetic royalty transactions, appearing in 72% of deals from 2019–
University Technology Transfer: How the US and Europe Compete for Pharmaceutical Royalties
The commercialization of academic research has become one of the most consequential—yet least understood—dynamics in global pharmaceutical markets.
Why European Capital Hasn't Captured Pharmaceutical Royalty Streams
European biopharma companies frequently monetize their U.S. royalty streams by selling them to American investors. In theory, these royalty financing rights could be sold to European investment funds — yet in practice this remains uncommon.
The Weekly Term Sheet (2026-W02)
The first full week of 2026 delivered an unusually dense news cycle. Billion-dollar acquisitions, major licensing partnerships, the year's first biotech IPO, and the FDA's sweeping deregulation of wellness AI at CES 2026 combined to produce one of the more new dense weeks.
CES 2026 Digital Health: The Complete Intelligence Report
A comprehensive analysis of AI-powered healthcare innovations, regulatory shifts, strategic partnerships, and emerging technologies reshaping medicine and wellness
Fund of the week: Canada Pension Plan Investment Board (CPPIB)
CPP Investments has deployed over $4 billion in life sciences since 2017—from Keytruda royalties to BridgeBio synthetics to biotech venture. How Canada's largest pension fund built a pharma powerhouse through patient capital and creative deal structures.
Company of the week: Gan & Lee Pharmaceuticals
Introduction and Company Overview
Founded in 1998, Gan & Lee Pharmaceuticals (SHSE: 603087) is a Chinese biopharma company specializing in