Pharma AI Data Pools: Promise and Pitfalls
Introduction
Bristol Myers Squibb (BMS) and Takeda have recently joined forces with several peers in an ambitious data-sharing venture to
Pharmaceutical Royalties as Securities: A Global Regulatory Assessment
Executive Overview
Pharmaceutical royalties occupy a complex regulatory landscape where classification depends fundamentally on structure rather than asset type. As
The Weekly Term Sheet (40)
Complete Biotech Deals Report: September 29-October 5, 2025
Executive Summary
The week of September 29-October 5, 2025, witnessed 19 distinct
Intellectual Property-Backed Financing: Global Developments and Regional Realities
Introduction: The Promise of Invisible Assets
In the modern economy, the most valuable assets often cannot be seen or touched.
Fund of the week: Ligand Pharmaceuticals
Investment Thesis and Business Strategy
Ligand Pharmaceuticals operates a "royalty aggregation" business model, building a diversified portfolio of
Company of the week: Kumquat Biosciences - A Fruitful Endeavor in Oncology Innovation
Congratulations to Kumquat Biosciences on its brilliant naming -- the kumquat is indeed a great fruit, known for its sweet-tart
Contingent Value Rights in Biotech M&A: A Quantitative Analysis of Market Evolution and Valuation Dynamics
Executive Summary: CVR deployment reaches $35 billion across Q1-Q3 2025 transactions
Contingent Value Rights (CVRs) have become integral to biotech
The Refinancing Landscape for Biopharma Royalty Funds
In a high-interest-rate environment (U.S. Fed Funds ~5.25–5.50% in 2024), traditional biotech funding has pulled back
Patentability of AI-Discovered Medicines: Navigating Legal Frameworks and Clinical Progress
The AI drug discovery sector achieved its first major clinical validation in 2025 with Insilico Medicine's rentosertib becoming
The Weekly Term Sheet (39)
Biotech dealmaking surged this week, from Pfizer’s $7.3 billion obesity acquisition to a run of licensing, royalty financings,
