Overview and Investment Focus Catalio Capital Management is not a traditional venture capital firm — it is a scientist-entrepreneur network turned multi-strategy investment platform. Founded in 2020 by George Petrocheilos and Dr. R. Jacob Vogelstein, and spun out of Camden Partners Holdings, the New York-based firm has built what may be

Pharmaceutical licensing agreements are complex instruments designed to allocate risk between parties with fundamentally different positions. The licensor—often a biotech startup or university—has developed valuable intellectual property but may lack commercial capabilities. The licensee—typically a larger pharmaceutical company—has the infrastructure to commercialize but faces uncertainty about

When Editas Medicine sold its future Cas9 licence fees to a DRI Healthcare subsidiary for $57 million upfront, the transaction crystallised something that pharmaceutical royalty practitioners have long understood but rarely said out loud: reach-through royalties are not "royalties on the tool." They are engineered downstream participation — a

The hybrid instrument that sits at the intersection of debt, royalty, and equity — how it functions, why it is gaining traction, and what CFOs and investors need to understand about its structural mechanics.

W14 (March 29–April 5, 2026) opened with the formal announcement of the week's headline deal: Eli Lilly's $2.75 billion global R&D collaboration with Insilico Medicine, upgrading the FT-previewed $2 billion GLP-1 license reported in W13 into a broader, multi-target AI drug discovery

When Blackstone closed a $1.47 billion asset-backed securitisation backed by royalties from 45,000 songs in November 2024, 25 institutional investors participated in a single rated issuance structured by MUFG, with Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko as joint bookrunners. The notes were rated A- by

Alteogen Inc. (KOSDAQ: 196170) is a South Korean biopharmaceutical platform company founded in 2008 and headquartered in Daejeon. It operates across three distinct lines of business: subcutaneous drug delivery technology licensing under the Hybrozyme™ platform, next-generation biologic drug development using the NexP™ and NexMab™ platforms, and biosimilar commercialisation via its

Overview and Investment Focus AN Venture Partners (ANV) is not a conventional venture capital firm. It is a Tokyo and San Francisco-based fund built on a specific structural thesis: that Japan's academic biotech ecosystem is deeply underserved by institutional capital, and that bridging Japanese science to the U.

When COVID-19 spread across the global economy in early 2020, lawyers across every sector reached for the same clause in their contracts: force majeure. In pharmaceutical licensing, supply, and manufacturing agreements, the consequences were immediate and visible. In pharmaceutical royalty agreements, something subtler and more instructive happened. Almost nothing changed

When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring, one question surfaces faster than almost any other: can this agreement be transferred, and if so, how? The answer turns on a distinction that is elementary in contract law but