When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent's neladalkib and zidesamtinib from "an undisclosed third party" for up to $315 million, most readers focused on the therapeutic thesis. The more interesting detail was the four

W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced a $2.175 billion acquisition of Ouro Medicines—adding a clinical-stage BCMAxCD3 T-cell engager with an intricate Galapagos co-development structure including 20-23% royalties on global net sales—while Sanofi simultaneously

When ADC Therapeutics filed its February 2026 8-K amending its royalty agreement with HealthCare Royalty, the headline focused on the dramatic reduction of its change-of-control payment. Buried in the same filing was a contractual detail that answers a question the royalty financing industry rarely discusses directly: what happens when the

Overview and Investment Focus Novo Holdings is not a typical corporate venture capital fund. It is the wholly owned holding and investment company of the Novo Nordisk Foundation — one of the largest philanthropic foundations in the world — and functions simultaneously as a controlling industrial shareholder, a multi-stage life science investor,

When Fujifilm Diosynth Biotechnologies signed a 10-year, $3 billion manufacturing agreement with Regeneron in April 2025, the deal was widely reported as a milestone in U.S. biologics reshoring. What received considerably less attention was its structural significance for the pharmaceutical royalty market: for the first time at that scale,

Understanding how the biotech funding boom, near-zero interest rates, and inflated entry multiples combined to create a generation of challenged pharma royalty portfolios — and whether 2022, 2023, and 2024 vintages face the same fate.

Understanding the contractual mechanics, valuation dynamics, and investor risk when a drug's approved indications grow after the deal is signed.

The week of March 15-21, 2026, marked a notable tempo change in the global life sciences deal landscape. After a blistering W11 that saw over $3.8 billion in new capital raised across biotech equity and convertible offerings, the opening days of W12 were dominated not by headline-grabbing M&

The "skinny label" is a regulatory permission slip to seek approval for fewer than all conditions of use of a reference product. In theory, it enables clean market segmentation: a generic enters for off-patent indications while the innovator's second medical use patent remains commercially intact. In