When Immunic filed its 8-K on February 13, 2026, the headline was a $200 million private placement led by BVF Partners to fund the company's Phase 3 ENSURE trials in relapsing multiple sclerosis. Buried alongside it was a transaction that inverts the entire structural logic I described in

Company of the week: Suzhou Ribo Life Science Company Overview and Technology Suzhou Ribo Life Science (Ribo, HKEX: 06938) is a clinical-stage Chinese biotechnology company focused on nucleic acid therapeutics (siRNA and related oligonucleotides). Founded in 2007 by Chinese and Swedish scientists, Ribo operates an integrated R&D and

Overview and Investment Focus Flagship Pioneering is not a venture capital firm in the traditional sense — it is a venture creation company. Founded in 1999 by Noubar Afeyan in Cambridge, Massachusetts, Flagship has originated more than 100 scientific ventures, generated over $60 billion in aggregate enterprise value, and produced the

When ADC Therapeutics filed an 8-K on February 23, 2026, the headline was the dramatic reduction of its change-of-control payment to HealthCare Royalty from $750 million to as little as $150 million. Buried in the exhibits was a detail that tells you far more about where royalty financing is headed:

When the IRS informed Amgen in 2021 that it owed $10.7 billion in back taxes and penalties—the largest transfer pricing dispute in pharmaceutical history—the agency was not merely quibbling over accounting methodology. It was challenging the fundamental architecture through which one of the world's largest

Biosimilar companies are capital-intensive, margin-constrained, and acutely exposed to competitive timing risk. They spend $100 million to $250 million developing a product that must launch into a market where pricing power erodes with every subsequent entrant. Their revenues are structurally declining from day one. And yet, a growing number of

The week of February 15–21, 2026 recorded approximately $16.5 billion in aggregate announced transaction value across 35+ discrete events.

When Agios Pharmaceuticals sold its vorasidenib royalty to Royalty Pharma for $905m in 2024, a single buyer wrote the entire cheque. There were no co-investors, no club structure and no syndicate desk. In leveraged finance, a transaction of that scale would almost certainly require multiple lenders. In biopharma royalty financing,

Iambic Therapeutics is a San Diego-based clinical-stage biotechnology company using physics-informed artificial intelligence to discover and develop novel small-molecule drugs, primarily in oncology.

How the National Kidney Foundation is betting venture philanthropy can transform kidney care — and what could go wrong.