Step-in rights are contractual provisions allowing one party to assume operational control when the counterparty fails to perform. In pharmaceutical transactions—where development timelines span decades and a single molecule can absorb billions in capital—these clauses function as structural safeguards against asset neglect, technology dormancy, and value destruction across

How the analytical tools of pharmaceutical royalty finance — risk-adjusted NPV, probability weighting, decay curves, and defensibility analysis — translate directly to pricing healthcare data assets. And why the market may be mispricing them right now.

A court ruling in New York has settled a question that most executives never thought to ask. The answer should worry anyone who has ever pasted something sensitive into Claude or ChatGPT.

Biotech and Healthcare Transactions: Week of February 8–14, 2026 The week of February 8–14, 2026 recorded over $25 billion in announced and completed biotech and healthcare transaction value, headlined by Eli Lilly's back-to-back deals totaling more than $10.8 billion in potential value. Lilly's

When Innoviva moved to acquire La Jolla Pharmaceutical in 2022, the transaction revealed a hidden tripwire that many biotech M&A participants only discover when it's too late. Healthcare Royalty Partners, which had provided La Jolla with $125 million in exchange for tiered royalties on GIAPREZA, sent

Overview of Epidarex Capital and Strategy Epidarex Capital is a transatlantic venture capital firm focused on early-stage life science and health technology companies in "under-ventured" research hubs across the UK and the US. Founded in 2010 and co-headquartered in Edinburgh (UK) and Bethesda, MD (USA), Epidarex's

Company Overview and Technology SpyGlass Pharma (sometimes referred to as SpyGlass Bio) is a late-stage ophthalmic biotechnology company focused on sustained drug delivery for chronic eye diseases. Its flagship innovation is the Bimatoprost Drug Implant-Intraocular Lens (BIM-IOL) System, which integrates a glaucoma medication (bimatoprost) into a standard intraocular lens used

Vaccine royalties have matured into a distinct sub-asset class, driven by blockbuster revenues from HPV, pneumococcal, shingles, and mRNA vaccines.

OpenAI has publicly floated a revenue model in which it would subsidize AI compute for drug discovery firms in exchange for royalties on any resulting products. No deals exist yet. But the proposal — better understood as outcome-based licensing than simple pricing — has surfaced structural questions that matter to anyone in

Every royalty transaction carries a map. Before the discount rate is set, before the cap structure is negotiated, before the first dollar changes hands, the most consequential question in pharmaceutical royalty financing is deceptively simple: where does the money come from?