Terray Therapeutics has assembled what may be the largest proprietary chemistry dataset in drug discovery—13+ billion target-molecule binding measurements, growing at 1 billion per quarter. The Los Angeles-based company has raised over $200 million.

The Volume Trap: Why Diagnostic Royalties Don't Compound Royalty financing has become a cornerstone of life sciences capital

Biotech ETFs surge in 2025 as sector emerges from nuclear funding winter. XBI +37%, ARKG +43%, IBB +30%—all crushing the S&P 500. Big Pharma's $176B patent cliff drives M&A frenzy with 100%+ premiums. Fund flows turn positive for first time since 2021. Is the biotech winter finally over?

Royalty financing can be structured as a “true sale” (outright transfer) or a secured loan backed by royalties. True sales often reduce bankruptcy risk and can bring legal/financial advantages; loan-like structures may leave the buyer exposed if the seller faces distress.

The week's transactions tell a clear story: China-origin assets now command 32% of global licensing deal value, up

Biotech valuation hinges on a small number of binary clinical events. A Phase 3 readout. An FDA approval letter. A

In my November 25 post, I discussed "Royalties as a Credit Derivative," exploring how creative financing can extend

Dayra Therapeutics is a Toronto-based biotech company developing oral macrocyclic peptide drugs for immunological diseases. The company launched in November

The pharmaceutical royalty market has grown at a 45% CAGR since 2018, reaching over $6 billion in annual transaction volume—

A stage-by-stage decision framework for evaluating synthetic royalties, royalty monetization, and alternatives in the $29 billion royalty financing market Pharmaceutical