Both are quoted as a percentage of net sales. That shared unit is the entire source of the confusion, and untangling it is the point of this explainer.

METiS TechBio Co., Ltd. is a Hong Kong-listed Chinese tech-bio company applying AI-driven nanomaterial design to drug formulation and delivery, with R&D centres in Beijing, Hangzhou and Cambridge, Massachusetts. Discovery and formulation are conducted on a proprietary platform branded NanoForge, with three application layers (AiTEM for small-molecule formulation,

What is Water Street Healthcare Partners? Water Street Healthcare Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. It was founded in 2005 by Tim Dugan alongside Jim Connelly, the former president and chief operating officer of Caremark International, and Kip Kirkpatrick. All three had previously

The fulcrum security is the most senior class in a debtor's capital structure that does not recover in full under a plan of reorganization. Classes above it are paid in cash, reinstated, or cashed out at par.

A record year of volume, a buying side crowded with new capital, a wave of assets coming out of China, and a consolidating set of aggregators. Where the royalty market actually stands in May 2026, and where it is heading.

Anti-pledge provisions are the most underestimated structural friction in pharmaceutical royalty finance. They sit in the assignment, encumbrance, or change-of-control clauses of nearly every modern license agreement, framed in one or two lines of dense contractual prose: "Neither party may assign this Agreement or any rights hereunder without the

W21 at a glance Window (Sun May 17 – Fri May 22): ~$0.86B in disclosed near-term cash, committed equity, and debt; up to ~$2.98B in contingent milestones, CVRs, and warrant-exercise proceeds separately; plus a €10.7B specialty-pharma take-private and a ~$21B-AUM manager combination, both one layer up the stack.

Best-efforts placements are the most procedurally important and economically misunderstood capital-raising structure in modern royalty finance. They sit on the cover page of almost every micro-cap and small-cap biotech offering memorandum since 2023, framed in three lines of stock language: "the placement agent shall serve as the exclusive placement

BioCryst Pharmaceuticals (Nasdaq: BCRX) is a Research Triangle Park, North Carolina-based commercial-stage rare disease biotechnology company anchored by ORLADEYO (berotralstat), the first oral, once-daily plasma kallikrein inhibitor approved for the prophylaxis of hereditary angioedema (HAE).