Delos Capital is a life sciences venture capital firm headquartered in Hong Kong, with operating presence in Cambridge, Massachusetts, and Shanghai. It invests in therapeutics and medical technology companies across the United States and Greater China. The firm combines conventional venture investing with active company creation through its in-house incubator,

Royalty bonds are the misunderstood instrument in pharmaceutical finance. Most market participants conflate four distinct security types under the same label. # Category Issuer What it is Tradable? 1 Fund-level corporate notes Royalty Pharma plc, DRI Healthcare Trust Unsecured corporate bond of a royalty fund. Pari passu on the fund'

When Geron Corporation announced its $375 million package of synthetic royalty and senior secured debt financings in November 2024, a quiet but consequential transaction sat at the centre of the structure. Geron used a portion of the new proceeds to fully repay $86.5 million owed under its existing loan

Of the twenty-seven biopharma royalty transactions executed in 2025, one had venture investors writing into the syndicate. Castle Creek Biosciences, February 25, 2025. Ligand wrote $50 million, three co-investors wrote $25 million, the royalty paid high-single-digit on worldwide D-Fi sales. Two of those three co-investors were existing equity holders in

W20 at a glance Window (Sun May 10 – Fri May 15): ~$9.15B in disclosed actual upfront cash committed; up to ~$18.1B in contingent milestones and CVRs separately. Actual upfront cash, ~$9.15B: * M&A upfronts, ~$6.29B: $5.3B Biogen / Apellis + $650M Collegium / Corium + $166.4M Zydus

When a generic manufacturer files a Paragraph IV certification against an Orange Book-listed patent, or when a hedge fund petitions the PTAB for inter partes review of a composition-of-matter claim, the immediate question for every royalty holder in the capital stack is existential: does the royalty survive? The answer is

Innovo Therapeutics Inc. is a Seoul-based private biotechnology company developing small-molecule therapeutics across inflammatory immune disease, fibrosis, and oncology. Discovery and lead optimisation are conducted on a proprietary AI-augmented computational platform branded DeepZema®. The company was founded in 2019 by Hee-Dong Park, a former LG Chem drug-discovery executive, and operates

What is Coefficient Giving? Coefficient Giving is a San Francisco-based philanthropic funder and advisor that recommends and administers grants on behalf of major donors pursuing what it calls cost-effective, high-impact giving. Until November 2025, the organisation was known as Open Philanthropy. The name change formalised a strategic shift toward operating

Co-promotion rights are the most consistently underestimated provision in pharmaceutical license agreements. They sit innocuously in the term sheet as a one-line option held by the licensor, often free, often "subject to mutually agreed terms." When exercised, they restructure the entire economic profile of the contract: the US