P05.org

Latest — 29 May 2026

Company of the week: METiS TechBio

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,

More issues

Fund of the week: Water Street Healthcare Partners

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 in Pharmaceutical Royalty Financing: Locating the Value Break

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.

The State of the Pharmaceutical Royalty Market, May 2026

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 in Pharmaceutical Royalty Financing: How They Work, How They Reshape the Stack

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

The Weekly Term Sheet (2026-W21)

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 in Pharmaceutical Royalty Finance: How They Work, How They Reshape 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

Company of the week: BioCryst

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).

Fund of the week: Delos Capital

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,

Pharmaceutical Royalty Bonds: How Liquid, How Tradable, How Valued, How They Pay

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'

About

P05.org

Weekly structural analysis on pharmaceutical royalty financing. Deal mechanics, legal events, fund positioning, primary sources.

More issues

Subscribe to P05.org