China's Royalty Market and VIE Structures: Navigating Enforceability in a $130B Opportunity
On March 2, 2026, Royalty Pharma announced the appointment of Kenneth Sun as Senior Vice President and Head of Asia,
Company of the week: Harbour BioMed
Company Overview and Technology
Harbour BioMed ("HBM"; HKEX: 02142) is a global biopharmaceutical company headquartered across Shanghai, Natick
Fund of the Week: Blue Owl Capital's Life Sciences Platform
A $2.5 billion pharma royalty book, a $157.8 billion credit platform, and a private credit crisis that has separated the two. What the fund architecture reveals.
Private Credit Under Stress: Implications for Pharmaceutical Royalty Funds
Redemption freezes at Blue Owl, record outflows at Blackstone's BCRED, and a wave of withdrawals across the industry&
Non-Recourse Royalty-Backed Notes in Pharmaceutical Financing
Understanding the hybrid instrument between a true royalty sale and traditional debt—how it works, why it matters in the capital stack, and what the Royalty Pharma–Zymeworks deal reveals about the market's evolution.
Spring-Loaded Royalty Clauses in Pharma Deals
Understanding the mechanics of trigger-based provisions in royalty monetizations and structured financings.
The Weekly Term Sheet (2026-W09)
The week of February 22–26, 2026 recorded approximately $16.0 billion in announced and completed biotech and healthcare transaction
The Royalty Swap: When Warrants Become Revenue Interests
When Immunic filed its 8-K on February 13, 2026, the headline was a $200 million private placement led by BVF
Company of the week: Suzhou Ribo Life Science
Company of the week: Suzhou Ribo Life Science
Company Overview and Technology
Suzhou Ribo Life Science (Ribo, HKEX: 06938) is
Fund of the week: Flagship Pioneering
Overview and Investment Focus
Flagship Pioneering is not a venture capital firm in the traditional sense — it is a venture
