The Warrant Sweetener: How Equity Kickers Are Reshaping Pharmaceutical Royalty Deals
When ADC Therapeutics filed an 8-K on February 23, 2026, the headline was the dramatic reduction of its change-of-control payment
Transfer Pricing and Intercompany Royalties in Pharma: How BEPS Is Rewriting the Rules of Royalty Financing
When the IRS informed Amgen in 2021 that it owed $10.7 billion in back taxes and penalties—the largest
Royalty Financing for Biosimilars: Structure, Economics, and Modelling Considerations
Biosimilar companies are capital-intensive, margin-constrained, and acutely exposed to competitive timing risk. They spend $100 million to $250 million developing
The Weekly Term Sheet (2026-W08)
The week of February 15–21, 2026 recorded approximately $16.5 billion in aggregate announced transaction value across 35+ discrete events.
Syndication in Biopharma Royalty Financings: Why $900 Million Deals Still Don't Have a Syndicate
When Agios Pharmaceuticals sold its vorasidenib royalty to Royalty Pharma for $905m in 2024, a single buyer wrote the entire
Company of the week: Iambic Therapeutics
Iambic Therapeutics is a San Diego-based clinical-stage biotechnology company using physics-informed artificial intelligence to discover and develop novel small-molecule drugs, primarily in oncology.
Fund of the week: NKF Innovation Fund
How the National Kidney Foundation is betting venture philanthropy can transform kidney care — and what could go wrong.
Step-In Rights in Pharmaceutical Licensing and Royalty Transactions
Step-in rights are contractual provisions allowing one party to assume operational control when the counterparty fails to perform. In pharmaceutical
Valuing Data the Way Wall Street Values Drug Royalties
How the analytical tools of pharmaceutical royalty finance — risk-adjusted NPV, probability weighting, decay curves, and defensibility analysis — translate directly to pricing healthcare data assets. And why the market may be mispricing them right now.
Anything You Say to a Chatbot May Be Used Against You
A court ruling in New York has settled a question that most executives never thought to ask. The answer should worry anyone who has ever pasted something sensitive into Claude or ChatGPT.
