Company of the week: Proxima Biosciences
Biotechnology startups often promise to "drug the undruggable," but few have embraced that challenge as boldly as Proxima Biosciences.
Patent Life and Loss of Exclusivity: Modeling the Royalty Cliff
Patent expiration is the single largest value driver in pharmaceutical royalty valuation, yet most market participants use oversimplified assumptions. Rigorous
Gross-to-Net Modeling for Pharmaceutical Royalties: From List Price to Royalty Payment
The GTN Landscape: A $356 Billion Problem Enters a New Era
"Gross-to-net" (GTN) refers to the difference between
In Silico Development in the Medical Device Industry
In Silico Medical Device Regulation Reaches Global Inflection Point
The regulatory landscape for computational modeling in medical device development has
The Weekly Term Sheet (2026-W02)
The second week of 2026—dominated by the 44th Annual J.P. Morgan Healthcare Conference in San Francisco—delivered over $12 billion in announced transaction value despite the conspicuous absence of any transformational M&A
Stacking Royalty Financings: Priority Waterfalls, Leakage Risks, and Synthetic Seniority
Royalty financings in pharma and biotech are increasingly "stacked" – multiple monetizations and debt facilities layered on identical royalty
Fund of the week: Droia Ventures
Executive Summary
Droia Ventures is a Belgium-based venture capital firm that has established itself as one of Europe's
DISCO Pharmaceuticals: Grooving Through the Cancer Surfaceome
No, they're not selling disco balls—but DISCO Pharmaceuticals certainly knows how to shine in biotech. The company
Repayment Caps in Pharmaceutical Royalty Transactions: A Definitive Reference Guide
Repayment caps have emerged as the defining structural element of synthetic royalty transactions, appearing in 72% of deals from 2019–
University Technology Transfer: How the US and Europe Compete for Pharmaceutical Royalties
The commercialization of academic research has become one of the most consequential—yet least understood—dynamics in global pharmaceutical markets.