Royalty Assignment vs. Novation: Legal Distinctions That Matter at Exit
When a pharmaceutical royalty deal ends up in the middle of a merger, an asset sale, or a portfolio restructuring,
Secondary Royalty Market Liquidity: Bid-Ask Spreads and Price Discovery
When Royalty Pharma announced in December 2025 that it had acquired a "pre-existing royalty interest" in Nuvalent'
The Weekly Term Sheet (2026-W13)
W13 (March 23-28, 2026) opened with a striking signal for the autoimmune T-cell engager space. On Monday, Gilead Sciences announced
Royalty Buybacks: When and Why Pharma Companies Repurchase Their Own Royalties
When ADC Therapeutics filed its February 2026 8-K amending its royalty agreement with HealthCare Royalty, the headline focused on the
Fund of the week: Novo Holdings
Overview and Investment Focus
Novo Holdings is not a typical corporate venture capital fund. It is the wholly owned holding
Manufacturing Royalties vs. Sales Royalties: The CDMOs Entering the Royalty Space
When Fujifilm Diosynth Biotechnologies signed a 10-year, $3 billion manufacturing agreement with Regeneron in April 2025, the deal was widely
The Vintage Year Problem in Royalty Funds: Why 2021 Burned Brightest
Understanding how the biotech funding boom, near-zero interest rates, and inflated entry multiples combined to create a generation of challenged pharma royalty portfolios — and whether 2022, 2023, and 2024 vintages face the same fate.
What Happens to Royalties When a Drug Gets a Label Expansion
Understanding the contractual mechanics, valuation dynamics, and investor risk when a drug's approved indications grow after the deal is signed.
The Weekly Term Sheet (2026-W12)
The week of March 15-21, 2026, marked a notable tempo change in the global life sciences deal landscape. After a
