We help originate pharmaceutical royalty streams across the long tail of assets the market does not systematically cover. We identify the holders, analyse and benchmark the cash flows against four decades of deal history, and connect the parties who transact. The work is powered by a purpose-built intelligence engine: 50,000+ indexed data points, 6,000+ reverse-engineered transactions, daily ingestion across nine jurisdictions.
More than sixty percent of royalty-eligible pharmaceutical assets sit outside the public markets. They have no SEC filings, no analyst coverage, no banker mandate. They are held by private companies, mid-cap licensors, university tech transfer offices, research foundations, and emerging biotech with partnered assets. The cash flows have value. The holders often want liquidity. The market does not see them.
The royalty funds are well-capitalised and well-staffed. The constraint is not capital and it is not underwriting capacity; it is research bandwidth. No BD team can systematically scan the full long tail of assets where royalty entitlements sit. We do that scanning. The transactions themselves remain between the holders and the buyers.
Three sourcing advantages that compound over time — structural, data-driven, and difficult to replicate. Each works on a different segment of the market; together they produce coverage that no relationship-driven sourcing model can match.
More than 60% of royalty-eligible assets sit in the private market.
We identify royalty windows before the market sees them.
Many of the most valuable royalties are buried in filings, never announced.
Below a certain transaction size, the cost of identifying a holder, reconstructing the deal terms, and benchmarking the cash flows outweighs the fee economics of any single transaction. That is true for sell-side banks and it is true for the BD teams of the major royalty funds. It is not true for an intelligence engine purpose-built for the segment. Once the corpus, the models, and the daily ingestion are in place, the marginal cost of originating one more sub-$100M royalty stream is small. What used to be uneconomic to surface is now systematically tractable.
Three layers of compute and data, designed for one job: surface every royalty-relevant signal in pharmaceutical filings, benchmark every disclosure against four decades of comparables, and originate research-grade analysis on long-tail streams the next morning. Daily ingestion across nine jurisdictions. Owned infrastructure. No third-party cloud APIs. Every verified outcome feeds back into training.
Three public assets, walked through the way we walk through every asset we touch: clinical status, royalty stack, rate comparables, milestones, competitive risk, and the value to the holder. Each example is rebuilt entirely from public filings and analyst consensus.
None of these assets is a Capital for Cures transaction. They are public worked examples illustrating the methodology. Numbers are illustrative and were correct, to the best of our knowledge, as of the date of publication.
Walks the six-layer view from clinical status through to three carve-out scenarios sized for CFC's actual ticket band, anchored on the Imdelltra precedent.
Read the example →The case for why the engine matters: indication-contingent rates, retroactive litigation history, and a CVR struck on Phase 3 readout in a second indication.
Read the example →A real, recent royalty transaction, decoded. The pricing anchor every other approved-asset scenario on this site references.
Read the example →Most royalty databases organise by drug or by deal. We organise by asset class. This is the right unit for origination, because royalty terms cluster by mechanism: GLP-1 deals look like other GLP-1 deals; immuno-oncology deals look like other immuno-oncology deals.
Twenty-eight cells, four rows, one element per asset class. Each cell links to the underlying transactions, the rate band, and the open opportunities. Use it as the entry point into how we think.
Explore the Periodic Table →We publish a weekly long-form note on pharmaceutical royalty deal mechanics, legal events, and fund positioning, sourced from primary documents. Read it at p05.org.
