OrbiMed Launches $600M Royalty Fund
This article was originally published in The Pink Sheet Daily
The diversified investment firm will aim for low-risk investments that bring faster returns to inventors, research institutions and smaller drug developers.
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As the royalty field grows more crowded, the health care investor is turning away from passive royalties, the core strategy of its first fund, to become a lender to companies with products on the market or already approved.
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For biotech companies and their backers, the structured acquisition -- with contingent payments that stretch well beyond the close of the sale -- is practically the only exit available and, everyone agrees, a permanent part of the landscape. While it's certainly a buyer's market, the sellers have begun to adopt strategies and rules to help boost returns. Are they working?