8/20/2013

Some venture capital firms are striking deals claiming a percentage of royalties, as Aisling Capital and Clarus Ventures recently did with Pharmacyclics' tyrosine kinase inhibitor ibrutinib. "[T]he royalty play illustrates the 'new normal' in life sciences VC investing: a search for investments with short time horizons; a lack of faith in preclinical or even phase I molecules and the teams developing them; and an irresistible pull to 'sure-fire' deals of a more financial nature," writes CBT Advisors CEO Steve Dickman.

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