A diversified royalty pool that finances academic phase 1 trials across fifty assets
Investors will not back a single university drug because most fail. A fund that finances fifty of them at once in exchange for a small slice of each one's future royalties spreads the risk enough to attract capital.
A financing vehicle, modelled on Royalty Pharma and the research-backed obligation proposals of Andrew Lo and colleagues, that funds IND-enabling and phase 1 costs for a large portfolio of academic oncology assets in return for a percentage of future licensing revenue on each. Diversification across many uncorrelated assets makes the expected return investable even at high individual failure rates. Universities contribute assets and receive most of the upside; the pool handles project management through the translational institutes and non-profit CRO. Portfolio size is the key variable and would be set by modelling with real attrition data.
- The valley of death between lab and product · Most academic discoveries die before anyone tests them in people because nobody funds the middle step.
- Incentives reward me-too drugs and marginal gains · The system pays the same for a drug that adds two months as for a cure, so companies race to copy rather than to cure.
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- PersonBrian Druker
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Shares A fast IND-enabling fund that pays for toxicology and manufacturing in eight weeks, The valley of death between lab and product.