We buy royalties, create synthetic royalties and provide structured credit against approved drugs, devices and diagnostics. Indicative terms in ten business days. Close in six to eight weeks.
$15 million to $75 million
Per transaction
10 business days
To indicative terms
6 to 8 weeks
To close
No equity issued. No covenants on the rest of your business.
You own a royalty on an approved product and would rather have the capital now. We buy all or part of the stream at a price that reflects the product's sales, remaining exclusivity and counterparty.
Universities, research institutes, inventors, foundations, biotech companies with out-licensed assets.
You market an approved product and need growth capital. We advance capital today in exchange for a percentage of future net sales, capped and with a defined term. No equity, no board seat, no financial covenants on the rest of the business.
Commercial-stage biotech, specialty pharma, device and diagnostics companies.
Revenue-interest and royalty-backed loans where a product's cash flow is the collateral, not the enterprise. For companies that want a fixed repayment profile and a lower cost than equity.
Commercial-stage healthcare companies with one or more approved products.
You are owed future milestone or earn-out payments from a licensing deal or an acquisition and want certainty now. We buy the contingent payment stream.
Biotech companies and institutions with licensing or M&A milestones outstanding.
Larger transactions are possible alongside our co-investment partners. Approved products only; we do not fund pre-approval clinical risk as a stand-alone investment.
A credible buyer for $15 million to $75 million royalty and structured processes, with a partner on every deal, fast indications and no re-trading at the end. We respond to every process letter within five business days.
Capital tied to one product's revenue, not to your balance sheet or your next equity round. We explain the structure in plain language and model it with you before you commit.
Universities, institutes, foundations, inventors and companies holding a royalty on an approved product. We give you a price in ten days and handle the licensor consent process with you.
A healthcare specialist to underwrite the product and the counterparty alongside you, co-invest on larger transactions, or take the royalty tranche in a broader financing.
30 minutes with a partner. We tell you on the call whether it fits.
One page. Product sales history, the licence or royalty agreement, patent and exclusivity dates, counterparty financials.
Price or advance amount, royalty rate and cap, term.
Clinical and regulatory review by our Science Committee, independent IP counsel, commercial model, counterparty review.
Documentation runs in parallel with diligence. Funds wire at signing.
Royalty Pharma, KKR's HealthCare Royalty and Blue Owl concentrate on nine-figure deals. A $25 million royalty is as expensive for them to diligence as a $500 million one, so they pass. We built Signal for exactly that transaction.
The person on your first call is the person who presents your deal to our Investment Committee and signs the documents. Our Chief Investment Officer underwrote royalties at DRI Capital across two funds and ran corporate development at Eli Lilly, so he has sat on your side of the table.
Our Science Committee is chaired by a transplant surgeon who chaired surgery at Cedars-Sinai. We underwrite a product's clinical durability ourselves, which is why we move in weeks.
Illustrative structures in the size and form we provide.
Founding Partner & Chief Investment Officer
Josh reads every transaction Signal considers and chairs the Investment Committee that approves it. He has sat on both sides of a royalty deal: as Managing Director and Investment Committee member at DRI Capital across two funds, and later as adviser on its third, he underwrote and structured royalty acquisitions across pharmaceuticals, biologics and diagnostics. Before DRI he was Vice President of Global Corporate Development at Eli Lilly, where he oversaw a royalty buyback, and Managing Director, Healthcare Investment Banking at Morgan Stanley.
Co-Founder & Chairman, Advisory Board
Leonard chairs the Science Committee that reviews the clinical and regulatory durability of every product Signal funds, which is why Signal can underwrite clinical questions in-house and move in weeks rather than months. He is a transplant surgeon trained under Dr. Thomas E. Starzl, former Professor of Surgery at UCLA and former Chairman of Surgery and Director of Transplantation at Cedars-Sinai, with 378 peer-reviewed publications. His commercial career spans Pharmacia, United HealthCare and Tractus Medical.
Co-Founder & Managing Partner
Sam structures the transaction and leads the relationship with the company or royalty holder through close. He has spent more than two decades buying and owning royalty and licensing businesses as founder and Managing Partner of IVEST Consumer Partners ($800 million AUM, 18+ control investments), and began his career in healthcare at Jordan Industries, where he worked with Adam Max and Dr. Neal Cutler on the roll-up of seven clinical-research companies that created Worldwide Clinical Trials, a global contract research organisation. He is the exclusive private equity partner of the global licensing industry's trade association.
Investment Committee Special Advisor
Walter advises the Investment Committee on strategy and selected transactions. He was a founding partner of Paul Capital Healthcare, which helped develop purpose-built revenue financing through synthetic royalties, alongside traditional royalty transactions. The platform invested more than $1 billion across 40 investments, and its partners went on to expand and extend royalty financing at Oberland Capital and HealthCare Royalty Partners. He was Chief Executive Officer of AgenTus Therapeutics (now MiNK). He received his medical degree at Columbia University College of Physicians & Surgeons and held professorships in medicine at the Mount Sinai and Tufts medical schools.
Associate, Investment Research
Ahmed builds the sales, pricing and sensitivity models behind every indication of interest. Background in predictive modelling and data science.
Associate, Business Development
Ankit is often the first person a banker or company speaks to. He screens incoming opportunities, runs the information request and keeps the process on its timetable. Previously sourced and screened companies in private equity.
ankit@signalroyalties.com
Associate, Origination & Business Development
Luca works with the bankers, advisors and healthcare companies that see royalty opportunities first, and coordinates the process from introductory call to term sheet.
luca@signalroyalties.com
Investor Relations
Trish is the point of contact for the Fund's investors from first introduction through ongoing reporting. Before Signal he ran investor relations at Prospera Capital and brings a healthcare investment background.
No. We take no equity, warrants or board seats. Our return comes from the royalty or revenue interest, which is capped and ends at a defined term.
In a synthetic royalty, our payments fall with your sales; that is the risk we are paid to take. Structures can include a minimum payment, which raises the price we pay. We model the downside with you before terms are set.
No operating control. We take standard protections: information rights, audit rights on royalty calculations, and consent on a sale of the product or a change of control.
Indicative terms within ten business days of receiving the information request. Close in six to eight weeks from signed term sheet.
Below $10 million the fixed cost of diligence is hard to justify for either side. Above $75 million we bring co-investment partners.
Not as a stand-alone investment. We will consider a late-stage asset as part of a transaction anchored by an approved product.
