In this issue:

• The Pharma Royalty Business and Restructuring Pharma

• Everything Converges on Ads and Payments

• Pricing Power

• Freight

• Data and Truths

• DeFi/TradFi Convergence

The Pharma Royalty Business and Restructuring Pharma

Sometimes a kind of business will settle on a standard capital structure before it settles on the best possible economics, which leads to a…