Despite sector-wide speculation on whether moving towards outcomes-based payment models (OBPMs) for pharmaceuticals could usher in greater affordability and cost-effectiveness, the market for evidence-linked reimbursement contracts (or “value based contracts”, “risk sharing agreements”, “outcomes-based agreements”, and similar) remains relatively nascent. Even in markets such as Europe where payers have pushed for such innovative contracting models, such OBPMs have not yet expanded their reach to the point of sharing financial risk of these agreements beyond the health sector participants. An ongoing barrier to greater adoption of OBPMs is that the contracting parties often have substantially different risk appetites or may lack appetite for any increased risk whatsoever, limiting the extent to which OBPMs can change incentives or financial outcomes. This paper presents a methodology for structuring outcomes-based agreements as financial instruments that isolate various economic, clinical, and therapeutic area specific risks. The authors propose that by utilizing a set of evidence-linked reimbursement programs where each program carries its own risk(s), those reimbursements can be funded by outside investors seeking exposure to the specified risks. Furthermore, multiple contracts could be bundled in ways that drive returns for investors based on the broader spectrum of risks captured by a larger set of contracts. By inviting investment from parties with higher tolerance for risk beyond that of the health care sector, manufacturers and payers could reap the benefits of OBPMs (including, potentially, expanded market access or reduced spending on less effective treatments) without having to assume untenable financial liabilities, and investors could incentivize both manufacturer and payer participation in OBPMs. The authors also explore correlations between the outcomes driving returns for these contracts and the standard market risk factors captured by the Fama-French factor model in order to assess the viability of this new asset class as a hedging mechanism.