Innovating in the Industry's Backwaters: TransForm's Deals with Lilly and Alza

Too often, new discovery platforms brought in from biotechs have increased the risk and complexity of the R&D process. Drug companies have begun to recognize this and have been cutting back on their discovery dealmaking. Thus, at a time when many platform-based start-ups are having trouble interesting Big Pharma in dealmaking, it is notable that TransForm Pharmaceuticals has managed to announce two major deals this month, both of which explicitly address the issue of R&D risk.