Cephalon: Can Spec Pharma do R&D?

Cephalon's 2005 dealmaking flurry illustrates the growing influence of in-house R&D on a firm whose success to date has come from in-licensing. Its challenge will be selling investors pipeline potential, as well as earnings growth.

By Melanie Senior

Cephalon Inc. 's CEO and chairman Frank Baldino, PhD, never underestimates what a tough business he's in. "The odds...

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