Pfizer/Angiosyn: Building Biotechs for Device-style Early M&A

Pfizer's acquisition of privately-held Angiosyn is basically a milestones-and-royalty-based licensing deal for the biotech's preclinical non-VEGF targeting AMD candidate. Angiosyn was designed for early M&A, much like most medical device firms of the past ten years, and this risk-sharing agreement with Pfizer may imply a new, leaner model for biotech company building.