The Large Molecule Future

In an extraordinary series of deals, Pharma has embraced early-stage large-molecule technology, reflecting both the surging value of biologics and the severity of pipeline anemia. But many observers are skeptical the less experienced Big Pharmas can buy themselves into a brand new business with very different requirements. For start-ups, however, the news is very good--they now have two clear and viable pathways to creating shareholder value: acquisition and alliance.