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The Value of Proof-Of-Concept

Big Pharma's unprecedented spending levels in licensing continue. But some recent deals suggest the real linchpin of licensing value is proof-of-concept in humans.

We’ve recently noted Big Pharma’s unprecedented spending levels in licensing (see "Big Pharma Breaks the Bank in Late-Stage Licensing," IN VIVO, April 2007 Also see "Big Pharma Breaks the Bank in Late-Stage Licensing" - In Vivo, 1 April, 2007..) But as recent deals such as Novartis AG ’s $75 million up front, $590 million licensing of Antisoma PLC’s Phase II cancer treatment AS1404 [See Deal] and Schering-Plough Corp.’s $50 million up front, $575 million licensing of Anacor Pharmaceuticals Inc. ’s Phase II antifungal AN2690 [See Deal] suggest, the real linchpin of licensing value is proof-of-concept in humans.

Cash licensing payments made for Phase II compounds have skyrocketed in the past few years, as Exhibit 1 below illustrates,...

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