With Pharma Ready to Pare Portfolios, Project Financing Funds Make Their Pitches

Drug firms need to find good homes for hundreds of early-stage experimental compounds that ideally they could claw back once new developers demonstrate proof-of-concept. New project financing funds are clamoring for those assets, but first they must convince LPs to invest in unproven financing models, deal with pharma's accounting demands, and negotiate deals with asset-holders that will provide a decent return.