The Key to Turning Technology into Products? Management.
• By Mark Ratner
The fundamental business model for platform technology companies hasn't changed: Build the platform, and apply the resulting discovery capability to internal product development while leveraging its value to raise cash or barter for resources. But investors today prefer companies that can articulate a short route to proof-of-concept data,. And unlike 6-10 years ago, more start-ups are now being formed around clinically savvy drug development teams that are better able to select alternative paths to near-term opportunities--be it in-licensing or even M&A--that allows companies greater flexibility.
By Mark L. Ratner
At a time when the capital markets are signaling a strong preference for investing in biotech companies with drug candidates in or near the clinic, and eschewing earlier-stage technology-oriented bets,...
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