Idun the Latest to Seek Shelter via Pfizer's M&A Highway

In February, Idun Pharmaceuticals became the fourth company acquired by Pfizer in the last 15 months. While those transactions reflect different mixes of product and technology breadth, they suggest a greater alignment between the interests of some private biotechs, their investors, and potential pharma company acquirers, as well as an evolution in the deal calculus for choosing M&A over an alliance or IPO.