Over the past five years, biopharma alliance volume has declined, and so has the size of the up-front payments that are part of the financial lifeblood of smaller companies. But in this decline, an odd shift has recently occurred that bears watching: in 2012, privately held out-licensers averaged better up-fronts than their publicly traded counterparts.
According to Elsevier’s Strategic Transactions, the average up-front payment for all licensing deals dropped from $44 million in 2008 to...
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