Necessity mothered the build-to-buy strategy. Some thought good times might kill it. At a time when venture capital found few exit opportunities for early-stage companies, build-to-buy helped mitigate the risk in investing in uncharted science. In better biotech financing times, though, the need for closing off other exit options might seem to have gone away. Yet if anything, build-to-buy dealmaking has accelerated as the interests of venture capital and pharma move into ever closer alignment.
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