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Biotech Pipelines: Prices Never Lower

Executive Summary

Pharmaceutical companies love to deals early, at R&D stage, or late, when products are ready to be marketed. But they hate doing deals in the middle. Why? The risk to too high. Everyone knows what to expect from late stage deals; and no one's going to get killed for an early-stage deal that goes wrong. But Phase I and II deals often carry high price tags and chancy pay-offs.

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