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CV Therapeutics: Co-Promoting Without Pharma

Executive Summary

Consolidation in the pharmaceutical industry probably means that small biotechs like CVT will find drug companies either uninterested in co-promoting niche products or looking for too large a piece of the profits. Through its innovative deal with Quintiles' CSO, Innovex, CVT obtains considerable sales and marketing muscle, some up-front cash that it can invest in R&D, and gets to keep most of the profits from ranolazine. Innovex, on the other hand, stands to garner royalty payments that will substantially exceed its fee for service margins.There are likely to be more Innovex/CVT-type deals in the near future, as biotechs look for a share in the profits of the drugs that they help to sell. But biotechs like CVT have other options when it comes to co-promotion partners, including Big Biotech, medium-sized drug companies, and ex-US firms looking to increase their US presences.

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