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Deal Early, Less Often: ZymoGenetics' Broad Deal with Serono

Executive Summary

The broad research, development and commercialization alliance inked in September between ZymoGenetics Inc. and Serono SA stands out not only for its size and scope--an unlimited number of proteins and up-front equity purchases and license fees totalling $81.25 million--but also because each partner is a biotech company, and the research chores will be shared from the outset.

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