Top Biotech Licensings of 2004
Judging by the top ten biotech alliances of 2004, biotech's late-stage pipelines have largely been picked clean by Big Pharma licensees. The trend toward earlier stage deals among the top ten alliances in 2003 we noted last year has become even more prominent.
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Big Pharma is in-licensing increasing numbers of preclinical and Phase I compounds despite the fact that their own early-stage productivity is up. Their goal is to increase shots on goal; to pay for the ballooning costs, however, they're increasingly willing to share downstream rights for near-term help on expenses.
As Big Pharma's pipeline crunch continues, so does competition for late-stage licensing opportunities, driving up late-stage deal values. A notable trend behind these rising values is a spate of Big Pharma cross-licensing deals.
We review the top ten biotech licensing deals by deal value signed in 2003.