The better-than-expected performance of Regeneron’s first significant commercial drug, Eylea, has fueled the company’s ambitions to build a sustainable, risk-adjusted portfolio based on a mix of best-in-class and first-in-class new drugs. Getting to this point took a mixture of perseverance, astute science, opportunism, and savvy partnering.

Biotechs' drive to retain a bigger chunk of downstream rights is forcing product-hungry Big Pharma to accept non-global licensing deals. They'll be up against existing regional players, more accustomed to sharing rights and prioritizing others' drugs.

Bayer will pay $50 million up front and up to $335 million in development and commercialization milestones for ex-US rights to Nuvelo's clot-buster alfimeprase, which complements the German group's specialist cardiovascular portfolio.