Phase II Alliances Command the Most Interest
Executive Summary
Biotechs have always relied on four sources of financing: venture capital, public equity, M&A, and alliances. But of these four financing "legs", only one remains strong: alliances. There's no question that average potential deal values-a combination of up-front fees and pre-commercialization money-are increasing nicely. But while the mean value of early-stage deals has remained steady, deal values for both Phase II and Phase III /NDA-stage compounds have continued to climb.