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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.

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