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Product Focus Takes Europe Back to Its Roots

Executive Summary

More of Europe's VCs have found the product religion, abandoning platforms. Now they say they need two things to manage product risk: larger portfolios of drugs than most in-licensing companies can create and management teams which can both develop drugs and exercise commercial discipline in choosing programs to bring forward, alone or with a partner. Spin-outs, which provide both management and a relatively large group of projects, are increasingly the European start-up method of choice.
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