In a partnering-crazy industry, when alliances are at record levels, it's easy to lose sight of the fact that alliances can often be acquisitions in disguise, once everything of value has been licensed off. With its latest deal with Procter & Gamble, which followed earlier deals with Amgen, Glaxo Wellcome, Medtronic, and Sumitomo, Regenergon Pharmaceuticals may be partnered out.

Start-up Camelot Pharmacal has no products but a management team experienced in in-licensing marketed drugs; Sheffield is buying the start-up to remake itself in Camelot's image.