Under the influence of Leon Rosenberg, Bristol-Myers Squibb's research department was one of the industry most active early-stage deal makers. Now, Bristol has a new head of research, former Pfizer head of discovery research, Peter Ringrose, who is already talking about reducing the number of early-stage and platform deals to focus instead on deals that will produce INDs within two years of signing the collaboration.

With capital markets depressed and internal R&D growing ever more expensive, biotech and Big Pharma need each other more than ever. But a new wave of skeptical drug partners are forcing humbled biotechs to write deals that minimize risk without driving down the deal's value.