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5 min read

The Long View: Pharma Is Paying More For Less-Proven Science

A decade of deal data shows the premium has migrated to earlier-stage assets and a shrinking set of modalities. The reference points business development teams trusted in 2019 no longer describe the market they are negotiating in.

Interior of an early-20th-century pharmacy, walls lined with labeled dispensing bottles and glass display cabinets.
What pharma sells and pays for has shifted fast this past decade. Photo courtesy: Unsplash