Clinical data proves the biology works, but CMC dictates whether the asset makes money. Biopharma M&A due diligence routinely discounts CMC risk, driven by fierce competition for sought-after assets and misplaced dealmaking incentives. Flawed valuation models that assume all CMC risks are fixable I suppose all CMC problems are fixable if we have infinite time … Continue reading Valuation Must Consider Probability of CMC Success
biotech
Manufacturing is now a Biopharma Strategy
Making a great product once is a magic trick. The product becomes real only when you can make it reliably, over and over again. For the longest time, manufacturing in biopharma was treated like the person in the group project who actually did the work but never made it to the title slide. Discovery got … Continue reading Manufacturing is now a Biopharma Strategy
Is Today’s Biotech Investment Borrowing Growth from the Future?
As capital has become more selective, investors have understandably gravitated toward later-stage, de-risked assets. Pharmaceutical companies have responded by allocating more capital toward licensing and acquisitions of those assets because of their higher probability of success, shorter development timelines, and more predictable returns. That is a rational investment strategy for an individual company. Whether it … Continue reading Is Today’s Biotech Investment Borrowing Growth from the Future?
