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