Bristol Myers Squibb has spent the most on M&A, R&D and licensing since 2017, and Eli Lilly the least. Guess which strategy is working best.
Following the Pfizer-Biohaven blueprint, could other licensing deals turn into buyouts?
Trading well below cash hasn’t stopped Cullinan from extracting more from Otsuka, when a low-ball buyout might have been on the cards.
Biohaven looks to have timed its exit well, giving investors more reason to cheer the $11.6bn buyout.
Last year venture-backed companies waited longer than average for a takeout, and longer than ever for an IPO.