Most Big Pharmas don't like large preclinical or Phase I deals. The risks associated with such compounds are both too large and too visible for their tastes. Quite often, their chemists are likely to predict problems with molecules from outsiders that don't conform to their own views of likely toxicophores or other drug killers. Instead, they prefer discovery deals—where they can apply their own chemistry skills—or late-stage programs, where they perceive the risk is largely out of the molecule.
Not, apparently, Roche , for whom preclinical and Phase I licensing has been a favored deal-making formula: collaborate with...
