Specialty Pharma: Eating Big Pharma's Lunch, Not Just its Leftovers?
Executive Summary
While not yet rivals to Big Pharma when it comes to clinical-stage licensing, spec pharmas have in some individual cases proven to be more favored partners than their Big Pharma competitors.
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Deep-Pocketed Big Pharma Meets Spec Pharma's Challenge
In early 2006, we noted in this space that in-licensing on the part of specialty pharmaceutical start-ups was rising relative to Big Pharma's in-licensing rate, with specialty pharmas even out-competing Big Pharma in some specific cases for rights to promising clinical programs. Since then, however, Big Pharma's unprecedented late-stage spending spree has far outpaced spec pharma's licensing, particularly in clinical stage deals.
Deep-Pocketed Big Pharma Meets Spec Pharma's Challenge
In early 2006, we noted in this space that in-licensing on the part of specialty pharmaceutical start-ups was rising relative to Big Pharma's in-licensing rate, with specialty pharmas even out-competing Big Pharma in some specific cases for rights to promising clinical programs. Since then, however, Big Pharma's unprecedented late-stage spending spree has far outpaced spec pharma's licensing, particularly in clinical stage deals.
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