A typical mature biotech company evolves over four discrete stages – from the initial discovery stage through the preclinical and early clinical stage, then to the late clinical trials and commercial build-out – before it becomes a fully integrated biotech company (FIBCO). The final transition to full integration is a particularly critical test for the executive team.
Bain & Co. research, based on the FIBCOs among the top 35 biotech companies, shows that firms replace about 50%...