We explore four hypothesized value drivers of platform-based companies and evaluate the actual value achieved 10-15 years out from initial capital raise. We found that discovery platforms showed the highest lead asset success rates, significantly more out-licensing activity than non-platforms, and accounted for nearly all multi-asset approvals within our cohort. All platform types showed increased survivability and more licensing opportunities.

Merck's acquisition of Verona is the latest in a long line of "revenue acquisitions". How have prior mid-size biopharma revenue acquisitions fared? We found that forecasts at the time of deal are often optimistic, with many transactions missing their projected sales trajectories.