Fifteen+ years of
Healthcare thinking.

Despite the historical difficulty in designing therapeutics that cross the BBB, Denali’s landmark approval could signal an inflection point for the BBB-crossing therapeutic pipeline.

The psoriasis story demonstrates that oral convenience may only compensate for modest efficacy gaps. Next-generation products in competitive market segments must deliver on a combination of efficacy, reduced adverse events, improved patient convenience and payer coverage in order to meaningfully win market share.

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.

Planning biopharma strategies against a robust set of macro-scenarios will be crucial to mid- and long-term success. While historically these scenarios have revolved around targeted issues, the current challengescall for a more expansive - and likely more difficult - set of questions to be asked.