The premise would be that each drug would be spun off into its own independent unit once it was commercially established.
So let's say (NB--not my actual opinions) I think that BIIB's Tecfidera is a great MS compound and the PML risk is over-blown.
But let's also say:
1. I think BIIB's other MS drugs are likely average;
2. I just don't know anything about hemophilia; and
3. I look at BIIB's pipeline and think they are all over the place with IBS, ALS, Alz, etc.
If BIIB just spun off a single company that owned and sold each of its approved therapies, I could invest in Tecfidera Co. with its sales stream and regular dividend without being "forced" to buy into hemophilia and discovery ops that I don't know or like.
If you could cherry pick your favorite therapies apart from the companies that launched/control them, what would your choices be?
If you could invest in a company's discovery and pipeline without having to worry about whether they can run a sales force, who would you pick?
IMO, pharma today is a bit like the 80s conglomerates -- they think they're creating value by building pre-packaged diversification, but investors aren't the real beneficiaries of that strategy.
