Biotech Values

[DewDiligence]

Correction re Apixaban deal between PFE and BMY:

In the annotations at the top of #msg-31742223, I erroneously said that PFE received $250M up-front from BMY to enter a joint-development agreement with BMY. This is backwards: BMY, who owned the drug, received $250M from PFE (and will receive as much as $1B in total milestones from PFE).

Nonetheless, the main point in the #msg-31742223 annotations, phrased as a rhetorical question, stands: When was the last time a Big Pharma was on the receiving end of a deal of this magnitude?