“It’s much harder to reverse-engineer a biologic than to make a new biologic… we see many players stating that they’re going to enter the follow-on biologics business, but we see very few with clearly defined or clearly differentiated strategies. Our view is that you need to have a differentiated strategy… that’s what we’re going after: …technology differentiation through characterization”
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”