I used ADC as example because it is something I had researched thoroughly thus have very high confidence on the subject matter. I don't think it changes the overall thesis if one uses other space, for example, incretin space. To me it is very clear what big pharma are trying to do to compete against LLY and NVO, whether AZN/MRK license small molecules from China, ABBV/Roche license injectable Amylins from Denmark, or others looking for differentiated assets based on what they have internally. I don't see main reason big pharma not buying/licensing incretin from US SMID because Chinese copycats are cheap. It's ironic so many are talking about Chinese copycats while the most raved US SMID asset in the space is VK2735. Not surprising to me MTSR currently has higher valuation than VKTX - many don't understand why. It isn't an interesting subject to discuss if one can't see from big pharma point of view at all.
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