perceiving new sources of value

…While the largest drug companies have been buying each other to replace the revenue they will lose as products come off patent, their smaller competitors have been snapping up venture-backed biotechs to stock their pipelines. Since their own patent expirations are further off, they’re willing to buy companies, like Calistoga, whose drugs are in early to mid-stage clinical studies.

“Big biotech [is] as much of a player as pharma these days,” said Ed Hurwitz, a director with Alta Partners, which backed Alba, Calistoga and Taligen. “There is more large-biotech interest on the acquisition [front] than we’ve seen historically, it’s not just a pharma game anymore.”

via Big Pharma, Meet Big Biotech – Venture Capital Dispatch – WSJ.

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