Pharmas are fully aware that small bios have very little choice when it comes to taking a product into late stage trials and will flex their muscles accordingly. It would appear that Immupharma have come up against this when trying to negotiate a deal for Lupuzor which is why the Darwin facility was such a clever move.
Of course there is a world of difference in cost and risk to a pharma between taking on a product at either the pre-clinical stage/after phase I trials and a product that's sitting and waiting for phase III with fast track and SPA and possibly Breakthrough Therapy Designation. The price they pay will reflect this and am pretty sure they'll find the cash if they want to. Just google pharmaceutical companies and cash being held in offshore accounts!
Certainly is but the cynic in me says some of the big pharmas just want something for nothing. I have read somewhere else a similar view from someone in the industry who said much the same thing.
If the majority of cost is in development and testing and a big pharma comes along and buys the company then I would expect a good selling price to reflect goodwill, potential and of course an element of development costs.
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