External innovation: How biopharma companies are bolstering R&D pipelines through deal-making

Written by Philip Pfrang, Kelley Dealhoy, Tatjana Heller, Sonal Shah, all from Deliotte

Sourcing research externally seems to be the preferred path for biopharma companies to strengthen their R&D pipeline. But when choosing from the three main options open to them-licensing, mergers and acquisitions, and joint ventures-what factors should they examine, and do deal types differ in the ways they accelerate development and deliver long-term value?

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