From what I have read (not much, admittedly) it is very rare for the FDA to reject/not approve an IND. I suppose that’s because there is a clear list of hoops to jump through provided in advance. No use lodging if you haven’t done them!
If that is correct, then you would think that IND approval should already be priced in but somehow I don’t think that is the case.
The Attractions of PYC's pipeline, page-23
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