Different game but it's the same question i ask in the life science space: why do the Roche, Novartis, Merck and Pfizers of the world not invest modest $10-20M sums in some of these cutting edge oncology et.al novel drugs and instead wait until the project is derisked past Phase II minimum (usually Phase III) and then pay $100-500M+?
Perhaps the answer is as simple as, they don't have to and even $100M is a drop in the ocean, giving them the luxury of being able to wait and the pharma with the greatest internal synergies can bid the highest price.
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