DXB Chart, page-591

Partnering is a step that can help open up resources, is usually a win win for both companies and can help lead into M&A talks down the track. Often becomes a sign of confidence to buyers that see the partnership as a deriding event especially when they’ve not been able to put in same amount of DYOR as a biotech.

This slide below is a good snapshot of some types of alliances/partnerships.

Understand what you mean about waiting for more results to negotiate from position of strength, but might be plenty of data sharing going on behind the scenes now. For buyout we want as much data but a partnership might allow us access to that company’s resources like drug reps and sales marketing teams who have relationships with hospitals and insurance companies.