100% agree. Small biotechs don’t do phase 3 themselves generally unless the mgmt and BOD strength exists to build a big pharma company like the CSL or Resmed. Small biotechs license or sell out the indications/ drugs to BP and focus on some other drugs/ indications using the license/ buyout money to fund other trials. They may pay special dividends, do stock purchases with the funds etc., to reward the SH.
General discussion, page-11838
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