Even though the current market environment is tough on biotechnology companies, the number of consolidation transactions in Europe has fallen. Platform specialists have to turn themselves into product companies in order to be heard by investors. Product companies are crushed between high financing needs and their cost of capital. A full integration strategy can destroy value for founders and early investors. Thorough analysis, good strategic fit, a rigorous integration plan and retaining the talent are predictors of success in a merger situation. Engineering the future value proposition around fundamental drivers of investor return determines mid-term access to capital. Trade sales are becoming a very lucrative exit route, provided the assets meet expectations of the pharmaceutical industry.
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