Early-Stage Deals

“I’m hoping that 2025 begins to see the rise of earlier-phase deals, as big pharma and big biotech look at earlier-phase deals with better pricing than late-phase deals to refill their pipelines,” said Ira Spector, CEO of SFA Therapeutics, which develops oral small-molecule biosynthetic compounds for chronic inflammatory disease. “With a significant number of companies facing patent cliffs, bidding for late-phase assets is driving up acquisition costs, and earlier-phase deals will begin to be more desirable.”