Pharma deals pivot from high-risk modalities, targets

The past 12 months have brought a surge in pharma dealmaking, and with that comes evidence of changes in external innovation objectives among the top pharmas. The first-in-class strategies that have defined dealmaking in recent years are giving way to best-in-class priorities.

In comparison to the year prior, pharmas are scaling back on both target and modality risk while seeking to control product development from an earlier stage...