Mid-to-Later-Stage BD: Where the Industry's Defining Decisions Get Made

Most biopharma BD content focuses on closed deals — the press releases, the headline terms, the conference panels celebrating success. Very little focuses on what it actually takes to get there, particularly at the stages where the stakes are highest.

This report examines the operational reality of BD at Phase 2/3 through commercial-stage organisations, based on confidential interviews with 14 BD leaders across the US and Europe.

It addresses:

• Why revenue thresholds have effectively doubled — and what that means for mid-stage companies trying to find the right partner

• How MFN pricing uncertainty is actively cancelling ex-US deals and reshaping commercial launch strategies

• Where deals actually get stuck — and why internal friction still exceeds external negotiation challenges

• How China has shifted from competitive threat to active supply source for de-risked assets

• What well-capitalised acquirers are doing differently in a buyer's market

• The outlook for the next 12–18 months and what leaders are preparing for

The report includes both a thematic synthesis and an anonymised Q&A addendum with the full interview transcripts.