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.
Built for Value: Rethinking Early Development in Biotech - White Paper
In September 2025, we brought together senior leaders across business development, commercial strategy and HEOR for an in-depth roundtable on one of the most pressing questions facing early-stage biotechs: what does it truly mean to build for value in phase 1 and 2?
With investors, partners and analysts scrutinising access, differentiation and long-term viability much earlier than before, the group explored how early teams can make better decisions despite limited resources and rising expectations.
This white paper distils the insights from that discussion, highlighting where value is created or lost in early development and what leaders can do to improve outcomes. It offers a grounded view of how experienced leaders are approaching these challenges and what can help organisations make more informed early-stage decisions.