Outcomes of mid-size biopharma "revenue" acquisitions - Recon Strategy
Merck's acquisition of Verona is the latest in a long line of "revenue acquisitions". How have prior mid-size biopharma revenue acquisitions fared?| Recon Strategy
We explore four hypothesized value drivers of platform-based companies and evaluate the actual value achieved 10-15 years out from initial capital raise. We found that discovery platforms showed the highest lead asset success rates, significantly more out-licensing activity than non-platforms, and accounted for nearly all multi-asset approvals within our cohort. All platform types showed increased survivability and more licensing opportunities.| Recon Strategy
We explore four hypothesized value drivers of platform-based companies and evaluate the actual value achieved 10-15 years out from initial capital raise. We found that discovery platforms showed the highest lead asset success rates, significantly more out-licensing activity than non-platforms, and accounted for nearly all multi-asset approvals within our cohort. All platform types showed increased survivability and more licensing opportunities. The post Realized value of platform-based biote...| Recon Strategy
Merck's acquisition of Verona is the latest in a long line of "revenue acquisitions". How have prior mid-size biopharma revenue acquisitions fared?| Recon Strategy
Hypertension?! Antihypertensive drugs are so 80s and 90s (well, except for pulmonary hypertension) to the point that I cannot recall when I last read research in the NEJM about a new blood pressure drug. One of the reason is that we have so many existing drugs (most of them cheap generics) but despite this, a […]| Recon Strategy
The first porcine kidney transplant (in a live recipient) It’s been a year, and like many, I have been waiting for the details to be published in the NEJM (where else – especially since this was done at MGH). Here are the key elements that caught my eye but if you are truly interested, read […]| Recon Strategy
June 10, 2025 | Recon Strategy
Introduction It has become a truism in the pharmaceutical industry that new product performance is more often divergent from pre-launch forecasts than on target. In fact, less than 24% of major products (>$250M annual US sales expected or achieved by year 5 post-launch) launched in the 2014 – 2019 timeframe was within 30% of pre-launch […]| Recon Strategy
It is strategic planning season at many pharma companies. Even more than most years, planning strategies against a robust set of macro-scenarios will be crucial to mid- and long-term success. While historically these scenarios have revolved around targeted issues like assessing the promise of a new modality, the potential of serving an unmet need, or […]| Recon Strategy
Download a PDF of this paper here. M&A deals in biopharma often capture headlines for their large valuations, yet these figures rarely reflect the true financial return realized over time, as most fail during development. Typical deal-structures involve a modest upfront payment with more significant sums tied to development milestones – which allows buyers […]| Recon Strategy
Hematopoietic stem cell (HSC) gene therapy for hemophilia Roctavian and Hemgenix are in-vivo gene therapies where an AAV vector delivers a functional copy of the defective gene to hepatocytes, the physiological producers of Factor VIII and XI respectively. Issues with those therapies has been their durability (the effect appears to wane over time) as well […]| Recon Strategy
For years, digital biomarkers have seemed like a promising way to transform drug clinical trials, yet their adoption journey has been uneven. We’ve watched as the excitement for Proteus’s ingestible sensors dissolved when the company filed for bankruptcy. We’ve seen major investments to build large and sophisticated digital health teams by biopharma companies (e.g., Biogen) […] The post Keys to harnessing the value of digital biomarkers in clinical trials appeared first on Recon Str...| Recon Strategy
In February 2025, the FDA gave IND approval to United Therapeutics for the first xenotransplantation clinical trial, which followed a series of high-profile transplants via the compassionate use pathway from both United and rival eGenesis. Collectively, these milestones have created buzz around the potential for xenotransplantation to address the growing burden of End Stage Kidney […]| Recon Strategy
Introduction In 2017, the FDA approved Luxturna for the treatment of Leber’s congenital amaurosis (LCA), marking the first gene therapy used for an inherited disease in the U.S. The curative potential of gene therapy garnered significant pharma industry interest over the next few years, with notable multi-billion dollar acquisitions from Novartis and Roche. Since that […] The post Commercial performance of AAV gene therapies: Market review and future implications appeared first on Recon S...| Recon Strategy
