It was not so long ago that pharma as a sector was considered a dead zone by investors. All the mergers in the world hadn't built value, while the pending patent cliff was a yawning chasm that investors didn't want to get caught in.

What a difference a few years makes. The other side of the patent cliff is in sight. With valuations severely rebased, the potential for growth is becoming apparent in pipelines that have been cleaned up to reflect the new realities of what payers want.