Going beyond inherited worth

When one company acquires another, its ability to monetize its investment initially is dependent on clinical studies started at the acquired company. However over time, the surviving company will have more say in how it gains from its investment, by putting its stamp on new clinical trials and its use of the acquired technologies.

For example, Gilead Sciences Inc. last week released the latest data from its AmBisome program, acquired via its merger this year with NeXstar Pharmaceuticals Inc. The data come from a trial set up before the merger, and for now many of the existing programs from both companies will progress as they did before. ...