Dichotomy

BioCentury's cover story this week puts into words what we've suspected for some time: there are two paradigms governing what makes biotech companies attractive to Wall Street investors and to pharmaceutical companies.

The Wall Street paradigm encompasses everything that enables a company to provide an attractive rate of return - from technology, to capital, to clinical and regulatory expertise, to sales and marketing, to management. To make themselves "investable," companies have to show that they are creating a true business...