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The difference between 4 and 5

In the space of a month, Addex Pharmaceuticals S.A.and Merck & Co. Inc. have done two deals that help benchmark the value of research-stage and preclinical assets. The valuations of the two deals were determined by market size and the compounds' potential in other indications, in addition to other factors such as medical need and innovation.

Last month, Merck in-licensed Addex's preclinical positive allosteric modulators of metabotropic glutamate receptor subtype 4 (mGluR4) to treat Parkinson's disease (PD) and other undisclosed indications. The deal provided Addex $3 million

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