Metabolic drive

Young, early-stage companies working in a significant piece of biological space have two basic partnering choices: sell salami slices for relatively small amounts of money or fill the coffers by selling a big chunk.

Most companies don't have the luxury of choice, but when they do, another trade off must be made: retain rights longer, but spend more time on the road pitching investors and potential partners, or do a big deal early that allows management to focus on company-building...