R&D merry-go-round

An exodus of pharma R&D leaders to small biotechs and start-ups over the last year reflects a new phase in the ecosystem’s churn of talent. But it’s not all loss for the pharmas. The transition is expected to help them access innovation by improving the quality and number of in-licensing opportunities.

This year, 25 senior leaders in R&D from 17 different pharma companies have departed to take CEO or other senior management positions at smaller biotechs. Eighteen of those execs joined companies that were founded or raised a series A round in the last three years. ...