Back in the day, there was a lot of immuno-oncology hype (PD-1, CTLA-4), and Big Pharma has burned a lot of money on failed immuno projects (e.g., TIGIT). Big Pharma’s caution has likely increased, and they generally want to see signs of efficacy in addition to safety before making offers.
Then there are the hot megatrends, like ADCs, where they might be willing to jump in with high risk—meaning making offers even based purely on preclinical data.
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