As we all know deal making is the life and blood of the biopharma industry and today this activity is truer than ever. In our experience of more than thirty years in deal making, companies who were most active and persistent in their deal making activity through both ups and downs tend to be more successful. An analysis of licensing after the 2007/8 crash shows that sentiment was shared by the industry as there was little let up in both the number of deals done and the upfront values negotiated (Table 1).

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