Back in 2010, in a landmark analyst note (not exactly a phrase we hear very often), Andrew Baum, then at Morgan Stanley MS +0.00%, observed that while many pharma companies were ostensibly trying to discover and develop drugs, most weren’t very good at it and, and should probably stop. Instead, he suggested, they should shift from R&D to “S&D” – “Search and Develop” – and seek to in-license promising early-stage (or late-stage) products that innovative biotechs were making.
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