Interesting post. With the current big pharma focus on getting late stage compounds across the finish line and onto the market, I suspect we will see even more early stage deals coming in a couple of years as big pharma starts refilling the early pipeline. Is there an opportunity for small development companies to be formed to take 'shelved', early stage products off big pharma, develop them and sell them back? Roche have used this this approach in the past with the formation of Basilea, and Novartis did it with Speedel.