Analytical Teardowns
Pfizer has spent $88 billion on external innovation since 2018. Majority of that capital sits in just four deals and 37% in one. Jump into the dissection of the dealmaker narrative to find out if this theory holds true for Pfizer.
AbbVie, Big Pharma, Pharma M&A, BD&L, Corporate Venture Capital, Patent Cliff, Capital Allocation
A complete strategic breakdown of AbbVie’s playbook on how it engineered its way out of the Humira patent cliff, analyzing M&A capital flows, pipeline risks, and therapeutic market positioning.
AstraZeneca, Pharma Strategy, Open Innovation, M&A / Mergers and Acquisitions, Corporate Venture Capital (CVC), Oncology, Cardiometabolic Disease
AstraZeneca's Open Innovation doctrine has already delivered a big chunk of its 16 Blockbusters and there are many assets lined up to become the next big ones. Jump in to see if the money is going where it should.
Analytical Teardowns
Eli Lilly grew $20.1 billion in 2025. Its entire acquired portfolio grew only $95 million! Dive into a teardown of where Lilly's open innovation money actually went and what generated the big bucks for the company.
archive-july-2026
Merck quietly became one of the most aggressive external innovation buyers in the industry. But when your entire strategy hinges on replacing a $25B drug before the patent clock runs out, is buying your pipeline fast enough? Read the mechanics of what Merck & Co is doing to avoid the fall.
Novo Nordisk Akero Therapeutics Embark Biotech Catalent
Novo Nordisk deployed billions in obesity and diabetes bets since 2023. Did they allocate capital to the right stage and modality? Read the analysis deal by deal to reveal the truth.