This EVERSANA white paper argues that emerging biotech companies create greater long-term value by commercializing their own products before pursuing out-licensing. Analysis shows that companies launching independently achieve market capitalizations more than six times higher than those relying primarily on licensing, with about a 70% chance of significant growth versus 18% for licensing-first strategies. The study also found that post-approval out-licensing generates more deals and substantially higher upfront payments than Phase 3 licensing, making commercialization first and licensing later the more effective strategy for maximizing valuation, negotiating leverage, and shareholder returns.

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