Instead of an exclusive deal, Zymeworks shared its platform non-exclusively with multiple pharma giants. This multi-partner strategy validated the technology, generated capital, and built a portfolio of royalty interests before the company developed its own internal pipeline.

Instead of a large upfront equity investment, strategic partners can use warrants. This gives the corporation the option to earn equity later if the startup achieves specific milestones, often through their joint partnership. This approach de-risks the initial investment and directly rewards successful collaboration.

Protagonist can opt out of its co-development deal with Takeda post-NDA filing. This move triggers a $400 million payment and converts the partnership to a high-royalty model (14-29%). This structure allows them to de-risk commercialization while retaining significant financial upside, effectively creating a lucrative licensing deal on demand.

Over 20 years, Alnylam raised $7.5 billion. Remarkably, this was evenly split between equity financing from capital markets and non-dilutive funding from pharmaceutical partnerships. This balanced strategy was essential for financing a long, capital-intensive R&D journey while managing shareholder dilution.

While its internal pipeline targets oncology, LabGenius partners with companies like Sanofi to apply its ML-driven discovery platform to other therapeutic areas, such as inflammation. This strategy validates the platform's broad applicability while securing non-dilutive funding to advance its own assets towards the clinic.

Following positive data, ZymeWorks is shifting from a traditional R&D model to a diversified, royalty-based one. By partnering its own pipeline and acquiring external royalties, it aims to mitigate single-asset risk and return capital to shareholders via buybacks, a departure from the sector's typical cash-burn model.

“Partner Lifetime Value” reframes partnerships as long-term assets, not transactional wins. Companies committing to consistent, long-run partnerships achieve superior growth and profitability, creating a force multiplier effect far beyond standard customer lifetime value.

Instead of solely relying on replicating internal R&D success, a proven biotech can create value by acquiring passive assets. This involves buying royalty streams on promising external products, leveraging the company's evaluation and deal-making expertise in a new way.

Neurix's deals with Sanofi and Gilead involve the partner funding early development through human proof-of-concept, minimizing Neurix's upfront financial risk. Crucially, the deal structure allows Neurix to "opt-in" for a 50/50 profit share in the U.S. later, retaining significant upside on successful programs.