Terns Pharma successfully shifted its focus after its GLP-1 obesity drug showed underwhelming results. By pivoting to its promising oncology asset for chronic myeloid leukemia, the company dramatically increased its value, culminating in a nearly $7 billion acquisition by Merck. This demonstrates the value of decisively abandoning struggling programs for high-potential ones.

At Zeal Bio, Alan Bash recommended shutting down operations when the science failed to show sufficient conviction for investors. This tough but pragmatic decision, made sooner rather than later, was respected by investors as it prevented further capital loss on a non-viable program.

Deciding to abandon a profitable product for a nascent one was difficult. The COVID-19 pandemic forced the decision by killing the old product's sales pipeline while accelerating demand for the new one's remote access capabilities, making the pivot clear and necessary overnight.

Facing financial challenges as Platelet Biogenesis, the company pivoted. Instead of creating complex artificial platelets, they now extract the regenerative growth factors from platelet-producing cells. This de-risked the product and focused the platform on a more achievable therapeutic, saving the company.

The most difficult pivots aren't from failing ideas, but from successful ones. The ultimate test is your willingness to abandon a stable, profitable business ("good") that you're known for in pursuit of something potentially phenomenal ("great"), even when the outcome is not guaranteed.

When facing a crisis, Fibrogen's CEO decided to shut down discovery research programs. The value inflection opportunity was too far in the future, and capital was better spent on assets with the potential to create more near-term value, ensuring the company's survival.

Charles River's acquisition of PathoQuest was a strategic move to evolve beyond its legacy animal testing business. The deal was the result of a gradual investment strategy, starting with a small 'validation' check and progressively increasing its stake, which de-risked the final acquisition and ensured a strong strategic fit.

While fundraising in a collapsing market, Turbine's CEO faced immense pressure to pivot from a platform to a traditional biotech model. He credits their survival and success to sticking to their core vision, managing cash aggressively, and having the mental resilience to resist deviating.

Hazel's founder frames their major business model change not as a failure, but as finding a better path to the same goal. Their mission was always to increase competition in government procurement. This missionary focus provided the stability and clarity needed to make a difficult but correct product pivot.