“The model is broken.”
I used to hear that chant from biotech VCs all the time, often accompanied by the thwack of self-flagellation. The model was supposed to work like this: put money into highly risky science, nurture it, and wait a long time—sometimes five years, usually a lot longer—for that risk to become an unlikely reward. Most efforts would fail, but a few home runs would propel the investors to the next fund. That model built Genentech, Amgen (NASDAQ: AMGN), Gilead Sciences (NASDAQ: GILD), Regeneron Pharmaceuticals (NASDAQ: REGN), and so many others.
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