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About the author
　　Disclaimer

EXECUTIVE SUMMARY
　　Pharmaceutical licensing
　　Pharmaceutical licensing trends
　　Big Pharma licensing profiles
　　Future trends in pharma licensing

Pharmaceutical licensing
　　Summary
　　Introduction
　　Mega-trends behind the pharma licensing boom
　　 　　An industry in flux
　　 　　Looking out, not in
　　Licensing
　　 　　Licensing versus M&A
　　 　　Goals and targets
　　 　　Procedures and approaches

Pharmaceutical licensing trends
　　Summary
　　Introduction
　　Deal volumes
　　The deal-making community
　　Licensing targets
　　Deal values
　　 　　Up-front payments
　　 　　Milestone payments

Big Pharma licensing profiles
　　Summary
　　Introduction
　　 　　Big Pharma deal-making volumes
　　 　　Financial commitments to in-licensed assets
　　 　　Leading therapy area targets
　　 　　Strategic deal making focus
　　 　　In-licensing strategies
　　Pfizer
　　 　　Licensing strategy
　　 　　Licensing activity
　　Novartis
　　 　　Licensing strategy
　　 　　Licensing activity
　　Sanofi
　　 　　Licensing strategy
　　 　　Licensing activity
　　Merck & Co.
　　 　　Licensing strategy
　　 　　Licensing activity
　　GlaxoSmithKline
　　 　　Licensing strategy
　　 　　Licensing activity
　　Roche
　　 　　Licensing strategy
　　 　　Licensing activity
　　AstraZeneca
　　 　　Licensing strategy
　　 　　Licensing activity
　　Johnson & Johnson
　　 　　Licensing strategy
　　 　　Licensing activity
　　Eli Lilly
　　 　　Licensing strategy
　　 　　Licensing activity
　　Abbott
　　 　　Licensing strategy
　　 　　Licensing activity

Future trends in pharma licensing
　　Summary
　　Introduction
　　 　　Filling Big Pharma pipelines
　　 　　Accessing novel technologies
　　 　　Choice of licensing partners
　　 　　Hedging risks associated with pharmaceutical R&D
　　 　　Increasing patient focus
　　 　　Portfolio restructuring
　　 　　Beyond pharmaceutical licensing

Appendix
　　Scope
　　Methodology

TABLES
　　Table: Pharma shares of leading multinational sales, 2010
　　Table: Billion-dollar product licensing deals
　　Table: License and milestone fees banked by ImmunoGen ($ thousands), 2008—10
　　Table: Levels of concentration in the biopharmaceutical deal-making community, 2010
　　Table: Deals by therapeutic area, 2006–10
　　Table: Big Pharma licensing deals by company, 2006–10
　　Table: Big Pharma out-licensing to in-licensing ratio, 2006–10
　　Table: Big Pharma in-licensing deals by company, 2006–10
　　Table: Big Pharma in-licensing deal values ($bn), 2006–10
　　Table: Comparison of Big Pharma in-licensing and spending trends
　　Table: Therapeutic focus of Big Pharma in-licensing by company, 2006–10
　　 Table: Pfizer licensing deals concluded, 2006–10
　　Table: Therapeutic focus of Pfizer in-licensing deals, 2006–10
　　Table: Key Pfizer in-licensing deals
　　Table: Therapeutic focus of Novartis in-licensing deals, 2006–10
　　Table: In-licensed additions to the Novartis late-stage pipeline
　　Table: Major Novartis option deals struck in 2009–10
　　Table: Therapeutic focus of Sanofi in-licensing deals, 2006–10
　　Table: Key antibody candidates in-licensed by Sanofi
　　Table: Therapeutic focus of Merck & Co. in-licensing deals, 2006–10
　　Table: Key Merck & Co. in-licensing deals
　　Table: Therapeutic focus of GSK in-licensing deals, 2006–10
　　Table: Key GSK in-licensing deals
　　Table: Therapeutic focus of Roche in-licensing deals, 2006–10
　　Table: Expected payments by Roche to license partners, 2011–13 ($m)
　　Table: Key Roche in-licensing deals
　　Table: Therapeutic focus of AstraZeneca in-licensing deals, 2006–10
　　Table: Key AstraZeneca in-licensing deals
　　Table: Partnering details for J&J's late-stage pipeline
　　Table: Therapeutic focus of J&J in-licensing deals, 2006–10
　　Table: Key J&J in-licensing deals
　　Table: Therapeutic focus of Lilly in-licensing deals, 2006–10
　　Table: Key Lilly in-licensing deals
　　Table: Therapeutic focus of Abbott in-licensing deals, 2006–10
　　Table: Key Abbott in-licensing deals

FIGURES
　　Figure: Licensing and collaborative deal numbers, 2006–10
　　Figure: Deals by therapeutic area, 2010
　　Figure: Up-front payment trends, 2006–10
　　Figure: Trend in milestone and up-front payment size, 2006–10
　　Figure: Deal-making focus of leading pharma companies
　　Figure: Novartis licensing deals concluded, 2006–10
　　Figure: Sanofi licensing deals concluded, 2006–10
　　Figure: Merck & Co. licensing deals concluded, 2006–10
　　Figure: GSK licensing deals concluded, 2006–10
　　Figure: Roche licensing deals concluded, 2006–10
　　Figure: AstraZeneca licensing deals concluded, 2006–10
　　Figure: Johnson & Johnson licensing deals concluded, 2006–10
　　Figure: Lilly licensing deals concluded, 2006–10
　　Figure: Abbott licensing deals concluded, 2006–10