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Small biotechnology companies are the lifeblood of the biologic drug industry. The positive market environment for biologic products has placed these companies in a position of strength with respect to access to capital. This has given some the ability to push through development while retaining autonomy. However, the gains from deals have never been greater. Licensing leading products while keeping earlier pipeline and the scientific talent is a popular compromise. Our understanding of the science behind biological technologies is improving, and investor confidence has increased. However, the fact remains that many novel technologies pursued by biotechs will be high‐risk areas of research.¹¹