Paradigm Shift Towards Independent Commercialization

In the past, emerging biotech companies that completed new drug development often preferred to be acquired or merged with large pharmaceutical companies due to the significant marketing costs and limitations of their sales networks. However, with the recent accumulation of global venture capital and the advancement of digital healthcare technology, more companies are challenging themselves by directly selling new drugs. This is analyzed as a strategic move to secure negotiating power in response to the patent expiration of large pharmaceutical companies and to create independent cash flow, thereby maximizing corporate value.

Successful Launch of Key Pipeline Products

BridgeBio Pharma, for example, launched Attruby (acoramidis), a treatment for hypertrophic cardiomyopathy, to challenge Pfizer's existing standard treatment, Vyndamax (tafamidis), in the $6.3 billion market, which will lose exclusivity in 2025. Attruby achieved sales of $362 million in 2025, dispelling market concerns. Madrigal Pharmaceuticals also successfully launched Rezdiffra (resmetirom), a treatment for metabolic dysfunction-associated steatohepatitis (MASH), and increased its sales to approximately $1 billion in 2025.

Capital Market Trends and Enhanced M&A Negotiation Power

As the profitability of the independent commercialization model is proven numerically, general shareholders and institutional investors have also begun to be patient in the long-term value creation process, rather than succumbing to short-term selling pressure. Furthermore, biotech companies that internalize direct sales networks and commercialization capabilities can be in a very advantageous position at the negotiating table with Big Pharma in the future, increasing their value. Recently, Kailera Therapeutics secured $625 million through a Nasdaq IPO in April 2026, demonstrating its ability to directly sell ribupatide, a dual-acting drug, which is in line with this trend.

High-Cost Risks and Strategic Partnering Adjustments

However, building a direct sales network provides long-term cash flow, but it also carries financial risks in the form of marketing costs. For example, Alumis, which is developing envudeucitinib, a treatment for autoimmune diseases, is prioritizing partnering with Big Pharma to address competition with BMS's Sotyktu (deucravacitinib) and share marketing costs. As such, flexibility is increasingly required to coordinate between independent strategies and joint commercialization models, depending on the market size and sales difficulty of the disease.