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. 2022 Jan 11;56(2):313–322. doi: 10.1007/s43441-021-00364-y

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© The Author(s) 2022

Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.

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Fig. 2 — Company valuation, investment multiples, and annual returns by lead drug’s molecule type and disease area. Graphs in the first row compare the valuation (A), investment multiples (B), and annual returns (C) for companies with biologics or gene/cell therapies and small-molecule lead drugs by development stage. Graphs in the second row compare the valuation (D), investment multiples (E), and returns (F) for companies with lead drugs in oncology, CNS, and other disease areas by development stage. Valuation data from our sample of 311 Biopharma acquisitions (2005–2020) were inflation adjusted to 2020 values and combined with previously published success rates and development periods to calculate multiples and returns [11, 16]. The disease category other includes immunology, infectious disease, cardiovascular, dermatology, internal medicine, and ophthalmology. P values calculated based on ANOVA with Dunnett’s test (Sidak’s test for disease area): *p < 0.05, **p < 0.01, ***p < 0.001. CNS central nervous system