biotech is dead long live atlas venture life science conference cannes 2002 steven holtzman ceo infinity pharmaceuticals 2 a definition companies that begin with fundamental new technologies and propose from such starting point to create enterprises flourish by discovering developing eventually marketing medicines not tool service spinouts pharmaceutical mature drug product portfolios 3 of success 5 7 years inception develop important lasting company significant shareholder value molecule s in man sustainable pipeline one wonder 10x return 4 historical successes no more than 20 25 last 30 examples amgen biogen centocor genentech genetics institute idec immunex medimmune chiron genzyme agouron celltech cephalon icos tkt vertex gilead abgenix medarex neurocrine pdl scios human genome sciences millennium backdrop the start up dilemma if discovers drugs as well pfizer merck funds itself entirely equity it can justify 50b valuation but stock price 80 share 0 000 10 15
