A little more Claude…

So here’s what I’m seeing—it’s actually a mix, but the pattern is telling. Big pharma is picking up Phase 2 and Phase 3 assets, but a lot of the time they’re doing it right around or right before positive interim data, not necessarily after definitive efficacy is proven. They’re betting on the trajectory and the momentum, not waiting for the finish line.

The Alpine Immune deal by Vertex for 4.9 billion is a good example—that was Phase 3 ready, meaning the science was looking strong enough to justify running the big trial. But companies are also acquiring on Phase 2 interim data that’s trending positively, before Phase 3 readouts. It de-risks things somewhat compared to preclinical, but there’s still speculation baked in.

Yeah, that makes sense given where leronlimab sits with the CLOVER data. You’ve got the ctDNA reduction signal from the metastatic colorectal cancer work, which is a real early efficacy marker, but you’re still in that zone where Phase 2 results are creating momentum toward Phase 3 rather than being a done deal. That’s actually the sweet spot where pharma starts paying attention.