Opportunities arise for once-spurned partners

The ability of a small developer to retain ownership of a prized asset has a lot to do with wider market conditions. And right now those conditions are terrible.

The Biohaven board would certainly have considered this fact while weighing up whether to sell out to Pfizer, presumably having rejected such a proposal six months earlier. Which begs the question – which other groups might be regretting an earlier independent streak, and would now look favourably on an offer from a larger partner that had once seemed too cheap?