When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.

Some entrepreneurs combine talent and experience to produce multiple profitable exits for investors. But there are many who do not, and past success is indeed no guarantee of future performance.

Deal Snapshot: The deal, with an upfront payment of $45m, is the latest of several involving large biopharma companies and smaller firms focused on small molecule drugs based on RNA biology.

Confirming rumors of an acquisition, CSL will venture into some new territories as well as boost its renal franchise when it takes over Switzerland’s Vifor Pharma in a deal worth $11.7bn.