David Chiswell has worked tirelessly to build up the British biotech industry for over 30 years. Now, as CEO of Kymab, he is looking to the future of the industry and how to find the stars of the future.

We present another installment of our quarterly review of dealmaking-for January-March 2007. Our data comes from Windhover's Strategic Transactions Database, which covers deal activity within the pharmaceutical/biotechnology, medical device, and in vitro diagnostics and research industries.

David Brennan has sharpened AstraZeneca's therapeutic area focus and embraced external R&D. The next two years will determine whether the productivity drive is working--or if more radical change is needed.

The recent diabetes alliance between Bristol-Myers Squibb and AstraZeneca on two late-stage clinical compounds highlights some of the different ways pharmaceutical companies are embracing both specialty products and externalization strategies to address the industry's growing pipeline problem. BMS and AZ are pursuing different approaches but in diabetes, those strategies are complementary: AZ's unabashed externalization and muscular primary care marketing suits BMS's gradual weaning off the blockbuster model.