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If you weren’t already aware, the era of emerging biotechs has arrived.

Last year, these companies accounted for 72% of 2,853 late-stage drugs in the collective industry pipeline, up from 65% of 2,083 medicines in 2013. Meanwhile, 47% of the therapies launched in the U.S. in 2018 were attributed to emerging biotechs, which were defined as spending less than $200 million annually on R&D and having less than $500 million in revenue.

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