volume 27 number 6 june 2009 nature biotechnology Tanezumab is poised to be the first biologic agent approved specifically for the treatment of pain, and it may transform the way severe, unremitting chronic low back pain is treated. Pfizer essentially assumed all of the development risk with this compound. These two anecdotes, plus the thousands of smaller partnering deals, point to our keen appreciation for benefit sharing and financial risks. Our knowledge of biotech is considerable, we listen carefully to our external advisors and our sensitivity is based on decades of partnering with smaller biotechs and technology companies. On behalf of our shareholders, we are enthusiastic small biotech investors but we cannot, and should not, adopt all the risks now owned by the broader financial community.