I don't think that is true of the last biotech boom in 80s when recombinant DNA tech was developed. Amgen, Genentech, Biogen, etc, were outsized winners. Just

I don't think that is true of the last biotech boom in 80s when recombinant DNA tech was developed. Amgen, Genentech, Biogen, etc, were outsized winners. Just b/c biotech has gone to more of a 'single drug asset, build and flip to a BigPharma' model in recent years doesn't mean it is some permanent law of the industry.