Af­ter some sting­ing set­backs, a top an­a­lyst ques­tions the high fail­ure rate for Cel­gene's drug pipeline

When Mark Alles got the big pro­mo­tion to CEO of Cel­gene $CELG two years ago, the com­pa­ny was a wide­ly ad­mired big biotech which had com­mit­ted large por­tions of its rev­enue to build­ing a pipeline through some of the most in­tense deal­mak­ing ac­tiv­i­ties in the in­dus­try. To­day, its stock price is bad­ly banged up, its whole pipeline strat­e­gy is in doubt and some an­a­lysts are start­ing to give some care­ful at­ten­tion to de­ter­min­ing what’s gone wrong.

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