That’s what saved Bill Gantz’s pharmaceutical giant Baxter Corp.
Back in 1992, Gantz raised $42 million to develop a “perfect” drug that could cure lung infections in patients with cystic fibrosis. The hitch: In clinical trials, it didn’t work.
Luckily (well, it was more than luck), the company had identified a second promising drug and licensed it before the failed trial. With Plan B in his back pocket, Gantz saved his company and sold it to Chiron Novartis for $720 million.
— Adapted from How They Did It, Robert Jordan, RedFlash Press.