As growth potential in strategic alliances becomes a more viable option for Big Pharma, midsize players are finding that they, too, can have a piece of the pie. Traditionally, companies went public. But as the industry evolves into a more complex entity with new synergies and innovative technologies, many companies now see M&A as a viable alternative to IPO. The crunch on credit will affect the deal market. Look for companies to tap alternative financing streams to continue clinical development. Whatever the tactic, these new models allow companies to be more focused on developing products—and in the end, that's what makes a robust industry.