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The deck said “strategic fit.” The IC approved. The press release landed. Twelve months later, the asset is quietly deprioritized, milestones slip, and portfolio reviews start using softer language like “optional,” “non-core,” or “revisit later.” What looked aligned at signing unravels not because the science failed, but because the fit was narrative-led rather than execution-tested. This failure mode shows up repeatedly in Pharma BD & Licensing. Teams convince themselves the deal fits the portfolio story, but the post-close operating reality tells a different story. By the time that gap is visible, value erosion is already locked in. Strategic fit is…

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