TABLE OF CONTENTS

4 EXECUTIVE SUMMARY
4 Market dynamics
4 CMO and sponsor strategies

6 SMALL MOLECULE MARKET DYNAMICS
6 Overview
6 Key trends
8 Market drivers and restraints
12 References

14 CMO AND SPONSOR STRATEGIES
14 Preferred partner arrangements
17 Deal activity will focus on technologies and geographical markets
19 Emerging markets are increasingly important
20 References
LIST OF FIGURES
Figure 1: Comparison of the capabilities of the 10 leading small molecule CMOs

LIST OF TABLES
Table 1: Major M&A deals in the CMO sector, 2010–12