Wende Hutton specializes in creating asset and team spinouts from big pharma by licensing shelved drugs with strong clinical data and building seasoned executive teams around them, as she did with Labrys Biologics which licensed a migraine antibody from Pfizer and sold to Teva for up to $825M in milestones. She actively spends time with large pharma companies to understand gaps in their franchises and what assets they want to acquire, then uses that intelligence to shape Canaan's early-stage investing strategy in a market where most newly approved drugs now come from venture-backed biotech companies. Wende Hutton specializes in creating asset and team spinouts from big pharma by licensing shelved drugs with strong clinical data and building seasoned executive teams around them, as she did with Labrys Biologics which licensed a migraine antibody from Pfizer and sold to Teva for up to $825M in milestones. She actively spends time with large pharma companies to understand gaps in their franchises and what assets they want to acquire, then uses that intelligence to shape Canaan's early-stage investing strategy in a market where most newly approved drugs now come from venture-backed biotech companies.