Prosonix receives an extra $9 million for its Series B round as it changes business strategy from contract research to the development of generic respiratory products, based on a novel particle-engineering technology for inhaled powders.

Pfizer's economic figuring goes something like this: an internally discovered drug, or one licensed for relatively little money at an early stage of development, can nonetheless be considerably less profitable than one in-licensed when it is nearly ready for NDA filing, even if the drug costs a small fortune in cash and quids.