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Wouldn't a company still be able to patent the additional development they did to turn the original research into a product? E.g. delivery method patents are very common.

I don't see why they need to own the original research.

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All else being equal, it's most straightforward to demonstrate infringement of a composition of matter claim (which tends to be the earliest for pharma) and so these are more valuable. Also, they tend to be the earliest to issue and possibly litigate over, which also increases value.

It's a lot less valuable.

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