Feed Albany Molecular Research (NASDAQ:AMRI) money, and it will discover your compounds, or fill your laboratories with temps to discover compounds with you. If that compound enters the clinic, Albany will manufacture small batches for you. If one of those compounds reaches commercial stages, Albany can then large scale manufacture it for you, while collecting royalties. What Albany won't do is funnel its own money into clinical development. Contract discovery and manufacturing services might offer lower margins than clinical development, but there's far less risk.
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It took a once in a lifetime credit crunch and some unfortunate acquisitions to derail Albany. After three years of heavy losses, despite reasonably consistent revenues, Albany appears...
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