Boehringer Ingelheim and AbbVie executives discussed why deal signing often comes only after value creation work begins, emphasizing structure, risk alignment, and early scientific diligence. In a panel at LSX USA Congress, Boehringer’s Scott DeWire said M&A cannot be the default path, while AbbVie’s Rachel Strick highlighted the conviction required to convince executive leadership. The conversation drew on recent AbbVie acquisitions, including the $10.9 billion purchase of Apogee Therapeutics and AbbVie’s earlier $1.45 billion acquisition of Kestrel Therapeutics. The executives stressed that robust scientific alignment between teams and an ecosystem of early relationships are critical precursors to successful outcomes. For biotech leaders, the takeaway is operational: licensing and collaborations may dominate when uncertainty is high, while M&A is reserved for projects where long-term ownership and integration are pre-aligned.