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I’m a huge fan of R&D collaborations between pharma and academia, so I should be thrilled by Sanofi’s latest tie-up with seven top-tier centers – so why do I have mixed feelings?

On first glance, there’s a lot to like: Sanofi has committed $2.4M per year to seven top centers, including Johns Hopkins, Brigham and Women’s Hospital, and Columbia, to fund about 20-25 seed projects annually, with no strings attached and a wide-open scope. Who knows what will emerge – but it won’t take much for this to look like a pretty good investment for Sanofi.