Sunstone Life Science Ventures builds its investment strategy around the idea that most biotech exits happen through acquisitions, so it favors companies suited for preclinical, Phase 1, or Phase 2 exits, focuses closely on the first €50 million invested and on reaching milestones that make a company attractive to buyers, and often prefers specialty pharma and orphan-drug programs that stand out to acquirers. It also runs a twice-yearly Business Development Advisory Board with former pharma dealmakers to test partnering strategy, tracks nearly 250 biotech M&A deals to study return patterns, and measures its impact using a method called Risk Adjusted Life Years Saved to estimate patient benefit before a drug is even approved.