The boom and bust years of the late 1990s and early 2000s left biotechnology companies facing an uncertain future, but those that lasted have learned new survival strategies, not least of which is partnering with big pharma. This article draws on two interviews in which PharmaVentures' CEO, Fintan Walton, discussed the partnering strategies and business models of two very different sized companies, global giant Roche and German biotech MorphoSys, with Eric de la Fortelle (Roche's Global Head of External Research and Technologies) and Simon Moroney (MorphoSys' founder and CEO). These companies have enjoyed a successful partnership since 2000, not least because of the resources each has committed to the alliance management process.