The industry-academia pair-up has been running for some time in the Life Sciences sector. Yet, the nature of their collaborations has diversified, intensified, and become more complex over the years, leading to more strategic and long-term collaborations and agreements. These changes bring to re-question what the key drivers are for pharma when engaging with academia today. Which business segments or therapeutic areas are favoured? How do pharma companies balance between collaboration, co-development, and straight licensing?