Valuations. I do not want to be the guy who buys Cisco at the peak of 2000 bubble and make 0% profits in next 10 years. 
Also biologics compliance is a different beast all together. See the interview harsh and I did: Pharma compliance issues - #14 by harsh.beria93
Much higher probability of downside surprise.
Market rewards rate of change. Neuland was available at 2x sales for a very long period of time (when i accumulated).
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