In 2011, Imbruvica (ibrutinib), a Pharmacyclics drug in Phase II trials, caught the eye of Peter Lebowitz, Johnson & Johnson's research director. Lebowitz convinced J&J's CSO Paul Stoffels and CEO Alex Gorsky to fly up to Sunnyvale to meet with Robert Duggan. Duggan had accumulated 13+ million shares in Pharmacyclics over the past six years and now served as company CEO. Back in 2006, Pharmacyclics had purchased a number of small molecule candidates from Celera, including the BTK inhibitor ibrutinib. Not all went well, and by 2008 it appeared Pharmacyclics was headed for biotech oblivion. However in 2011, Gorksy and team were so impressed with they saw in ibrutinib that J&J's Janssen Biotech division made a $150 million up-front payment and provided $825 million in development and regulatory milestones related to the drug. The companies would split development expenses 40/60 (Pharmacyclics/Janssen), and global profits and losses 50/50. Over the next three