The pharma-to-spinout-to-pharma course traveled by Afferent Pharmaceuticals Inc. in Merck & Co. Inc.'s buyout worth up to $1.25 billion is not the first time and likely won't be the last in neurology, New Leaf Venture Partners managing director Liam Ratcliffe told BioWorld Today. "Despite headwinds in the space and many big companies getting out, we continue to see opportunities," he said.