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Hi Fushi,
I disagree. I worked for a small company (custom manufacturing of drug substance) in Switzerland. The company was booming (growth >30% per year), made tons of money, the 2 owners sold for $150 million (not swiss francs, dollars) and the young motivated team who helped achieve this got a nice "thank you all". It was fun working there (not like working for Basel pharmas in suit and tie) but financially disappointing considering the success fo the company.
Right now I'm working for a small US biotech with options underwater but ....
on paper they were worth a nice six digit dollar amount just eight month ago and I'm quite confident for the future. I agree, if you don't see a chance that the options wil be worth anything in the next 5-7 years, look for a new job that pays better.
I know I could make 20-30% more at a big pharma (and they give you options as well), but I prefer the high risk small biotechs (high risk + high return ?????) And I hate the inefficincy of big companies (drives me crazy).
One last comment about risk: If I get laid of I have 2 weeks to leave the country with wife, two children and a complete household. I am aware of the risk.

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