Buy What Others Abandoned For The Wrong Reasons
He noticed big pharma systematically shelved whole categories of drugs, not because the science failed, but because of career risk: people only take the same risks their competitors take. So he in-licensed abandoned drugs in early development "for pennies on the dollar." Five of the drugs he worked on were FDA approved, and the company became a $10 billion public company that returned over a billion dollars to shareholders before going public.
The play
Hunt for assets others walked away from for non-economic reasons like career or reputational risk, and acquire them cheap.