Hypothetical - if a biotech startup has something truly good, some kind of breakthrough blockbuster drug with multiple applications - I’m thinking the path of least resistance might include the option of M&A and cash out.  

What if they want to go for the longhaul, stay as a company, ride the blockbuster for years for lots more money? 

Would an IPO plus licensing be a reasonable way to do this?  Raise money for further clinical trials, to expand the uses of the drug, and licensing to take advantage of big pharma’s established marketing and distribution channels.  Pitfalls or downsides?   

Other, good, or better, ways to keep control for bigger, longer term monetization?