workshop set up and schedule · workshop set up and schedule sample posters from the ucsf session...

Workshopsetupandschedule

Beforetheworkshop:Determinewhereeachsmallgroupwillbesetuparoundtheroom.DistributeaPost-it,self-stickeaselposter(suggested25x30.5,Item559)andmarkersforeachofthegroups.Labelthetopofpost-itwithSmallCompany,LargeCompanyorAcademia.Writeinstructionsontheboard,perthefollowingpictures:

Facilitator’stasksinthesmallgroup:

1. Introduceyourself2. Askparticipantsforbriefintroductions3. Askparticipantsabouttheircareergoals(takethisintoaccountasyoufacilitatediscussion).4. Brieflyreviewthecasestudyprompt5. Posethequestions,oneatatime,andaskfortheirthoughts6. Sitbackandletthegroupdiscuss

• Refertotherubrictoseeifyourgroupismasteringtheconceptscoveredinthelecture• Ifneeded,promptthediscussionwiththequestionsprovidedbelow

7. Summarizetheconversationandstarttomaketheposter8. Makingtheposter–askforascribeandapresenter.Forthepresenter,considerencouragingan

individualwhowantstoworkontheirpresentingoranon-nativeEnglishspeaker.9. Ifthereistime,poseprovocativequestions(ex:Whatifthecompanydoesn’tlikethedealyou

propose,what’syournextstep?Wouldyouproceedwiththecollaborationorfindanewcompanytoworkwith?)

SCHEDULE:NotesforCourseModerator–theindividualintroducingtheworkshop,wrappingupandkeepingtimeNotesforCourseFacilitator–theindividualsleadingthesmallgroupdiscussions

Notes:Step1Informtheparticipantsthatthereare#areastochoosefromStep2Breakintogroupsof5to7people;adjustforyourgroupsizeStep3Giveapproximately30minutesforthediscussion;adjustaccordingto60or90minsessionStep4Giveeachgroup5minutestoreportout.Wefoundthatthisisenoughtimetopresenttheirposteranddiscussafewquestionsfromthegroup.


**Thisisasuggested60minuteschedule.Fora90minutesession,considerlengtheningthegroupdiscussionoraddinganoptionalfacilitator-led,largegroupdiscussionafterthepresentations.5minutes Getsettled,explanationsbeforegroupsbreakout

Classmoderator-“ThisisachanceforyoutoapplysomeoftheabstractconceptsthatAshaandDanintroducedinthevideos.Fortheindustrycases,youwilllookthroughacompanywebsiteanddeterminegapstheywanttofill,howyoumightstructurethedeal,andwhoyou’dmakethedealwith.Youmaywanttoaskwhattheirvaluepropositionandgoalsaretohelpyoufigureoutwheretheywanttogrow.Intheacademiccase,youwillenvisionyourselfasanewPIanddeterminepotentialcollaborationsdependingonyourgaps,andvisionandgoals.Pleasetake5-7minutestoreviewthecaseandstartbrowsingthesites(fortheindustrycases).Pleasecollectyourthoughtsonhowtoanswerthequestions.Thefacilitatorswillbeavailableforquestions.Eachgroupwillmakeapostertosharetheircompany’sstrategyandwewilldiscussit.Remembertochooseascribeandpresenterforeachgroup.”Nowlet’sbreakintogroups.Pleasegototheareaofinterest–SmallorLargeCompany,orAcademia

20minutes GroupdiscussionFacilitatorintroduction:“Mynameisx,andIworkatX.Mybackground/PhDisinY.I’mheretofacilitatethediscussion,keepthingsmovingalong.Wewillbeusingacompany’swebsitetoidentifytheirgaps.Feelfreetousetheslides.”Participantslookoverthewebsitesanddiscussamongstthemselves.Facilitatorsmayneedtopromptconversationifthereisalull.Remembertorepeatquestionstothegroupifanindividualraisesaquestion.Iftheysaytheyarealldone,getthemthinkingaboutadimensiontheyhaven’taddressedyet.Classmoderator–givea5minutewarningtowinddowndiscussionandtellthemtostartwritingupthepostersiftheyhaven’talreadybegun.

30minutes

Reportout,grouppresentationsClassmoderator-“Great,nowwewillsharewhatyourgroupsidentifiedasthecompany’sgaps,thedealstructures,andwhoyoumeasuredsuccess.Youwillhaveapproximately5minutestopresent.I’llgiveyoua2minutewarningbyholdinguptwofingers.”

Shareposters,seeexamplesbelow[Optional]Facilitatorsaskfollow-up,nextstepquestionsaboutthepresentationstogettheparticipantstothinkmoredeeplyaboutthesubject.

5minutes WrapupClassmoderator–Thanksforattending.Wewillbesendingoutpost-classsurveys.Pleasetake10minutestogiveusfeedback.Wearedevelopingthisworkshoptobesharednationwideandanycomments,suggestions,orkudosthatyougivewillbehelpful.


SamplepostersfromtheUCSFsessioninJune2016Smallcompanycasestudy:

1. ReviewFivePrimeTherapeutics’website2. Yourroleislicensor.Inyourgroup,addressthefollowing

questionswhenlookingforcompanywhowantstouseyourtechnology:• Whatdoestheothercompanybringtothetable(whatgap

dotheyfill)• Whatincentivesdoesthecompanyhave(Gap)• Howwouldyouwanttobuildadeal(Vehicle)• Howcouldyoumakeitfriendlierforpartnering

(Executing)• Whodoyougotoforthedeal(Executing)• Howwouldyoumeasuresuccess?

Largecompanycasestudy:

1. ReviewJohnson&Johnson,MerckorCelgenewebsite2. Yourroleislicensee.Inyourgroup,addressthefollowing

questionswhenlookingforatechnologytolicense:• Whatdoestheothercompanybringtothetable(whatgap

dotheyfill)• Whatincentivesdoesthecompanyhave(Gap)• Howwouldyouwanttobuildadeal(Vehicle)• Howcouldyoumakeitfriendlierforpartnering

(Executing)• Whodoyougotoforthedeal(Executing)• Howwouldyoumeasuresuccess?

RubricforbusinessdevelopmentconceptsThistableprovidescriteriatoevaluateifthegroupisprogressingonthecase.Facilitatorsmightfindthistableusefulfordeterminingwhetherparticipantsdemonstratemasteryofbasicandadvancedconcepts,providingfocuseddirection,andclarifyingexpectationsforthegroupactivity.Areaofknowledge

BASICmasteryofconcepts ADVANCEDmasteryofconcepts

Identifyagapforascientificenterprise

Identifythetypesofgaps(financial,market,product,andstakeholder)

Correctlyidentifygapsforthecompanyororganization

Explainhowidentifyingcompanytype(disease-focusedortechnology-based)helpsdeterminethecompany’sgap

Giveexamplesofgapsfordisease-focusedortechnology-basedcompanies

Defineafinancialgap Giveexamplesoffinancialgapsandhowtoaddressthegap

Defineamarketorproductgap Giveexamplesofmarketorproductgapsandhowtoaddressthegap

Defineastakeholdergap Giveexamplesofmarketgapsandhowtoaddressthegap

Listplacestofindinformationaboutcompany’sgaps(publications,companypresentations,clinicaltrialinformation)

Evaluatetheinformationaboutthecompany’scurrentpipelineortechnology

Describehowthegapfitsthecompany’smissionorprogram

Assessthecompetitivelandscaperegardingthegap

Discussdealtypestofillthegap

Identifythedifferentdealtypes(researchcollab,license,development,commercialization,andacquisition)

Evaluatethedifferentvehicles(partnership/dealoptions)tofillthegap;aligntocompanymission

Identifywheretheycanfindinformationaboutpartners(newsreleases,googlesearches,orcompanypresentations)

Assesstheinformationaboutcurrentpartners,andsuggestotherpotentialpartners

Determinetheappropriatevehicletofillthegap(typeofdealorpartnership)

Evaluatehowwellthetargetfitsthecompany’sinternalgoalsandscope

Describebenefitsadealhasforalargecompany

Assessthebenefitsandchallengesforthelargecompany

Describethebenefitsadealhasforasmallcompany

Assessthebenefitsandchallengesforthesmallcompany

Identifythebenefitsofalicensingdeal Giveexamplesanddiscusstheconstraintsofdifferentlicensingdeals

Describethebenefitsandconstraintsofaresearchcollaborationoracquisitiondeal

Describethebenefitsandconstraintsofaco-developmentorco-commercializationdeal

Identifymetricstosuccessfullymonitorandexecuteadeal

Describecomponentsofadealstructure Identifyareasofflexibilityandhowtostructurethedealtoachievegoals

Identifyindividualsinthecompanytogotoforthedeal

Assesssituationswhereindividualsareidealforchampioningadeal

Definetheoutcomesforasuccessfulpartnershipordeal

Giveexamplesforbarrierstoexecutingthepartnershipordeal

Determineamonitoringplantotrackthemetrics(monthly,quarterly,orannuallyandwhoisresponsible)

Definemetricsforsuccess;candependonthedifferentpartners;assessifthecompanyisontrack

Notesforfacilitatingthegroupdiscussion

ThankyouforyourinterestandparticipationintheBusinessDevelopmentworkshop.Thegoalofthegroupdiscussionistogivetheparticipantsachancetoapplytheprinciplestheylearnedfromthelecture.Thetasktheywillperformisdeterminingpotentialgapsacompanymaywanttofillfrombrowsingthecompany’swebsite,anddiscussinghowtheywouldexecutethedeal.Questionstoanswer:

• Whatdoestheothercompanybringtothetable(whatgapdotheyfill)• Whatincentivesdoesthecompanyhave(Gap)• Howwouldyouwanttobuildadeal(Vehicle)• Howcouldyoumakeitfriendlierforpartnering(Executing)• Whodoyougotoforthedeal(Executing)• Howwouldyoumeasuresuccess?

Asareminder,wehavedefinedtheconceptsbelow–

Gapscanbediverseandmayinclude:! Financial–revenue,market,accesstocapital! Product–pipeline! Market–marketshare,geographicfootprint,accesstomarkets! Stakeholder–productadoption,expertise

Commondealtypestofillgaps:! Researchcollaborationortechnologyevaluation! Licenseorlicenseoption! Developmentagreement! Commercializationagreement! Acquisitionoption

Executingthedeal:! Workingwithstakeholderstostructureadeal! Measuresuccess! Maximizesuccessafterdealcompletion

Whatifconversationstalls?Below,youwillfindalistofquestionstoprompttheparticipants.ReviewtheRubricforBusinessDevelopmenttohelpguidethediscussionandtodetermineiftheparticipantsinyourgrouparethinkingthroughthebasicconcepts.Afteraskingaquestion,steelyourselftowaitthroughthesilence—responseswillcome.Ifyounoticethesame2-3peoplespeaking,andwantbroaderparticipationyoumightsay:“Let’shearfromsomeonewehaven’theardfromyet”or“Howaboutsomeonefromthissideofthegroup?”etc.Youcanalsomovearoundthegroup—youwillboostparticipationfromwhateverdirectionyouface.


Questionstopromptconversation:! Whatdothinkaregapsthecompanymightfill?! Whatistheir1to3yearstrategy?Havealookattheircorporatepresentations,usual5-10

slides,milestonesattheend.Dotheytalkaboutgapstheywanttofill?! Whatdoyouwantinadeal?Whatgapareyoutryingtofill?! Whatattributesareyoulookingforinthedealpartner?! Whataresuccessfactors?! WhatkindofBDinformationcanyoufindfrompublications?Havetheypublished?Ifthey

havepublication,mayindicatefurtheralonginR&D.Indicatespartnershipswithlabs.Companypostsarticlesthattheyatleastsupportinsomeway.Ifthereisresearchinsomewaythathelpsthem,theywillpost.Havesomehandinit.

Whattypesofquestionsmighttheparticipantsaskmeduringthediscussion?Whenwepreviouslyadministeredthiscourse,werecordedthemostcommonquestions.Belowyouwillfindthislistofquestionsfollowedbypossibleresponsesinthegraytext.Facilitatortip–Thefacilitator’sroleistopromptthegroupdiscussion.Whenastudentorpostdocasksaquestion,considergivingabroadanswertogetthemstarted,butthenpointtheminthedirectionofthewebsitewheretheycanfinditthemselves.Youmayalsoaskthequestionbacktothegrouptoseeifanyoneelsehasaresponse.Questionsparticipantsmayask

! Howdowedefineagap?Possibleresponse–Whatisthecompany’sstrategy?Howdoesitwanttomakemoneyorgrowinthefuture?Havethemdeterminethecompany’svaluepropositionanddefinewhatthecompanyisfocusingontohelpthemdeterminewhatgapsneedtobefilledintermsoftherapeuticarea,technologyorstakeholders..Platformcompaniescouldlooktoexpandtoothertherapeuticareas.Disease-focusedcompaniescouldlooktoexpandtheirproductsortechnologies.ExamplevaluepropositionforFivePrimeTherapeutics-Platformtechnologybringinggenomicsinanovelwaytomousemodels,tohelpvalidatethepotentialviabilityofpotentialclinicaltargets.

! Whatisanexampleofafinancialgap?Anexamplewouldbetogrowrevenue.Acompany’stargetmaynotyetbeonthemarket,andtheyarefocusingononlyonetherapeuticarea,theyneedrevenueiftheywanttogrow.

! Whatisanexampleofanexpertisegap?Iftheyarefocusingononeareaandtheywanttoexpandtootherareas,theyprobablydon’thavepeopleinthisnewarea.Probablyneedtohireinthisnewareaorcollaboratewithacademiclabs.

! Whatisanexampleofamarketgap? Acompanycouldhaveadruginneuroandnowwanttogetintooncology.Oncologyislucrativerightnow.

! Howdoyoudeterminegapsforatechnology-basedcompany?Lookatcurrentpipelinecandidates.Gapscouldspanmultiplepotentialtherapeutictargetsanddifferentareas.Scenario-Let’sassumetheyareamature,platformcompany.Maybetheychoseearlyontofocusinoneclinicalarea,andhavesomedrugsinthepipelinealready.Checknewsarticlestoseeifthey’vedonealicensingdealorpartneredforthoseproducts.Inthiscase,theycouldhaveactivecollaborationsinoneclinicalareabuttonedup,andcouldlooktofillamarketgap,oradifferenttherapeuticareaaltogether.Alternatively,iftherearenolicenses,


therecouldbeatechnologyorproductgap.Ex:FivePrimeTherapeutics–theyareusingmiceastheirplatformtoidentifynoveltargetsthatcanbefurtherdeveloped.

! Howdoyouknowwhatdealsacompanyhasalreadydone?Companiespublishtheirpipeline.Tofindthisinformation,lookiftheyhavetoputthepartnerlogocompaniestheyhaveworkedwith.Pressreleasesareanotherplacetofindwhattypesofdealsthey’redoing.Aretheysellingtheasset,oraretheyco-developingandwanttodosomeoftheworkthemselves?Acompanymaynotwanttosellthewholecompany,butit’sdifficulttodevelopeverythingonyourown.

! Whatisadeal?Adevelopmentdealorcollaborationthatcouldeventuallyleadtorevenue.! Whatisavehicle?Thepartnershipandthedealtype.Howdoyouwanttodothedeal.

Mechanismyouwanttotakeyouthere.! Whatdealscancompaniesdoiftheyareinternational?It’saglobalmarketplace,BD

professionalsdon’tsegregatelocalandglobal.Industryprofessionalslookforthebesttechnology,drugcandidateanddeal.

! Canyougetinformationfromclinicaltrials?Clinicaltrialsmaygiveyouinformationaboutunmetmedicalneed,andhintatsubsetsofpatientsthatacompanyhasn’tidentifiedyet.Couldlookatclinicaltrialfailuresincertainmarkets.

! WherecanIfindinformationaboutcompetitors?Informationaboutcompetitorsmaynotbefoundonthewebsite,butthe10K(financialdocument)willtalkaboutcompetitors.Additionalsourcesforidentifyingcompetitorsareclinicaltrials.govandgooglesearches.

! Isitbetterforacompanytodevelopproductsformultiplediseasesareasorexplorejustone?There’snorightanswer.Thinkaboutthevariations.Ifit’saplatformcompany,maywanttheabilitytospinoffmultipledrugtargetsandmaynotbelimitedtotherapeuticareaorclinicalindication.Onepossibility-Startwithonetargetandseehowthatdevelops;buildacollaborationwithacademia.Dependsonhowsupportiveyourinvestorsareandhowmaturethecompanyisregardingsizeorsuccesswithcurrentproducts.

! Howdoyoufilladiversitygaporclinicalindicationgap?Licensing,developmentorcollaboration.

! Whatcanyoulicense?Foraplatformcompany,couldlicensetheplatformorthetargetsthatarebeingdeveloped.Considerthatacompanymaywanttobuyouteverything,butlicensingtheplatformcouldjeopardizeyourcompany.

! Howdoyoudecidebetweenadevelopmentoralicense?Whatgapsareyoutryingtofill?o Smallcompany–licenseisthelegalstructure;lessabouteitherorandmoreabout

thecomponentsofthelicense.Ex:Ifnotinclinicaltrialsandthesmallcompany’sgoalistolicenseandtogainexperienceindevelopment,thenyou’dwantco-developmenttoco-clinicallydeveloptheproduct.Ex:Ifyouwanttobeafullyintegratedcompany,butdon’twanttogoglobal,co-market.GenentechmarketslocallyandRochemarkets.Considerthestrategicgoalsofthecompany.Ifyou’relookingtogetacquired(oneanddone),thengivealltherightstothepartner.Inthiscase,you’lldefinemilestonesandroyalties.

o Bigcompany–iflicensingfromasmallercompany,maywanttocontroleverything.Ifit’sacompetitivelandscapeandthetargetisimportanttoyou,thenbeflexibleifyouknowthereareotherpeopleatthetable.Importantly,findoutwhat’simportanttothedealpartner.


! Howdoyoudecidebetweengivingawayyourcompoundordevelopingthecompoundyourself?Dependsonthevisionforthecompany.Considerthecompany’sresourcesandambitions.Ifthecompanywantsaninorout–license.Ifthecompanywantstodevelopitthemselves,consideritmightbeahybrid.Forexample,maybedevelopinoneindicationandlicensetherest;co-develop.Couldhirescientistsintheotherindicationsthatcollaboratewiththeothercompanies.Orconsiderwhetherthecompanyhastheclinicalexpertise?

Executingthedealquestions

! Whathappensafteradealissigned?Onceyousignthedeal–upfrontpapersandsetting

milestones(e.g.,pre-clinicaldata,orsubmittingIND).Discussinformationabouthowthetechnologyisperforming,andhowthetargetorcandidateisbeingsuccessfullydeveloped.

! Whathappensifinvestorsdon’tgiveyouanotherroundoffunding?Couldfilladiversitygaporclinicalindicationgap.

! Whatdoyouconsiderifyouhavetwopotentialbuyersorcompanies?Whatisthegapyourcompanyistryingtofillandwhichcompanywillmeetthose?Variablestoconsider–whatisthepotentialcompany’strackrecordindevelopingandcommercializingproducts.Isthepotentialcompanyaclinicalleaderorwhoisofferingthemostmoney?Whowillbethebetterpartnerorwhosescientificinteractionsarebetter?Whichcompanyoffersmoreflexibility?Financialvariablescouldincludepotentialrevenueorimmediateprofit.

! Ifyouareseekingapartnerforadeal,whomdoyouapproachforthedeal?Forexample:ifthecompanywantsthebestchanceofgettingonthemarket,gotobigcompaniesandleadersinthefield.

! Howlongcanthesedealstake?Thesedealscantakeyears.Peoplehaveotherjobsandmultipleprojects.However,ifyou’reascientistandyouknowtheCEO,thengetthemtotalktoBDandaskthemtodevelopthedeal.ThisapproachmaygetBDtoworkonit.

! Howdoyoumeasuresuccess?Progress.Expertise.Whatisthecompanylearning?Progressing?Isthecompanystillaroundayearfromnow?Isthecompanymoresuccessfulfundraisinginthenextround?

Dealmakerquestions

! Whodoyouapproachortalkto?Norightanswer.ApproachtheBDdepartmentifthereisone.Directorofresearchorsomeonewhodoestheresearchisanotherpossibility.Ifyou’reabigcompany,theBDgroupwillusetheirnetworkorinvestorswillusetheirnetwork.Companiesaremostsuccessfulwhenit’srunsciencetoscience;eveniftheBDprofessionalsmayhavescienceormedicalbackgrounds.

! Whodoyougotoforthedeal?Internalnegotiators?Dolicenseeshavetheirownnegotiationsorconsultoutfordeals?BiggercompaniesusuallyaBDgroup.Forexecutingthedeal–there’sbankersthatarebroughtintodothefinancinganddothedeal.

! Whostartsthedealmaking,theCEO?CouldbeBDgrouporstrategy,couldbeCtoC(toptotopmeetings),evencompaniesthatarecompetitorswilltalkandifsomethingcomesupthattheyareinterestedin–theymaypassittotheBDgrouporthestrategygroup(tohelpidentifythegap),orMergers&Acquisitions(M&A)tomakeithappen.BankersorM&A


decidesthetermsofthedeal.! Whomakesthefinaldecision?Typicallythebusinessowner,theCEO! Whodoyouapproachortalkto?Norightanswer.ApproachtheBDdepartmentifthereis

one.Directorofresearchorsomeonewhodoestheresearchisanotherpossibility.Ifyou’reabigcompany,theBDgroupwillusetheirnetworkorinvestorswillusetheirnetwork.Companiesaremostsuccessfulwhenit’srunsciencetoscience;eveniftheBDprofessionalsmayhavescienceormedicalbackgrounds.

! Whohasasayinthedeal?Itdoesn’tevenhavetobeseniorpeopleinthecompany.Itcouldberesearchersindifferentdepartmentswhosaytheyjustwenttoaconferenceandsawnewtechnologiesorpublications,andsay“weshouldgotalktothem”.Thequantitativeinformationcomesfromthefinancialprofessionals.Onthetechnologyside,there’stechnologyscoutsthatroamaroundandlookatwhattheythinkcouldbegreatandintegratewellwiththecompany.

! Doestheboardofdirectorssetstrategyordeterminegaps?Dependsonthecompany’ssize.Theboardmayincludeinvestors.Employeesmayalsoproposestrategyorideasforgrowth.Theboardwillsetthebigpicture.Employeespitchtocorporate,whopitchtoboard,andthenthedecisionsrollbackdown.

Licensequestions

! Whatcanyoulicense?Foraplatformcompany,couldlicensetheplatformorthetargetsthatarebeingdeveloped.Licensingtheplatformcouldjeopardizethecompany.Considerthatacompanymaywanttobuyouteverything.

! Whattypesoflicensesarethere?Whatisthecompany’sgaporneed?Licensesarebasedontheneed–Factorsmayincludewhetherthetechnologyispatentedornot,thecompany’scommercializationneeds(exclusiveornon-exclusive),whetherthecompanywantstousejustforinternalR&D.

! Whydoyouneedalicense?Companiesneedlicensesiftheywanttherighttouseorcommercializeanothercompany’sinvention(e.g.,productortechnology).Alicensegrantsfreedomtooperate,andgrantingalicensegivespermissiontoplay.

! Isitallowedforsmallcompaniestolicensetheirproducttobiggercompanies?Companiescandowhatevertheywant.Lookatthedealsthey’vealreadydone.Companiespublishtheirpipeline.Tofindthisinformation,lookiftheyhavetoputthepartnerlogocompaniestheyhaveworkedwith.Pressreleasesareanotherplacetofindthisinformation.

! Whywouldasmallcompanywanttolicensetoabiggercompany?Smallercompaniesmaywanttolicensethetechnologyinanentirelynewclinicalarea,sotheyhaveanewdevelopmentpartnertocarrythatout.Ortoreachanewgeographicarea.Ortomeetafinancialgap.

! Whatisanexclusivelicense?Apatentgivesarighttoexcludeothersinyourdomain.Anon-exclusivelicensecouldgotomorethancompany,whichistypicalfortechnologies.Oftenfordrugtargets,companiesgrantmoreexclusivelicenses.Variationscouldbeifdrugtargethasbroadclinicalapplications,couldgiveanexclusivelicenseforcardiovascular,oneforRA,orotherclinicalareas.

! Regardinglicensing-Howdoesexclusivitywork?SayCompanyAhasanagreementwith


CompanyBforoneparticulardiseasearea,doesthispreventCompanyAforworkingwithothercompaniesforthatonedisease?ForBD,creativityisparamount.Dependsontheneedofeachpartner.Intermsofexclusivity,totalexclusivitymeansthelicensestructuregivesthepartnerrightstodevelopthatmoleculeortargetineveryclinicalindicationorforothers.Companiescouldsplititup–differentexclusivelicensesforcancerorautoimmune.Sliceanddicedependingonwhatthepartneriswillingtodo.Onegoalistomaximizethevalue.Saythepartnerisinterestedinthemoleculeandtheyareexpertsinneuro.TomaximizethevalueofanassetforFivePrime,youwouldn’twanttogiveautoimmunerightstoaneurocompany.

! Whatdoyouconsiderbeforelicensingatechnology?Howdoesitfittoourprogram?Canwegrowouttheirproduct?Isitacompetitor?

! What’smoreadvantageous,ashortertimeorlongtermlicenseagreement?Iflongterm–probablypaymoreandifyou’reout,you’reoutmore.Willneedmorebenchmarkstoensuresuccess.Advantage-ifamilestoneisn’tmet,havemoreroomtogetout.

! Whatisamotivationforlicensing?Strategycouldlayoutthelicensorsinthebeginningwiththeexitstrategy–becomeafullyintegratedcompany,acquisitionorlicensing

o Smallcompany–validatestheirdrugcandidateifconvinceapartnertolicenseit;avoteofconfidencethatthedrughaspotential.Foranoveltarget–alicenseisavoteofconfidencewhileaclinicaltrialistheultimatevalidation.Licensingisonewaytofinancethecompany.Couldgetanotherpartnertogetyouanupfrontpaymenttohavemoneytooperateforafewyears.Couldalsogetcashfrominvestors,butthenthecompanyisgivingequityawayfromthecompany.

o Bigcompany–togetintoadiseaseareatheyarenotin;in-licenseacandidatethatwillgiveacompetitiveedge.Couldbepartofaportfoliostrategy-ifthecompanyhasaproductonthemarketandthecompetitorisinthedevelopmentstage,thenalifecyclestrategymightbetolicensetheirdrugandaddittoyourpipeline.Out-licensetogetoutaspaceortogetridoftheportfolio.

! Dolicensingdealshappenatanystageofclinicaltrial?Yes,canhappenpre-clinical,andcanhappenpostcommercialization.Canhappenatanystage.Mightwanttolicensethecommercialrightsandgetroyalties.

Career-relatedquestions

! HowmanyBDprofessionalsareinacompany?Dependsonthecompany.Usuallywhenthebusinessreachesover15-20peopleandtheseniorfolksaredoingtoomuch,they’llhireonsomeoneforbusinessdevelopment.Andifyou’re50-100people,they’llhavetwoBDprofessionals.MoreandmorecompaniesarehiringwithaPhDorMDpre-requisite.

! WhydosomecompanieswantbusinessvssciencepeopleinBDroles?Dependswhatthey’relookingfor.Iftheywantsomeonewhoistechsavvyandcancommunicatewithbiggercompanies.Othercompaniesmaywantsomeonewithbusinessbackground.Usuallyit’stheformer,someonewhohasadeepunderstandingofthetechnologyorbiology.

Smallcompanyexample(FivePrimeexampleswereupdatedJune2016)

! Aretheymakingmoneyoffthisonemolecule?Notyet.Andtheywanttogrowasa


company.Theyhavetwothingsinthepipeline.TheCEOisambitiousandtheinvestorswantthecompanytogetbigger.Goalisgrowth.

! Whatisanexampleofanexpertisegap?Ex:Iftheyarefocusingonmousemodels.Maywantcollaborationstotestinhumancellsorpre-clinicaltrialstofigureoutwhichoftheirtargetsismorepromising.Assumetheexistinglicensingdealsthey’vedonehaveprovidedafairamountofdetermination.Smallercompaniescouldengageinresearchcollaborationstobetterunderstandthebiology,ordefinethepathgoingforwardmore.Asmallcompanycouldhavealargerbiotechorpharmacompanydothedevelopmentwork.

! Whyisn’tFivePrimemakingmoneyyet?FivePrimeisarelativelymaturecompanywithmaybe5Minthebank.Thedealsmaynotgenerateimmediaterevenue.Theyhaveventurefunding.They’veraisedsomemoneyandmadesomedeals,thosedealsaregoing,butthey’vegotemployeesandoperationscostthatwillrunoutinayear.Theirinvestorsmaywantthemtodiversify.Sofar,they’vefocusedononearea.Remembertheyareaplatformcompany.Oneideamightbe-theycouldlicensethetechnologyinanentirelynewclinicalarea,andhaveanewdevelopmentpartnertocarrythatout.

! Whatisanexampleofamarketgap?ForFivePrime:twoinitialdealsincardioandnowwanttogetintooncology.Oncologywouldbeanewmarketforthetheirtechnology.

! Howwouldyoubuildadealifyouhaveaoneyearburnrate?Thecompanyprobablydoesn’twanttostartacollaboration.Maywantenoughdatatomakeanattractivedeal;assesshowreadythecompanyistoengageinconversations.

! Whatcanyoulicense?AplatformcompanylikeFivePrimecouldlicensethetargetsorthemouse,butlicensingthemouse(theplatforminthiscase)wouldputthecompanyatjeopardy.Licensingtheplatformcouldjeopardizethecompany.

! IfIhavecompoundsthatIhavenoexpertisein,doIsellthemoffcompletely?ForasmallcompanylikeFivePrime,maywanttoconsidersurvivingtheshorttermfinanciallyversusriskingthatthetargetbecomesthenextbigdrugtarget.Somedealsarestrictassetsale.Typically,acompanyhasassetdealsonlywhencompaniesarewindingdown.Youwanttoretainthevaluetothecompany.Wanttostructureasalicensetomeetmilestonesandhavepotentialforrevenue.Thedecisionalsodependsonthemarket.Doesthecompanyhaveonlyonesuitorwhowantstobuyitoutright?

! Howmightyoustructureadeal?Doesthedealincludeexitclauses?Thesepreventacompanyfromgettingtrappedinalong,expensivedeal.Mightincludefinancialincentivestothemilestones.Couldrestrictthegeographicareatowherethebigcompanyhasgeographicexpertisetomarketbroadly.Buildinflexibilitytorestructurethedeal.Couldrequestcontinuedsupportorexpertisefromthelicensee–togainaccesstotechnicalexpertise.

! Whatdoesasmallcompanyneedtoknowaboutalargecompanybeforemakingthedeal?Makesurewhentheycometothetable,thesmallcompanyunderstandsthelargecompany’sassetsandwhatwebringtothetable.

Largecompanyexample

! Whatareexamplesofgapsforlargecompanies?Productgapsareoneexample.Thecompanymightbelookingtolicenseatechnologyasalargecompany,becausetheyhavea


drypipeline.Largecompaniestypicallythinkaboutacapabilitygaporproductgap.Considerfindingatechnologytouseinternally-todoyourbusinessortouseasaproduct.Ifatechcompany,mightlooktofillthepipeline,godeeperintoamarketsegment,orgetmorecustomers.

! Whataredealchoicesforalargecompany?Partner,licenseoracquire.! Aretargetsforalargecompanydifferentfromasmallercompany?Notnecessarily! Doesbigcompanyhaveadvantagestolicensingatechnologyfromasmallcompany?

There’sapowerdifferentialthatyoucanthinkabout.Havealottooffer,butmaywanttobeveryspecificwiththemilestonesandcomponentsofthedeal.

! Howdoyouknowyouwanttotakeanewtechnology?Remindtheparticipantstoaskifitfitstheirprogram.Whatisthecompany’sgap?Doesthecompanyhavetheresourcestogrowouttheirproduct?

! Whatdoesalargecompanyneedtolookoutfor?Acquiringanewtechnologymightsoundgood,butifnoonehasexpertiseinthatarea,then1)thinkaboutwhysomeonemightbegivingyouthattech(isitadeadorfailingassay)oritmightbeagoodassay,butthecompanycan’ttakeadvantageofit.Makesureit’sgoodforthecompany’sportfolioandpeoplecanmanageitmovingforward.Makesureitdoesn’tcannibalizethecompany’sothersegments,products,customersorprofit.Ex:Ifit’saneuroproduct,doesitfittheneuroprogramorisitmoreoncology?Whateverthetechnologyis,itneedstofitthecompany’smissionandvision.Youdon’twanttoendupwithabiggergapthanwhenyougotstarted.

! Dolargercompanieshaveflexibilitytodefinestrategymovingforward?Forexample,thecompanyhasatechnology,canitchoosetolicensethetechnologycontingentuponthedirectionitisdeveloped?Happensalot.Onceyoulicensethetechnology,itisusuallydevelopedalready.Thelicensewillhavecontingenciesaboutwhereitcanbeusedandhow.Oneexampleisgeography-onelicenseforEuropeandanothercompanymighthavethelicensefortheU.S.Althoughthishappensalotwithpharmaceuticals,itcancreatetensions.Globalsourcingmighthavethreedifferentmanufacturersandmovingitacrosscountrylines(import/export)cancauseconfusion.Licenseeorlicensormaywanttoconsiderthisacrossgeographicregions–ifsomeoneislicensingitsomewhereelse.Globalstrategyandimport/exportstrategy.

! Whatmightabigcompanylookmorecloselyatforatechnologydeal?Whatmightbeagreaterriskforabigcompanygoingintoadeal?Oneexampleistheinternalcompanyscope-portfolioconsiderations.Bigcompanieshavebiggerportfolios.What’sinthecurrentpipelineanddoesthenewtargetfitthevisionandmission?

! What’soneattractiveBDsituationforalargecompany?Aproductthatismarketready.Forexample,asmallcompanyhasadrugortechnologythatgonethroughtheR&Dphaseandabouttolaunch.Bigcompanycouldlicensethedrug,dothemarketing,outreachandwillstickinthemarketplace.Abigcompanyhasabrand,establishedconnections,andtrackrecord.Forasmallcompany,thisisattractiveinpartbecausethebigcompanycouldabsorbthosecostsifasmallercompanydoesn’thavetheresources.

! Whatisonetypeofexpertiseabigcompanycanspecificallybringtothetable?Fillingamarketgap.Forexample,takinganassetandmarketitinanewtherapeuticarea.Iftheproductisalreadycommercial,abigcompanycouldapplythelicenseandgetittoanew


population.Forbigcompaniesnegotiatingwithasmallcompany,wouldwanttoclarifythegoalsandwhatcanbedonetomaketheirdrugortechnologymoresuccessful.Biggercompanieshavelongerhistories,andmoredatatolookatandinformtheirdecisionsforadoptingandmarketingproducts.

! Whatifanassetortechnologylookstoogoodtobetrue?Everyoneshouldgetsomethingfromthedeal.Symbiotic.Ontheflipside,ifsomeoneissellingagreatassetandit’snotgoodfortheirbusiness,youwanttoaskwhyaretheygivingupthisgreatasset.Ifyoudon’tunderstandthatperspective,thenmakesuretolookatthedealclosely.

! Candealsprovidesomethingotherthanmoneytothesmallercompany?Likeexpertise?Yes,forexample,expertiseonmarketingstrategyandmarketingplan.Havingsalespeopleinplaceismorebeneficialthanthemoney.Marketadoptionisaverydifferentandclearsetofexpertise.Sometimesthemarketingstrategyisdonetogetherwiththesmallcompany(co-marketingdeal),becauseit’sthesmallcompany’sdrug.Thesmallcompanymayhelpwithbrand,andmakesureit’salignedtotheirexpectations,missionandvision.Onekeyadvantagecouldbethatbigcompanieshaveexperiencebringingproductstomarketplace.Forexample,placementstrategyorwheretheproductisplaced.Somebigcompanieshavelongerhistoriesandknowwhereandhowtoplacetheproducttogetmoretraction.Ex:Pharmaciesincertainregionsthatdomoreheartmedsthanotherplaces.Andalsodoctorsthatmoreopentotryingnewdrugs.Haverelationshipswiththosedoctors.

! Whatmightyouconsiderbeforeacquiringasmallcompany?Besidesaskingwhetheritfitsyourcompany’svisionandmission,couldaskwhatelsedoesthesmallhaveinthepipeline.Otherpromisingproducts?Maybeconsideracquisition.Ifit’sonlyoneproduct,mightbettersuitedforlicense.Considerthefinancials,too.

! Howmightyoustructureadeal?Doesthedealincludeexitclauses?Thesepreventacompanyfromgettingtrappedinalong,expensivedeal.Mightincludefinancialincentivestothemilestones.Couldrestrictthegeographicareatowheretheyhavegeographicexpertisetomarketbroadly.Buildinflexibilitytorestructurethedeal.Couldrequestcontinuedsupportorexpertisefromthelicensee–togainaccesstotechnicalexpertise.

! Whatdoesalargecompanyneedtoknowaboutasmallcompanybeforemakingthedeal?Makesurewhentheycometothetable,thelargecompanyunderstandsthesmallcompany’sneedsandthevaluetheybringtothecompany.Couldrememberthatseveralcompaniescouldbecourtingthem,sotalkaboutyourcompany’svalueproposition(whatyoubringtothetable).

workshop set up and schedule · workshop set up and schedule sample posters from the ucsf session...

Documents