Category: Business Development/Licensing


Is My Asset Licensable? 
Posted on Jan 27, 2017

  This is a good question…a question which lacks a simple answer without quite a bit of analysis. We audit out-licensing processes, and there are times when the answer is an outright “No.” But sometimes, the answer is “Maybe,” provided some changes are made to the process, or provided additional data and details are added

Looking Backward, Looking Forward 
Posted on Jan 03, 2017

  I believe it is fair to say that 2016 was a bit unusual. Thinking about the terminology many of us learned last year leads us to that conclusion: snowflake, alt right, safe spaces, and so on.    While peace was finally achieved in the Western Hemisphere (Colombia), it is escalating in the Middle East

On Catamarans, Elections, and #BIOEurope 
Posted on Nov 14, 2016

BIO Europe was, yet again, an excellent conference for Lacerta Bio. Having the US election on television screens in the Exhibition Hall made for some surreal moments and discussions. Not a single meeting on Wednesday went without some discussion about the election results.  As Americans, we perhaps we do not appreciate how important our elections are

University Technology Transfer: Change is Needed 
Posted on Oct 27, 2016

A few weeks ago, we attended the first annual Commercializing Biotech Innovation Conference in Syracuse, New York.  The conference was held in the very new Central New York Biotech Accelerator in Syracuse (which is an outstanding facility, by the way).  A central theme of the conference  (and a subject which was raised several times during the panel discussions) was

HIV/AIDS: Growing Unmet Need & Declining Interest? 
Posted on Aug 24, 2016

In our last post, we presented a model which helps us aggregate a series of variables which, in turn, help us understand why certain therapeutic areas or indications are of greater interest from a licensing perspective than others. Our aim with this model is to help companies with licenseable assets to frame their “stories” in

On Triumvirates and Licensing 
Posted on Aug 17, 2016

  A triumvirate is a three-person (or three-group) organization which is established for a specific administrative task(s). In Ancient Rome, the First Triumvirate was established between Julius Caesar, Pompey the Great, and Marcus Crassus. Once Crassus dies, a civil war between Caesar and Pompey was fought, resulting in the death of Pompey and the establishment

Can Precision Medicine Help Fight Alzheimer’s Disease? 
Posted on May 16, 2016

There is an interesting article in the current issue of The Journal of Precision Medicine on Alzheimer’s. The article attempts to answer a seemingly simple, yet complex question…Can systems biology and precision medicine approaches be used to understand the disease better and develop more effective therapies? First, a few of our highlights from the article:

The Age of Virtual Pharma: Creative Financing and Exit Models 
Posted on Feb 22, 2016

  At last month’s Biotech Showcase, a panel discussion was held discussing different models for advancing assets without resorting to a license. The link to the discussion is here. It was an interesting discussion because each speaker detailed their own experience in advancing assets without partnering. Examples include risk sharing relationships with CROs and investors. A few

Has Pharma Forgotten about HIV? 
Posted on Feb 15, 2016

Nearly 30 years ago, back when your author was a humble pharmacy intern, the first therapeutic to combat HIV (azidothymidine) was introduced by Burroughs Wellcome (now part of GSK). Back then, companies and celebrities were on television daily, putting pressure on government and industry to develop anti-retrovirals as quickly as possible. Since then, we have

Looking Forward to 2016 
Posted on Jan 24, 2016

  Given that we are now in January, we feel obliged to craft some sort of “Predictions for 2016” post.  We’re not big fans of predictive posts, mainly because we’re not very good at it. But more importantly, our industry defies calendar logic, with the rare exception of an FDA panel meeting or similar bimodal event. 

#BEU15 Wrap Up: Churches, Football, and Meetings 
Posted on Nov 05, 2015

I love what you did with the place… It’s always difficult for us to contribute any sensible overarching overview of any partnering conference, especially BIO Europe Fall. This is entirely our fault, as we’re spending all of our time in partnering meetings and receptions. What the companies have to say is a complete mystery to

Comments on EBD Partnering Analysis #BEU15 
Posted on Oct 14, 2015

Last month, EBD and IMS partnered to analyze meeting outcomes from four conferences, covering nearly 5,000 participating companies. Their report is available here (PDF). As we are knee-deep in scheduling meetings for BIO Europe, we thought it might be interesting to compare their results with ours. To be fair, our experience and success in scheduling

Licensing or Acquiring Assets from Big Pharma 
Posted on Aug 12, 2015

  Michael Gilman, CEO of Padlock Therapeutics, wrote a terrific post recounting his experiences from in-licensing assets from Big Pharma. Mike’s perspective is unique in that he has managed to pull this off not once, but twice. It has been our experience that doing this once is incredibly difficult. But why? Mike gives a few

Global Formulation Report 
Posted on Jul 24, 2015

  The July/August issue of Drug Development and Delivery has an extensive report on the business and science of formulation and drug delivery. The report is based on the data in the PharmaCircle database.  The report is divided into various “Top Ten” categories, such as Ten Notable Drug Delivery Technologies of 2014, Transactions, etc., etc. 

What Is a “Good” Client? 
Posted on Jul 14, 2015

  This question came up recently when I was describing one of our current clients as a “good” client. But what exactly is a “good” client? Three things come to mind.  Responsiveness – There are many qualities that a good client possesses, but I think responsiveness comes to the top of the list, especially when we are

Why Does It Take So Darn Long? 
Posted on Jun 03, 2015

What follows is a true story.  In 2013, we were engaged to out-license a series of Preclinical assets. One of these assets was in a therapeutic area which had very few Big Pharma participants.  So, we did the obvious thing. We targeted multiple people across these Big Pharma companies around the World.  One of them expressed

Adaptive Licensing: An Idea Ready For Prime Time? 
Posted on May 28, 2015

  We  just finished reading a terrific academic piece by Jack Scannell and colleagues at the University of Oxford. Entitled Financial Returns on R&D: Looking Back at History, Looking Forward to Adaptive Licensing, the authors discuss adaptive licensing in the context of historical returns on R&D in our industry. (Email us if you would like

What Pharma Want: Comments On Article 
Posted on May 11, 2015

  Earlier this month, our friends at Biotech and Money published a transcript from a panel discussion at their London 2015 congress.  The discussion was quite interesting, and we encourage readers to check it out.  The topic for this discussion was whether or not M&A is being brought earlier and earlier into the R&D lifecycle.

Preparing for #BIO2015 in Philadelphia…Already? 
Posted on Apr 27, 2015

  We’ve started preparing for the BIO convention in Philadelphia in June. Preparing? Already?  Yes.  Why start now? We’ll give you three reasons: New Partnering Interface – BIO has unveiled a brand new interface for the One-on-One Partnering system. Everything is new, and the old profiles will NOT automatically populate the new system. You will have

LUNCH: A Framework for Business Development 
Posted on Mar 11, 2015

From a consulting perspective, here is how we view business development, using the acronym LUNCH: Learn what the client wants: What is the objective? Is it cash now in the form of a hefty upfront payment? Is it long-term value? Is it a regional deal? International? What do the other members of management want? Or

Venture Funding of Therapeutic Innovation: An Important Report 
Posted on Feb 11, 2015

  Earlier this week, BIO released what we think is a valuable and important report. Entitled Venture Funding of Therapeutic Innovation, the report analyzes data on venture funding in R&D by therapeutic area, by NCE vs. reformulation, and over time. Bruce Booth has a nice summary here, and you can download the report from here. BIO

The Class of 2014: Both Large and Innovative 
Posted on Feb 02, 2015

Lisa Jarvis has prepared a handy overview of the new drug approvals in 2014: For the pharmaceutical industry, 2014 was one for the record books: sky-high merger and acquisition activity, unprecedented levels of financing, and, last but not least, a peak in new drug approvals. The Food & Drug Administration’s green light for 41 new molecular entities—the

Finally, Some Sense 
Posted on Jan 22, 2015

Today, Bruce Booth published yet another terrific post, where he discusses the current biotech investment bubble from the private word of venture backed biotechs (and, he puts many mainstream journalists to shame with this analysis). We think one of the more interesting insights in the post is this one, One would think with a big spike

BIO Latin America Webinar: Comments and Perspectives 
Posted on Sep 08, 2014

  A few weeks ago, BIO conducted an interesting panel discussion as part of their run up to the BIO Latin America Conference taking place the week in Brazil. The panel included business development professionals from a wide range of companies in Latin America, primarily Brazil. Here are a few comments and issues which stood

Afrezza Partnered…Now What? 
Posted on Aug 11, 2014

    This morning we learned that Sanofi is the winner in the “Where on Earth is the Partner for Afrezza?” sweepstakes. We’ll defer to the many news outlets for the details. But one interesting take on the deal is from TheStreet.com. A few good points were raised: Sanofi advanced $175 MM to MannKind as

Daiichi Sankyo Pay Millions for…Acetaminophen? 
Posted on Aug 07, 2014

Yes, and it might be worth it. Yesterday, Daiichi Sankyo announced an incredible $650 million deal with Florida-based Charleston Laboratories for the development and commercialization of a family of fixed dose combination products. The lead candidate, CL-108, is a fixed dose combination of promethazine, hydrocodone, and acetaminophen. The deal was signed on the back of

The Premium of a Big Pharma License Deal 
Posted on Jul 30, 2014

  Source: Nature Biotechnology, 32, 617–619, (2014), Published online 08 July 2014 Our good friends at Venture Valuation published an interesting study in the July issue of Nature Biotechnology. In the study, the authors address an interesting question, namely, do small-to-medium sized enterprises (SMEs) receive more lucrative deals from Big Pharma compared to other SMEs?

Reflections on BIO 2014 
Posted on Jul 02, 2014

    We’re back and knee-deep in BIO2014 follow up work. Lacerta Bio was joined by 15,665 other “industry leaders” in days full of partnering discussions, pen-grabbing, eating and drinking, and many other sacrifices and challenges that those of us in our industry have to undergo. But, before we forget about our trip, here are a

BIO Europe 2013 – Tying It All Together 
Posted on Nov 12, 2013

    We’ve returned from another successful BIO Europe conference, this time in Vienna. We regret not having much time to walk around in Vienna. However, this did not take away from the success of the conference. Here are a few observations as we begin our follow-up process: Attendance Was Up Over 3,000 attendees made their

Webinar Follow Up Questions 
Posted on Sep 30, 2013

We recently presented a 30-minute live webinar on ways to improve your business development process. The webinar recording is available here. We also have an annotated transcript available, which you can request on this page. A few follow up questions have come in. So in this post, we’ll answer a few of them. What are

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