Having trouble getting valued? Focus on the scientific experts who can help make your case is a path to a better deal
Despite an encouraging start start to a 2017 conference, Peter, CEO of Firebrush Biotech, was finding he was striking out in his discussions with fellow BD leaders.
The problem? His product, a small molecule with a novel MoA was too different to be quickly understood by most BD executives. Worse still, Peter felt the product didn’t benefit from the aura conferred on other drugs that fall into popular areas like immuno-oncology. Peter needed more time to explain his science than most early partnering interactions afford.
“I knew I needed a better way to communicate the importance of what we had,” he said.
Peter understands that not all BD leaders share his background in science, and certainly not in the novel mechanism of lead asset.
Peter was intrigued that MotionHall’s Outmatch included a tool custom made for him.
Detailed in MotionHall's Outmatch Scientific Synergies, Peter could:
Using MotionHall's OutMatch Scientific Synergies, Peter was able to identify internal scientific leaders in all eight of his most preferred match companies. These R&D leaders understand his science and share his enthusiasm for the product’s novel MoA. With internal champions already on his side, Peter was now ideally positioned to ensure his asset would be fully valued during discussions with the BD teams at each prospective company.
Peter’s strategy now regularly includes using MotionHall's OutMatch Scientific Synergies to identify scientist-champions who will advocate on his product’s behalf.
“In subsequent partnering talks, I always made sure that scientists on the other side of the table were involved in the process somehow, from an early stage. This makes my life easier because the deal conversation advances much more smoothly, and it helps the BD professionals at the other company connect the dots and quickly understand how to value my science.”
Partnering conversations are always challenging, but Peter’s new approach gained good results with prospects. He discovered fellow BD leaders have a much easier time streamlining internal conversations when they can connect the dots between a prospective asset and their own pipeline.
In the end, Peter signed a licensing deal with a preferred partner. “I received several term sheets, where before I wasn’t seeing any interest,” he said. This gave Firebrush Biotech the luxury of choosing the partner they wanted most, rather than pursuing a match borne of limited choices.
“Firebrush looks forward to working with our partner long-term as we develop this incredible new science together.”
The names of people and organizations have been anonymized.