Steve Elek II, Partner, Transaction Services, PricewaterhouseCoopers, moderated the session.
Panelists were:
Barbara Deptula, Executive Vice President, Business Development, Shire Pharmaceuticals
Russ Gantt, Vice President, Corporate Development, North America, AstraZenica
Elizabeth Anderson, Worldwide Vice President for Immunology and Respiratory, Global Strategic Marketing, Johnson & Johnson Tamar Howson, Executive Vice President, Business Development, Lexicon Pharmaceuticals
Perry Karsen, Senior Vice President, Business Development, Celgene Corporation
Elek: What's the view of the panel on the current state of the markets and industry?
Deptula: There's not been an IPO since 11/07; lifescience companies are decreasing in value as we speak. There are a lot of distressed assets out there.
Karsen: We are undergoing a very Darwinian period here. I can't recollect a time when so many companies were in distress.
Howson: It depends on your perspective. This is not a good time, but for companies that have assets which deserve to be developed, the marketing is going to be more rational.
Anderson: From a J&J perspective, with the right deal, we are very competitive. We have a sense that biotechnology, from a technology perspective, has been heavily de-risked. We are looking at what makes that asset a value asset in a marketplace that will be completely different in 10-15 years.
Gantt: The pressure is not just on the biotech companies. The big pharmas haven't performed very well over the past 12 months either. The partner companies being prepared to envision what the market will look like 5, 10 years from now - we really believe that it will be dramatically different.
Elek: It's a great time to be a cash-rich company. Instead of dealing with licensing issues, you can just buy the company outright.
Elek: Everyone's trying to get an edge on transactions. How do you go by sourcing opportunities?
Gantt: Opportunities come up and we start the dialogue. Sometimes it takes 2 years before we start a partnering dialogue. Very therapeutic and commercial-driven.
Karsen: These are long-term processes.
Deptula : One of the new sources we're seeing is the venture capital space. We make sure we have contacts with all the major VCs. The world is changing.
Elek: For those in the office looking to raise money or sell a business, what can they do to make their situation look more attractive?
Anderson: The ability to gain worldwide rights to a product is very important. We look for good management and we are always assessing transparency.
Deptula: Keep it focused on one thing - one core therapeutic thing - that you think is going to make it. Even in licensing, what is your clinical program like and who's running it?
By Danielle Kozich
on behalf of Pennsylvania Bio
kozich@thebravogroup.com
I apologize if there are any errors in this post; I am a layperson and many of these terms are out of my field of expertise.
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