We sat down with partnership expert Linda Pullan, PhD, of Pullan Consulting, to get her insights on dealmaking in BioPharma.
Vault Series: Linda, for the last 10 years, you have been consulting biotech companies during the deal process. What do you find is the most common mistake made in deal preparation?
Pullan: I see this one over and over. Companies don't ask themselves, "What do we want?" The necessity of thinking about desires and wishes ahead of time are undervalued.
Vault Series: Why is this important? What can leaders do?
Pullan: You need the whole team speaking and presenting the same language from the CEO to research. You need to know what you are willing to trade, because clear priorities lets the other side find a way they can give you what you want most.
1. What is the #1 purpose of doing a deal and what is essential or you won't do a deal? For example, bring a drug to market to help x.
2. What can you give up to get your "must haves" and what is the priority order of your "nice to haves"?
3. What are the alternatives to achieve if you don't do a deal? What are you doing to provide more alternatives (resulting in more bargaining power)?
4. What has this potential partner done in past deals?
5. What are industry common practices for these deals? For example, no indication splitting or deal averages by stage.
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