Hey {{first_name|default:there}}, itās Vadim š
Earlier this month I did my first teardown of a deal: Anthropic's acquisition of Coefficient Bio.
To be honest, I had a lot of fun writing it. And judging from your replies, a lot of you had fun reading it.
Whatās interesting is that almost that same week, another deal was announced that was orders of magnitude larger in size but barely got the same amount of press: Gileadās acquisition of Munich-based Tubulis for up to $5 billion.
And thatās a pity, because I feel it can be even more instructive for founders - particularly those of you in the therapeutics space.
So today, weāll be taking a look under the hood of this deal - and more importantly, how you can build a compounding flywheel combining pharma partnerships and fundraising, so an exit like this doesnāt feel like a lottery ticket.
š§ HEREāS WHAT WEāLL COVER:
The multi-year backstory thatās getting overlooked in the headlines
The deal mechanics, and what the deal structure actually signals
What the ADC arms race and Europe's biggest biotech exit mean for you
3 lessons you can apply to your own company, starting this week
And more!
Fair warning, todayās issue is packed, so make sure your beverage of choice is a well-caffeinated one āš
Letās dive in!