Strategic guidance for technical founders in biotech
Hey {{first_name|default:there}},
It’s Vadim - and today we're tackling a topic that almost no one talks about: pharma partnership terms for therapeutics companies.
You'll find endless content on pitch decks and fundraising. But when it comes to pharma partnerships? Not so much. Yet it's one of the top questions I get from therapeutics founders.
I've sat on both sides of these conversations - on the BD side at pharma, as CBO at a preclinical oncology therapeutics startup, and now as an advisor to multiple companies.
Today, I'm sharing what I know in the hopes that it can help you take the guesswork out of this often-opaque topic.
Quick caveat: This space evolves constantly, so treat the figures here as ranges and guardrails, not gospel. My hope is to give you a solid foundation for your pharma conversations not just by anchoring on specific numbers, but more crucially, by helping you understand what deal terms may be involved, and how they may come together to drive deal value.
Here’s what we’ll cover in today’s issue:
How you can walk away from a failed $3.5B deal - and live to tell the tale
Which partnership structure is right for you based on the stage of your asset
The 5 economic levers that determine your deal value
How to get ready for your first pharma partnership meeting in less than a month
And more!
I’m also including a “cheat sheet” with market terms for common deal parameters - so make sure you read till the end :)
Now - grab your well-caffeinated beverage of choice ☕ and let’s dive in!