Chief Business Officer, Nuevolution A/S
Ton Berkien, economist by training, has a professional background in venture capital, corporate finance and pharma/biotech and is presently Chief Business Officer of Copenhagen based Nuevolution A/S, a main market NASDAQ listed company in Stockholm, Sweden. During his years at Nycomed and Takeda pharmaceutical, he was involved and leading several merger & acquisition processes, mainly in emerging markets like China, South America, former Eastern Europe, Turkey and Russia/CIS.
Dislocations in the biopharmaceutical industry hamper innovation in drug development, evidenced by declining R&D productivity in the industry. Roivant aims to overturn the industry status quo, reducing the time and cost of the drug development process. Roivant does so by building nimble, entrepreneurial biotech companies – called Vants – with a unique approach to sourcing talent, aligning incentives, and deploying technology to drive greater efficiency in R&D and commercialization. Roivant’s ecosystem, constructed through creative partnerships and deal structures, with a focus on disease areas where the magnitude of R&D investment is disproportionately low relative to societal medical needs, demonstrates how synergies emanate from the company’s unique model. Roivant’s drug development philosophy and thesis on value creation and synergies in biopharma, will be presented and explored further using Roivant-specific case-studies, illustrating our approach to synergistic value creation in the biopharmaceutical industry.
Head of Global Transactions Roivant Sciences GmbH
Sascha Bucher is currently the Head of Global Transactions at Roivant and the Site Head of Roivant Pharma Basel. Prior to joining Roivant, Sascha worked for Roche in numerous Business Development functions including in his role as Deputy Head of Global M&A where he was involved in 100+ transactions from deal initiation, diligence, deal structuring and negotiation lead where he closed over 35 global M&A and licensing deals. He has been a board member and BD advisor to Kyma Medical Technologies and is a member of the Baselaunch Initiative’s Selection Committee. Prior to Roche, Sascha was a banker at UBS. He holds an MBA in Finance and Economics from the University of Basel, and is a Harvard Business School GMP alumnus as well as a Certified European Financial Analyst and Asset Manager.
When they start, Biotech companies are mainly “Research” driven: at this time, financing is available to validate technology platforms or the biological concepts and will be used to build a portfolio of drug candidates. After some years, most companies will transfer their activities towards “Development”, in the hope to validate and advance commercially viable Drug Products, with which more value can be generated for investors. However, this exciting time requires much more capital and as a result, companies need to make choices and select only few assets instead of advancing all projects in parallel. So, what’s going to happen to the other projects?
4SC will provide some examples from its portfolio and illustrate how to capture value from assets, which are not prioritized, as well as discuss the advantages and disadvantages of an out-licencing / partnering strategy
Director Business Development 4SC AG
Dominique Doyen is Director Business Development at 4SC AG, Germany, a public biopharmaceutical company developing drugs in Oncology and joined the company in 2016. Dominique is leading Business Development, licensing and collaboration activities. Prior to 4SC, Dominique has worked in various Business Development and Sales roles in the pharmaceutical and cosmetic Industry, covering a wide range of drug development activities including clinical trials, manufacturing, product and technology licensing. Dominique holds an Engineer degree in Industrial Microbiology from Marseille University and an MBA from IAE- Graduate school of Management Aix-en-Provence.
As the global leader in In Vitro Diagnostics, Roche Diagnostics depends on innovation for new products and solutions from external sources. Our products and solutions deliver crucial information for medical decision making for patients and physicians from the analysis of blood, urine or tissue. Examples include targeted cancer therapy for which the genetic information from cancer cells is guiding the therapeutic decision making, testing for cardiac markers to triage patents with symptons for heart attack, or glucose monitoring for people with diabetes to decide on insulin dosing.
For our existing customers, the commercial clinical laboratories, digital solutions are becoming increasingly important. This is why we are also adding new external opportunities from the digital space. In addition, new solutions are emerging to directly support patients in their decision making in chronic disease management, which will further improve clinical and health economic outcomes.
Roche Diagnostics has a dedicated process and a business development organization to identify, assess, access, and integrate external innovation. Depending on the target, partnering, acquisition, and licensing are typical means to get access to the desired innovation. Matthias Essenpreis, Chief Technology Officer, Roche Diagnostics will provide an overview of the process and discuss some recent examples for access to external innovation.
Chief Technology Officer, Roche Diagnostics
Dr. Essenpreis has a scientific background in physics and holds a PhD in Medical Physics from University College London, U.K. He joined Roche Diagnostics in 1993 and held various positions in technology assessment, research and product development, and life cycle management.
In his current role as Chief Technology Officer for Roche Diagnostics, he leads a team to assess platform technologies for future diagnostics products and provides input for business and strategy planning. With his professional passion for business strategy and innovation management he is very motivated to find better products and solutions for patients in order to improve outcomes.
The European Research and Innovation Programme Horizon 2020 does only provide opportunities for funding of so-called top-down projects, where applicants are encouraged to provide solutions to given problems, Horizon 2020 also provides funding opportunities for innovative SMEs with game-changing and market-creating innovations and technologies. This presentation will outline bottom-up funding opportunities for enabling SMEs to scale up their innovations and bring them to market.
National Contact Point - NCP Euresearch
Stefan Fischer holds degree in engineering cybernetics from the University of Stuttgart and has received a PhD in pattern recognition from the Swiss Federal Institute of Technology in Lausanne. He was responsible for the development of intelligent cameras, video surveillance applications, robot arms and control system solutions. He is also a patent engineer and has consulted companies in patent valuation and innovation management. Since 2015 he is the National Contact Point (NCP) for SMEs, Energy and EURATOM at the Euresearch Network Office in Bern.
Developing novel antibiotics is a challenging business, despite the well-recognized high unmet medical need. Most big pharma have left the field as the economic model to receive an adequate return on invest is broken. Governments and foundations have reacted to the situation with multiple reports analyzing the severity of the problem and reacted with public private partnerships to ensure so called “Push” funding, non-dilutive funding, initiatives. Further initiatives are pending on how to fix the economic model for novel antibiotics with so called “Pull” mechanisms. What implications have these vehicles on deal making and investment decisions? Is a market with undisputed high unmet medical need, little competition and empty pipelines a market to invest in? What is the last hurdle to overcome to make this a highly attractive market again?
Marc is founder of BioVersys AG, a multi-award winning biopharmaceutical company focused on combatting antimicrobial resistance. Prior to BioVersys, he completed his studies in Biology at the University of Freiburg (Germany) and the University of Queensland (Australia). He holds a PhD in Biotechnology from the ETH Zurich. Marc gained additional business experience as Associate Intern at McKinsey & Company and insights to intellectual property rights at the patent offices Ernest T. Freylinger SA (Luxemburg) and Joachim Stuercken GmbH (Germany). Marc is winner of two Venture Leaders awards (2008 and 2016) and he is Vice President of the Board of the BEAM Alliance.
Whether on Facebook, Google, YouTube, Khan Academy, Duo Lingo or Cumulus, we leave our data everywhere. Today, we are happy that Google "knows" what we are looking for. Already tomorrow, algorithms can determine which drugs we take or which friends we should be careful about. We have to regain control over our data. In the same way we decide for ourselves, what we spend our money on, we should be able to decide what happens with our data. We alone can merge our data from social media, learning platforms and health apps. The result is a variety of new jobs and new data services, for which we will pay not with our data, but with money, like we pay for a coffee in the restaurant. This is the only way we can regain our digital self-determination and reduce our dependency on multinational data companies.
President Bio-Technopark Schlieren-Zürich
Ernst Hafen , PhD, is a Professor of Systems Genetics at ETH Zurich (Institute of Molecular Systems Biology) and former President of ETH. He has made seminal contributions to the field of developmental and cell biology and has received several prizes. In addition to over 30 years of academic research, he has founded and advised several biotechnology companies and is the president of the BIO-TECHNOPARK Schlieren-Zurich. As a trained geneticist, he has a strong interest in human genetics and personalized medicine. He posits, that an individual’s control over his or her personal health data, will be a key asset for better and more effective health care. In 2012, Ernst Hafen acted as a founding member of the Association Data and Health and is the president of MIDATA.coop which he co-founded in 2015.
Citizen-owned personal data cooperatives enable citizens to securely store, manage and control access to their personal data and form the basis for a fair and sustainable personal data economy.
Biologics (and biosimilars) have significantly improved the well-being of patients and their quality of life. TNFα inhibitor therapies like Infliximab or Adalimumab for example allowed to introduce new dimensions of treatment goals like “treat to target” or “mucosal healing”. Biomarkers play a key role to determine and monitor such targets and new diagnostic tools support its implementation.
To combine monitoring of patients with point-of-care diagnostics or even patient self-testing becomes therefore more and more popular. Patients with chronic, life-long diseases are empowered to participate in their own treatment therapy. Clinicians and health care professionals receive new monitoring tools which allow early and evidence based interventions. Health care providers finally receive information about the efficacy of the treatment and the positive effect on health economics.
Pharmaceutical companies welcome the combination of drug therapy and diagnostics to differentiate from competitors and to offer true “personalized medicine”. This value not only applies for biologics but also in increasingly competitive markets with their generics / biosimilars.
The presentation will develop synergies between key stake holders involved in patient treatment and present real world cases of such projects.
CEO Bühlmann Laboratories AG
Thomas Hafen graduated in 1989 in International Affairs at the University of St. Gallen (HSG). He was awarded for his PhD thesis in political theory with the Prof. Walter Hug Price for “one of the best law thesis submitted in 1994/1995 at a Swiss University. He served the following ten years at the State Secretariat for Economic Affairs in different positions including Head of Division for Export and Investment Promotion. Thomas Hafen joined BÜHLMANN Laboratories in 2004, was appointed COO in 2006 and group CEO in July 2011. BÜHLMANN develops and manufactures in vitro diagnostics and operates in more than 70 countries. The BÜHLMANN Group includes affiliates in France, Italy, Austria, USA (North America) and Brazil, and direct sales to Germany.
Managing Director Head of European Healthcare M&A Stifel Investment Bank
Charles Hoare is an experienced healthcare investment banker, with more than 20 years in the sector. During that time he has executed a broad range of transactions including mergers, acquisitions, divestments, joint ventures and licensing transactions as well as raising capital (both equity and debt) in the public and private markets. He has also worked in multiple jurisdictions, with experience in the US, Europe, China, Japan, Russia, Brazil, India and Australia among other markets. Selected clients include Sanofi, GlaxoSmithKline, Boehringer Ingelheim, Eli Lilly, Pfizer, Nycomed and Galenica.
He currently leads the European healthcare M&A effort at Stifel, the growth focused US investment bank where he is building a team with focus on both M&A and capital raising in the US and Europe. In addition, until recently, he was a Non-Executive Director of Atlantic Healthcare Plc (the gastrointenstinal focused specialty pharmaceutical company), as well as serving on the boards of Laguna Ventures and Placehill Holdings. He also has a long-standing affiliation with the London School of Hygiene and Tropical Medicine, where he focuses on their third party commercialisation effort.
There are a number of challenges to the current Pharma Industry model and market inefficiencies have already led to pipeline gaps in some key disease areas such as medicines targeting anti-microbial resistance and neglected tropical diseases.
have emerged to help address these and can lead to creative new models that
generate significant value for partners.
Some publicly-funded models are well established, such as the European Union’s Innovative Medicines Initiative (IMI) and US Government’s Biomedical Advanced Research and Development Authority (BARDA), part of the HHS Office of the Assistant Secretary for Preparedness and Response.
A structured, flexible approach is needed to operationalize public-private partnerships. The approach has near-term organizational set-up implications in order to accelerate product development and also provides the appropriate clarity and level of strategic oversight and governance to optimize downstream implications.
Senior Global Program Head – Anti-infectives Global Health Development Unit, Global Drug Development, Novartis Pharma AG
David is a Senior Global Program Head in Clinical Development based in Basel, Switzerland. His main role is to oversee drug development a portfolio of Anti-infectives programs including Malaria. Earlier in his 8-year Novartis career, he was a Senior Director in the Healthcare Systems team working with healthcare organizations to improve patient outcomes and system productivity.
He previously worked as a Government Medical Officer and Hospital Superintendent in Zimbabwe and as a Family Physician in Canada. He also spent 10 years with Pfizer and 4 years with McKinsey & Company.
David is a board-certified physician with an MPH from Johns Hopkins University.
With availability of cloud computing and the internet as a marketing and distribution channel it has become easy to create a digitally focused start-up. This creates opportunities for corporates to benefit from the innovative solutions developed by such start-ups. However, what processes and tools are needed to create a value from accessing such Digital Innovation?
Many corporates are engaged in start-up accelerators today but in many cases the value creation is questionable. Often there is not enough emphasis on setting up a symbiotic environment where a large number of people from the corporate interact and co-create with the start-ups. And no tools are in place to ensure extended collaborations after the interaction in the accelerator.
The presentation will show an accelerator model focused on creating a symbiotic environment and on a step wise process for follow-up collaborations. Different collaboration models are needed in the various steps to balance risk and opportunity versus speed. Over time, engagement between the partners gets larger which needs to correlate with stricter contract terms to protect value for both sides.
Head of Central R&D Services - Innovation & IP, Roche Diagnostics GmbH
Jochen holds a PhD in Bioinformatics and an Executive MBA. He has more than 17 years of experience in the Life Science and Diagnostics industry. In the last 10 years he has established the Innovation & IP Management department within Roche Diagnostics Centralised and Point of Care Solutions, the global market leader in in-vitro Diagnostics.
In the last 2 years Jochen has analyzed the global scene of accelerators and collaboration activities in the Digital Health space. At the beginning of 2018 he created the first Roche Digital Health Accelerator which is based in Munich, Germany. Besides his role as the project leader of the Accelerator Jochen also establishes new collaboration models to ensure value creation in the extended collaboration phase after the accelerator.
Avillion provides an innovative model for sharing drug development risk whereby we provide the finances for the clinical development program of any agreed asset only receiving returns upon regulatory success. It is becoming more commonplace for Avillion to also share the commercial risk especially for deals signed with EU pharma partners.
The team of Senior Clinical Developers assembled to focus on operationalising clinical trials is where Avillion’s real strength lies. This team’s aim is to accelerate clinical trials whilst maintaining quality of data. These deal constructs have the added benefit of providing off balance sheet relief to the pharma partner. During my presentation, I will talk through how Avillion has achieved this using a few examples of deals to date and how we work with pharma clients to maximise the value of any asset we co-develop with them.
Avillion has taken a leadership position in terms of closing IFRS deals across Europe in the last few years based on creative deal structures and these have been signed off as being compliant. I will walk through a few examples around this demonstrating the value these deals can bring if the right asset is chosen and economics agreed on both sides ensuring an earlier return on investment based on success for both parties.
Chief Executive Officer Avillion LLP
Allison has more than 25 years’ experience in the life sciences industry, predominantly within research and development. A physician by background, a recognised oncology specialist, with broad experience across other therapy areas, she has held a range of senior R&D roles, including those at BMS and Wyeth as well as being International Project Team Leader for many compounds in development, leading global Phase III programmes through to successful US and EU filings.
Allison worked as an independent consultant for many years with clients including: Genentech, J&J, Takeda Europe, Novartis, Roche, AZ, Sanofi, Lundbeck and Ipsen to name a few. She started as CMO for Avillion LLP leading the due diligence activities around the first deal Avillion delivered on for Pfizer and then stepped up to become CEO nearly five years ago.Allison has also recently been elected to Agenus’ Board of Directors.
The purpose of this workshop is to decrypt the reasons behind using rNPV or VC methodologies to value a Project or a Biotech company. The risk-adjusted net present value (rNPV) method is the standard valuation method used within pharma and biotech companies when valuing assets beyond discovery stage. This approach depicts the drug/pipeline development plan using R&D costs & timeline, success rates, peak sales potential. Well-calibrated the rNPV method is thus a powerful tool to build, challenge and value the company’s strategy. It also shows how the value of the company develops along reaching milestones. Is it however enough to secure fundraising and partnering opportunities? From an investor’s perspective it is crucial to understand how long it takes before an exit and what is the potential for ROI (Return on Investment). They need to figure out the conditions to harvest their investment as well as to anticipate the multiple later-round investors and incentive packages to key employees that may dilute their stake. From a partner’s perspective, the intrinsic Target Product Profile of a Project is not enough to ink a deal. Before and beyond computing any rNPV the Project has to match certain criteria. What actually means this “come back after Proof-of-Concept results” that biotech hear so often? While rNPV highlights the roadmap for the scientific bet made by a company, the VC method highlights the one for the cash to be invested in.In fundraising as much as in partnering, what is the key for the Value of Science to match the Value of Cash? Maybe we can call it Stage of Readiness…
Principal at Villiger Valuation
Marie is a Life Sciences valuation expert and partner at Villiger Valuation. Based in Basel, she reviews 4-6bn of assets yearly from biotech companies in Europe and in the US. The expertise ranges from early stage project valuation, advanced modeling of funds to strategic support in licensing, trade sales and IPO situations. Regularly some of the biotech companies she supports are ranked in the top 10 largest european private financing rounds.
Aside Villiger Valuation, Marie also coordinates pro bono the BEAM Alliance (Biotech companies in Europe combating AntiMicrobial resistance), advocating the needs of 50 biotech companies at the forefront of innovation in AMR (AntiMicrobial Resistance) to repair their R&D, market and funding ecosystem.
Marie’s role is in the industry is to reconcile the "Value of Science" and the "Value of Cash" to increase velocity in innovation. She holds a Master in Finance and Strategy from Sciences Po Paris and has been graduated with merit from the Scube, a dual track made by Sciences Po and University Pierre et Marie Curie (Paris VI) in both Political & Fundamental Sciences. Her background spans from geeking Monte Carlo models to leading M&A transaction and coordinating political agenda for SMEs at European and UNO levels.
Founding partner, Evolve HealthCare Partners
Jordi Sabé is a founding partner at Evolve HealthCare Partners, a PE firm that supports mainly European healthcare companies with growth acceleration needs or strategic repositioning (business transformation) needs, both organically or via M&A. Prior to founding Evolve HealthCare Partners, Jordi was Senior Vice President of Corporate Development at Almirall (2006-2018) and had global responsibilities on scouting, evaluation and execution of inorganic growth opportunities and strategic partnerships (External Innovation & M&A). Jordi was member of the Executive Committee, Pipeline Committee and Investment Committee at Almirall and reported to the CEO. As well, he was an executive member of the strategy Commission (Board of Directors). Jordi has more than 20 years of experience in Corporate Strategy and Development both from the financial advisory side (KPMG, Alta Partners) and the corporate side (GE Oil & Gas and, nowadays, ALMIRALL). Under Jordi’s leadership, Almirall has invested more than €2b in the last 12 years in different acquisitions of companies/products. In 2014, Almirall decided to change the strategic direction of the company and decided to divest to AZ its respiratory franchise for $2.1b and since then Almirall has repositioned itself as a leading dermatology player. More recently, in 2018, Almirall acquired Allergan’s medical dermatology business for $650m. Jordi holds a BA from the University of Barcelona and the University of California at Berkeley and holds an MBA from IE Business School / SDA Bocconi. During the last years Jordi has participated in different executive programs in Harvard, INSEAD and the University of Chicago.
Serving the global pharmaceutical industry innovative drug delivery solutions capture ca. 25 % of the total Contract Development and Manufacturing Organisation (CDMO) market valued at ca. US$ 100 Bio. Drug delivery solutions include transdermal and oro-mucosal pharmaceutical solutions.
The advantages of transdermal/-mucosal delivery of pharmaceuticals realize synergistic pharmacological and commercial benefits, namely the patients experience and therapeutic benefit as well as lifecycle value management of pharmaceuticals, respectively. Typically, product value erodes rapidly after the entry of generic competition when conventional delivery approaches. Transdermal solutions capture and extend innovative value for all stakeholders.
The LTS case study highlights implications for value generation and value capture between pharmaceutical partners and CDMO/LTS including licensing options.
Chief Market Officer, Member of LTS Lohmann Therapie Systeme AG Executive Committee
Tim has more than 25 years experience in Life Sciences and Specialty Chemicals in different businesses and management positions at Ciba-Geigy/Novartis, Ciba Spec. Chemicals and Lonza. He joined LTS in 2013, as a Member of the Executive Board, responsible for Sales, Marketing and Business Development of LTS and its subsidiaries
Partner at Oaklins Binder AG
Dr. Roberto Tracia is a partner with Oaklins Switzerland. In that role, he is advising corporate clients and family owned businesses in mergers, acquisitions, divestitures and other corporate finance related projects. He has been advising clients in the healthcare and other sectors for more than 20 years.
Dr. Tracia is Board Member of CAPSA, Camille Piquerez SA, and is member of the Corporate Finance Chapter of SECA, the Swiss Private Equity & Corporate Finance Association.
Dr. Tracia studied Business Administration at the Universities of St. Gallen, Luigi Bocconi in Milan as well as at Cornell University, NY, and earned his LL.M. at the University of Zurich.