Grading 10 notable single-asset driven M&A deals from 2016-2019 Some takeaways.. ? Goes without saying, BD is tough. Not only do you have to manage clinical risk, but even if the asset works well, you could get steamrolled by a slightly better positioned competitor or be unable to secure favorable reimbursement. Suddenly an asset that years / hundreds of millions of $ were invested into could be DOA ? Launches are so critical to get right. It's actually pretty rare to see a floundering asset have a sudden revival. There's some practical reasons for this (i.e. the company diverts S&M resources elsewhere), but first impressions are really hard to break with many physicians and KOLs There are some strategies that seem to consistently work well: ? Operating in a "zone of competency" seems to generate higher success rates. This can be explained by not having to build the commercial infrastructure to support an asset on the fly - you already have relationships with the right prescribers / KOLs and might have leverage through other assets in the portfolio for reimbursement discussions (see: AbbVie in I&I with Humira --> Skyrizi & Rinvoq). It's tough for a company to thrive in an entirely new space unless the asset is a gamechanger ? Competitive intelligence is so critical. It's baseline to know all the other assets out there, the nuanced design decisions they made, how they differ vs. yours and so forth. Simulating commercial / clinical outcomes at scale and layering that into your view of the world is also valuable (P.S. Sleuth can help with all of this - reach out if that sounds useful to your team!) ? Finding untapped patient segments (even within "crowded" spaces) is a way to secure a higher floor for performance. It's easier to draw out demand when your label has differentiation vs. everyone else and appeals to a specific patient, whether based on genomic or medical profile, a particular mutation, prior treatment, or something else. This gives a strong foothold to still attack the broader market as well, as the same docs likely treat those patients Let me know below if there's any other points you'd add or if you'd grade these differently! And as always, feel free to comment for the PDF.
Varuna Chander, PhD
5 个月
Hits the key points! BD is challenging and needs an effective strategy to beat today's competition. Agree with operating in "zone of competency" and building key partnerships to move the needle faster. Competitive intelligence is crucial here to understand state of the market and how to best position yourself. Also moving into "untapped patient segments" within crowded markets and strategically differentiating yourself seems to be working.
Yash Shenoy
5 个月
Very interesting! Would love to see similar analysis for preclinical/IND stage single asset companies.
Valuable insights on the challenges of single-asset driven M&A deals. Competitive intelligence is crucial, understanding the minute details of competitor assets can determine whether you lead or lag behind.
Johan Indot
5 个月
Very informative - how may I get a copy of the PDF please ?
Lavkesh Sharma
5 个月
Very informative, would love to read more.
Mary Sullivan, Ph.D.
5 个月
Very informative - could I get the PDF please?
Jack Fischer
5 个月
Very helpful and informative - would love to dig into the PDF if possible!
Mark Smith
5 个月
Very informative
As always, very well said Andrew
Junior Partner at Inkef
5 个月Not sure its appropriate to classify the Sanofi/Ablynx deal as a single asset one - it was rather driven, by the platform potential, not by that of caplacizumab