Sometimes a chance meeting really does turn into a deal
Receptos and Lilly had been exploring partnership opportunities in the first quarter of 2010 but unfortunately we were unable to reach alignment, so we set aside the discussion. During BPE in October, Lilly requested a meeting with Receptos to touch base and continue to develop our relationship. We used this opportunity to provide an update on our activities related to Lilly's earlier scientific interest. To the immense credit of my colleagues at Lilly who were able to move quickly to re-evaluate Lilly's interest, strong scientific interest did in fact re-ignite deal discussions.
"None of this would have been possible but for a chance updating session scheduled at BPE"
Chrysa Mineo | Vice President, Corporate Development, Receptos
Despite many competing priorities, Lilly's business development group set aside resources to devote to the Receptos deal, which we signed just a few months later in December 2010. There were many stakeholders at Lilly and they coordinated seamlessly to review and approve the deal structure. We completed our contract less than one month from circulation of the first draft, which is a record in my book!
None of this would have been possible but for a chance updating session scheduled at BPE, only because both companies happened to be attending. BPE is a great partnering venue to turn relationships into deals.
Receptos was founded in 2009 and has set a blistering pace by discovering an oral therapeutic candidate for the growing multiple sclerosis market and advancing it into the clinic within 18 months. With only $25 million raised to date through a seasoned venture syndicate including ARCH, Flagship, Lilly, and Venrock, Receptos will fully fund the candidate through P1. Receptos will utilize extensive experience in autoimmune drug development to grow the pipeline, as well as capitalizing on its proprietary GPCR structure-based drug design platform to identify additional high-value targeted therapeutics and drive them to value inflection points.
C21 BioVentures is a smooth blend of collaboration, cabernet, and capital
The C21 BioVentures conference in the wine country of Napa Valley is a one-of-a-kind forum for private companies and venture capital to come together to talk collaboration, cabernet, and capital. Companies in attendance at C21 join with venture capital to address their needs and develop relationships with the funding partners who will help them sustain their pipeline and advance their scientific programs. C21 has also successfully aligned early stage companies with strategic funds from various pharmaceutical companies. With more than 70 early stage companies presenting in 2009, C21 provides an open forum for education, discussion and negotiation between industry leaders and decision makers.
Paul Grayson, Former President & CEO of Fate Therapeutics, recalls success at C21 "We were able to pull together syndications, as well as lead investors at C21. The meetings we had at C21 2009 were fundamental to our $32M Series B we closed later that year."
"We were able to pull together syndications, as well as lead investors at C21. The meetings we had at C21 2009 were fundamental to our $32M Series B we closed later that year."
Paul Grayson | Former President & CEO, Fate Therapeutics
Just as the grapes of Napa valley require careful cultivation to produce a flavorful Cabernet, the deal process between biotech companies and potential investors requires a forum for negotiation and development -- C21 proves to be the perfect venue.
As of 2010, Fate Therapeutics has raised more than $50 million and is backed by top-tier life sciences venture investors, Arch, OVP, Polaris and Venrock, and a syndicate of strategic investors, Astellas Venture Management and Genzyme Ventures. Fate is combining leading expertise in adult stem cell biology with the most advanced induced pluripotent stem cell (iPSC) technology to recreate adult stem cell niche environments for the discovery of "stem cell modulators," small molecule or biologic compounds that guide cell fate in vivo for therapeutic benefit.
The C21 program is built upon the understanding that the ability to create a network as well as attract funding is crucial to the progression and growth of innovative biotech companies like Fate. With this knowledge, C21 aims to provide as many collaboration and financing opportunities as possible to conference attendees. Fate Therapeutics looks forward to C21 2010 and the opportunity to sustain existing and to develop new investor relationships, which will help advance the company's therapeutic pipeline and iPSC technology platform.
TVG Conferences Foster Meaningful Collaboration
In February 2008 Michael Barr, Director of Business Development at Critical Outcome Technologies Inc. (COTI) met with Debbie Snyder, Vice President of Business Development at TD2, at BioPartnering North America. From COTI's perspective the objective of this first meeting was to assess potential for a long-term partnership. At the time COTI was seeking a research and development partnership that would allow for further exploration of its robust oncology pipeline. COTI also wanted to align itself with an organization that had a strong track record in the space.
This initial meeting led to an ongoing relationship that included COTI visiting TD2's facilities in Arizona and discussions surrounding the potential for future collaboration. The relationship developed further with COTI having TD2 complete a series of experiments on its lead oncology drug candidate, COTI-2. This relationship expanded to a formal partnership announced in January 2010, seeing TD2 as COTI's partner of choice for preparing COTI-2 for IND and Phase I development.
BioPartnering North America allowed COTI the opportunity to identify TD2 as a potential partner and initiate a face-to-face meeting. The environment created by BioPartnering North America fosters meaningful collaboration discussions, and provides the opportunity to identify and meet with a number of individuals/organizations that may not be possible otherwise for emerging companies like COTI.