Early-Stage Biotech Value Creation: The Roles of Equity and Partnerships
WARNING TO THE READER : this piece is REALLY LONG . Its genesis lay in my current efforts to develop a business/financing strategy for Decibel Therapeutics. In that context, I have been giving thought to how others have been successful—and failed—in such endeavors. The piece starts with my thoughts. It is then followed by responses to these thoughts by three great thinkers (and friends) in the biotech industry: Mark Levin, John Maraganore, and Jeff Tong, who reviewed an earlier draft. My replies to their responses are also included. In fact, there are two rounds of responses and replies. The publication of this piece on a blog, which has a “comment” functionality, is intended to enable additional colleagues in the industry (including you) to join the conversation if they/you so desire. Invariably I find that responses to my thoughts are much more insightful than anything I have to say. In addition to being very long, the piece features extensive endnotes . I tried to