PharmaVentures http://www.pharmatelevision.com PharmaDeals Review A PharmaTelevision Channel en PharmaVentures Ltd 2009 PharmaVentures Ltd enquiries@pharmaventures.com http://images.pharmaventures.com/ptv/pdc.jpg http://www.pharmatelevision.com/ Businessno PharmaVentures LtdLess than a month ago, I wrote about how I saw the impact of the collapse of Lehman Bros, and warned that things were changing fast, as indeed they have. The key development is the drying up of credit at an interbank level, which has had a huge impact on the banks' own lending.Less than a month ago, I wrote about how I saw the impact of the collapse of Lehman Bros, and warned that things were changing fast, as indeed they have. The key development is the drying up of credit at an interbank level, which has had a huge impact on the banks' own lending.Less than a month ago, I wrote about how I saw the impact of the collapse of Lehman Bros, and warned that things were changing fast, as indeed they have. The key development is the drying up of credit at an interbank level, which has had a huge impact on the banks' own lending. http://media.pharmatelevision.com/185.m4v Mon, 27 Oct 2008 00:00:00 GMTBusinessNo PharmaVentures LtdI am always intrigued by the CEOs of biotech companies – either emerging or mature – who stress to their investors that they are focused on a specific technology or therapy area.I am always intrigued by the CEOs of biotech companies – either emerging or mature – who stress to their investors that they are focused on a specific technology or therapy area.I am always intrigued by the CEOs of biotech companies – either emerging or mature – who stress to their investors that they are focused on a specific technology or therapy area. http://media.pharmatelevision.com/184.m4v Thu, 23 Oct 2008 00:00:00 GMTBusinessNo PharmaVentures LtdBy the time you read this, things will have probably moved on considerably since the collapse of Lehman Bros in New York. As I write, the financial markets are in turmoil, and uncertainty is a much talked about phenomenon.By the time you read this, things will have probably moved on considerably since the collapse of Lehman Bros in New York. As I write, the financial markets are in turmoil, and uncertainty is a much talked about phenomenon.By the time you read this, things will have probably moved on considerably since the collapse of Lehman Bros in New York. As I write, the financial markets are in turmoil, and uncertainty is a much talked about phenomenon. http://media.pharmatelevision.com/183.m4v Thu, 23 Oct 2008 00:00:00 GMTBusinessNo PharmaVentures LtdAugust 2008: US Election will impact new drug development worldwide foreverAugust 2008: US Election will impact new drug development worldwide foreverAugust 2008: US Election will impact new drug development worldwide forever http://media.pharmatelevision.com/177.m4v Fri, 19 Sep 2008 00:00:00 GMTBusinessNo PharmaVentures LtdJuly 2008: June GloomJuly 2008: June GloomJuly 2008: June Gloom http://media.pharmatelevision.com/176.m4v Fri, 19 Sep 2008 00:00:00 GMTBusinessNo PharmaVentures LtdFintan Walton discusses PharmaDeals.The Next Generation PharmaDealsTwelve years ago we launched PharmaDeals, and in that time we have built both a considerable database of over 28,000 records and a considerable archive of articles analysing the deal activities of not-for-profit institutions, biotechnology and pharmaceutical companies. Despite the success of PharmaDeals, we have not been sitting on our laurels, and, instead have embarked on the biggest revamp of the product since its launch twelve years ago. This month we launch the next generation PharmaDeals v2, which has a whole range of exciting new benefits to users that accelerate the product way past its competitors. http://www.pharmatelevision.com/media/pvbr_f2f111_businesscommentarymay.m4v Thu, 01 May 2008 00:00:00 GMTBusinessNo2:59PharmaDeals PharmaVentures LtdFintan Walton discusses the changing biotech industry.The Times They Are A-ChangingThe pharmaceutical industry is constantly changing, but over the past 2 years this change has happened apace. Biotechs have found it increasingly difficult to float, so IPOs have declined. Larger pharmas are acquiring biotechs and have upped their other deal making activities with biotechs too. Other challenges include attaining regulatory approval and pricing and reimbursement. These have all led to deep cost cutting, staff lay-offs, reduction of fixed costs and increased outsourcing solutions, including seeking partners for risk sharing. http://www.pharmatelevision.com/media/pvbr_f2f112_businesscommentaryapril.m4v Tue, 01 Apr 2008 00:00:00 GMTBusinessNo2:47biotech, IPO, pharmaceutical PharmaVentures LtdFintan Walton discusses patent reformPatent Reform Could Threaten InnovationThe US patent system is about to undergo a major change under the proposed Patent Reform Act of 2007. The implications could be considerable for the pharmaceutical and biotech industry. Some of the proposed changes should be welcomed. However, other parts of the proposed Act are of concern and could potentially impact the operational environment for the discovery of life-saving drugs. http://www.pharmatelevision.com/media/pvbrc_0308.m4v Sat, 01 Mar 2008 00:00:00 GMTBusinessNo3:26patent, reform, usa, biotech, pharmaceutical, pharmaventures, fintan walton PharmaVentures LtdFintan Walton discusses the Japanese pharmaceutical marketThe Sun Rises in JapanFor a good part of the 1990s, PharmaVentures did a lot of business in Japan with a broad range of companies. Many were seeking opportunities outside Japan, and that is why they came to us for assistance. Towards the end of the 1990s, the Japanese pharmaceutical market had become competitive and tougher as a result of two factors: the declining prices for reimbursed drugs; and the growth of the larger non-Japanese pharmaceutical companies – such as Pfizer and GlaxoSmithKline. Today, the Japanese pharmaceutical industry is seen to have changed considerably as has senior management in Japanese firms. We have been fortunate to see these changes, and are now actively participating in the re-emergence of a stronger industry. We are excited about its future. http://www.pharmatelevision.com/media/pvbrc_0208.m4v Fri, 01 Feb 2008 00:00:00 GMTBusinessNo3:20japan, pfizer, GlaxoSmithKline, pharmaceutical, pharmaventures, fintan walton PharmaVentures LtdFintan Walton discusses the mechanics of encouraging innovation and entrepreneurialism.Encouraging EntrepreneurialismEconomies are dependent on both the sustaining power of established businesses and the development of innovative business concepts in young new companies. This is best exemplified in the pharmaceutical industry. Here, in the right financing environment, smaller newly formed entities with the right financial backing can take on higher risks with low or no profits far more easily than can mature and profitable businesses. Newly formed businesses have the potential to become giant corporations that could contribute significantly to the economies of the future as markets and technologies change. In this evolving situation, such companies also have the advantage of being able to adapt quickly. Entrepreneurs play an important role in these new companies, especially in the biotechnology industry, and it is important that countries that wish to further entrepreneurialism should develop an economic regime that encourages them to become serial entrepreneurs - and business angels. Methods of achieving this include rewarding those who take risks. This has become an issue in the UK, where capital gains tax changes are to include imposing higher taxes on entrepreneurs who sell their businesses. The entrepreneurial environment in the UK could be seriously affected by these changes, particularly where the risks are higher, as in the biotech sector. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0108.m4v Tue, 01 Jan 2008 00:00:00 GMTBusinessNo2:58economy, business, entrepreneurs, biotechnology PharmaVentures LtdFintan Walton discusses the recent appointment of young CEOs to big pharma companies.Big Pharma and the Young CEORoche and GlaxoSmithKline (GSK) have announced their new CEO designates, who are both in their early forties. Andrew Witty, of GSK, is 43 years old, while Severin Schwan, of Roche, is a mere 40 years old. Have these pharmaceutical giants made the right decision in investing in these relatively young executives? And what makes a good CEO? Experience is valuable in decision making, so are leadership qualities and good communication skills - as well as a certain naivety, and a willingness to take risks. CEOs also need to be able to draw on the experience of those around them, to surround themselves with talent and with those that share their strong vision. They also have to have energy and mental agility, factors that are normally - but not exclusively - attributable to youth. I believe that Roche and GSK have made the right decision from an age perspective. The remaining qualities of these two CEO designates will be tested as they lead their respective companies over the next five years, and we will be watching with interest. http://www.pharmaventuresbusinessreview.com/media/pvbrc_1207.m4v Sat, 01 Dec 2007 00:00:00 GMTBusinessNo3:18CEO, big pharma, executive, management, Roche, GSK, GlaxoSmithKline PharmaVentures LtdFintan Walton discusses his experience of being a panellist at an Investor Summit in Australia.Passion and Determination are Success Drivers for EntrepreneursThis Commentary looks at the experience of being a panellist at an Investor Summit in Australia, in which up-and-coming entrepreneurs gave a in 5-minute presentation of their business and investment opportunities to a panel of venture capitalists (VCs), investment bankers and deal makers. One of the biggest problems found was that the presenters did not understand who the panellists really were, and what they really needed from the presentations. Also, the majority of those presenting had businesses too early for seed capital, and were urged to go back to their companies and continue to get government or research/university funding. But there was no doubt that some of the presenters had something going for them. Some of the more successful budding entrepreneurs, besides having a strong commercial case and a clear business vision backed up with a realistic business plan, had another important ingredient, and probably one more crucial than anything else – pure passion and determination – an indication of future success! http://www.pharmaventuresbusinessreview.com/media/pvbrc_1107.m4v Thu, 01 Nov 2007 00:00:00 GMTBusinessNo3:21investor summit, entrepreneur, investment opportunities, seed capital PharmaVentures LtdFintan Walton discusses what makes a good CEO.The CEO's Balancing ActA good CEO in biotech, like all CEOs, has to have the ability to build cash reserves to enable the company to grow and provide a return to investors. The problem for most biotechs, however, is that they do not even generate revenues, never mind generate profits. A good biotech CEO then, as a primary skill, has to have the ability to raise significant amounts of cash through successive rounds of equity financing, and, if available, debit financing. His or her second skill is then to transform that investment through value creation, that is, through good research and development of products and technologies. http://www.pharmaventuresbusinessreview.com/media/pvbrc_1007.m4v Mon, 01 Oct 2007 00:00:00 GMTBusinessNo3:21biotech, CEO, equity financing, investment, profits PharmaVentures LtdFintan Walton discusses communication in the healthcare industry.Communicating HealthIn an age when technology enables communication on a huge scale, our ability to communicate the capabilities of the pharmaceutical and biotechnology industry to bring relief to those suffering from disease is still, in my opinion, poor. The industry has a problem: costs are rising and there is a downward pressure on the price of drugs. Pharmaceutical R&D is both costly and risky, yet there are still expectations from those who pay for medicines that the price should be low – even for novel and breakthrough products. The practice of pharmacoeconomics allows us to determine the cost benefit of each drug to the health system, but does this really benefit patients or just the payers? Doctors prescribe the best medicines available, but often they do not have direct control over this, and some drugs that could benefit the patient are not making it to the pharmacy because they are not reimbursable. The industry needs to make a more concerted effort in communicating the real benefits of its drugs to patients, and stop being defensive, and the patient and patient groups need to be empowered to communicate their needs. Otherwise there is a real danger that truly novel drugs of significant benefit will no longer be developed because the risks associated with reimbursement will, basically, halt their development. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0907.m4v Sat, 01 Sep 2007 00:00:00 GMTBusinessNo3:05healthcare, communication, communicating, benefits, drugs PharmaVentures LtdFintan Walton discusses the pharmaceutical industry in The European UnionEurope United?The European Union (EU) is rich in diversity and, as such, provides an opportunity for economic trading on an equal basis for all of its member states. The EU has made significant advances in ensuring that its basic principles have been achieved. The health of its peoples is, and should be, an integral part of the European ideal. Yet, this is one area where individual government states retain control, which leads to a significant diversity in healthcare systems. The impact of all of this cannot be underestimated, particularly from the point of view of the pharmaceutical industry. However, the EU is not a single market, particularly when it comes to drug pricing and reimbursement, so a pharmaceutical company planning the launch of one of its products in the EU still has to go through a maze of regulation in each country within this single market. This complexity adds hugely to the cost of launching a drug in the EU, which cannot be good for the EU, and should be on the top of its agenda for change. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0707.m4v Sun, 01 Jul 2007 00:00:00 GMTBusinessNo3:00pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton discusses Drug pricingPricing DrugsDrug prices are a contentious issue. It appears inevitable that the pressure to reduce prices will come from all governments. Conversely, the cost of getting a drug to market is increasing as regulatory bodies, correctly, demand more efficacious and safer therapeutics. The cost of manufacturing effective drugs, such as biologics, also places further upward pressure on prices. So what is the solution? The industry - and that includes biotechs, pharmas and government regulatory bodies - has for too long focused on the development of better and more effective drugs, and not on the means to improve the way they are tested. If drugs could be proven to be clinically efficacious and safe sooner, and with fewer clinical trial requirements, then prices would drop considerably. This is a huge challenge, and will require considerable spend on disease R&D, and co-operation between different stakeholders. Clearly, it is an area for publicly sponsored initiatives, and some already exist. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0607.m4v Fri, 01 Jun 2007 00:00:00 GMTBusinessNo4:10pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton discusses AstraZeneca's recent deal to buy MedImmunePaying Too Much?Yet again another headline-grabbing event has just taken place: on 23 April AstraZeneca entered into a definitive agreement to acquire MedImmune in an all-cash transaction which will purchase the company for U$15.2 B - a 21% premium to MedImmune's closing share price on 20 April. Clearly, pharmaceutical companies have not lost their appetite for acquiring biotechs. However, when it was announced, this latest move actually resulted in AstraZeneca's share price dropping by 5%. So has AstraZeneca made the right move, and did it offer too much as some analysts and shareholders have complained? Fintan Walton outlines his views on the strategies that pharmaceutical companies are taking towards biotechs - as represented in previous business commentaries and in interviews shown on PharmaTelevision - and comes to the conclusion that his 'decisive and firm view on this is - it depends! It depends on what the company does next [for] MedImmune is rich with opportunities'. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0507.m4v Tue, 01 May 2007 00:00:00 GMTBusinessNo3:27pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton discusses Virtual BiotechHow Virtual Biotech has Changed the WorldThe virtual biotech business model has been around for at least 25 years and is a very attractive one. By keeping your fixed costs to a minimum, and by outsourcing, you can access expertise rapidly, control your costs, and respond quickly to the ups and downs of drug development. This month's Business Commentary looks at the emergence of contract outsource service providers, and discusses the issues raised from the viewpoints of both the virtual biotech and the service provider: the protection of biotech IP and know-how, the possibility of provider switching, risk and reward sharing between the two parties in drug discovery and development process, and alternative financing models. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0407.m4v Sun, 01 Apr 2007 00:00:00 GMTBusinessNo3:32pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton discusses drug development pipelinesWhat's a good pipeline?Whether you are a biotech or a large pharma, a measure of your success, or even of your value, is your drug development pipeline which, essentially, is a portfolio risk that requires appropriate strategy and management. So what can be regarded as an acceptable risk? Large pharmas prefer 'blockbuster' drugs with peak sales in excess of a billion dollars, while specialty companies and some biotechs are happier with products with smaller peak sales. A strategy of selecting blockbuster drugs places an additional ‘risk’ factor on drug development, but, without a doubt, the rewards are higher. However, the outcome of these risks is clear for all to see, with quite a number of once mighty pharmaceutical companies now languishing as they still wait for that great blockbuster to come along. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0307.m4v Thu, 01 Mar 2007 00:00:00 GMTBusinessNo3:25pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton discusses the mechanics of funding researchFunding ResearchThe means by which medicines are discovered are just as important to understand as the particular discovery process for any one drug. It is argued here that future breakthroughs in medicine will only occur if governments back basic pure research, and that governments should both provide direct funding and encourage other bodies to fund this research. Furthermore, when it comes to funding the riskier drug discovery and development, an environment is needed in which those who take the risk receive the reward - through tax breaks for those, such as venture capitalists, who are prepared to take the risk, and through a sympathetic drug pricing regime that fairly rewards those that succeed in passing the necessary regulatory standards for a safe but effective medicine. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0207.m4v Thu, 01 Feb 2007 00:00:00 GMTBusinessNo3:19pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton reviews the activities of 2006Where Now for Biotech?The year 2006 can be defined by the surge in acquisitions by large pharma of biotechs. A look at the current acquisitions of biotechs by larger pharmas shows a significant dynamic occurring right in front of us. We seem to have entered a phase in which larger companies are buying up strategically important biotechs that enable them to secure either their therapeutic or technological interests. So where does this leave the biotech model as a way of generating innovative drugs? There is both bad news and good news, and the biotech model will change particularly with respect to financing and ultimate share ownership. However, I believe that the biotech legacy is strong enough to ensure that small dynamic entrepreneurial environments are recognised as best for innovation, and that these will survive regardless of who owns them. http://www.pharmaventuresbusinessreview.com/media/pvbrc_0107.m4v Mon, 01 Jan 2007 00:00:00 GMTBusinessNo3:36pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review PharmaVentures LtdFintan Walton talks about what makes a good deal sheets. How 'Good' is Your Deal Sheet?A deal sheet is usually a record of all the deals that you have been involved with. Many investment bankers, consultants, and business development and licensing executives keep deal sheets as a record of their successes. Some people's deal sheets look impressive, with a long list of concluded deals - but how many of those deals actually turned out to be truly successful? In the end I rate a deal maker by both their ability to win quality deals with good outcomes as well as the ability to walk away early from potential deals that don't make sense. http://www.pharmaventuresbusinessreview.com/media/pvbrc_1206.m4v Fri, 01 Dec 2006 00:00:00 GMTBusinessNo2:58Deal sheet, pharmaventures, biotechnology, negotiation, culture, biotech, pharmaceutical, business, deals, licensing, mergers, acquisitions, financing, commentary, pharmadeals, review