Skills for Success in Business Development Kauffman Campus Best Practices Workshop Purdue University

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Skills for Success in
Business Development
Kauffman Campus Best Practices Workshop
Purdue University
Ted T. Ashburn, MD, PhD
Senior Director
Corporate Development
Genzyme Corporation
[email protected]
November 9, 2007
Outline
1.
2.
3.
4.
Current Trends
Genzyme
Business Development in Action
Key Skills for Success
 Business Development
 General
© 2007 Genzyme Corporation. All rights reserved.
1
Outline
1.
2.
3.
4.
Current Trends
Genzyme
 General
2
1. The Pharmaceutical Value Chain
Idea!
Target
Discovery
• Expression
analysis
• In vitro function
• In vivo
validation
• Bioinformatics
Discovery
& Screening
•
•
•
•
•
2-3 yr
In vitro
Ex vivo
In vivo
In silico
High
throughput
0.5-1 yr
Lead
Optim.
ADMET
• Traditional
Med. Chem.
• Rational drug
design
• Bioavailability
• Systemic
exposure
1-3 yr
1-2 yr
Clinical
Develop.
• Testing starts
at Phase I
(Phase I/II for
cancer)
Registration.
•
•
•
•
Drug
U.S (FDA)
E.U. (EMEA)
Japan (MHLW)
Rest of World
5-6 yr
1-2 yr
• 10-17 years, $1.7 billion+ process
• > 75 different disciplines
• < 10% overall probability of success once a
candidate enters clinical trials!!!
Ashburn & Thor, Nature Reviews Drug Discovery, Aug, 2004, pg 673-683
Gilbert, Henske & Singh, IN VIVO, Nov, 2003
3
1. The Industry’s Productivity Gap
Ashburn & Thor, Nature Reviews Drug Discovery, Aug, 2004, pg 673-683
4
1. Possible Explanation for the
Industry’s Productivity Gap
1940’s
Disease
1960’s
Bacterial
Hypertension
Infections
1990’s
Today
Arthritis
Alzheimer’s
Drug
penicillin
propranolol
celecoxib
N.A.
Chemical
Starting Point
penicillin
adrenaline
Screening
/RDD
Screening
/RDD
Target
Validation
High
Med
Low
Very Low
Development
Complexity
Low
Med
High
Very High
The
Fruit
Is
Getting
Higher!
5
1. Why Innovation in
HealthCare Is Important
By Pass
(Heart Surgeons)
Complexity of
treatment
Stents
(Cardiologists)
Antihyperlipidemics
(PCP’s & NP’s)
OTC Antihyperlipidemics?
(Patients)
Time
Adapted
from:
Christensen,
Bohmer
©
2007 Genzyme
Corporation.
All rights reserved.
& Kenagy, Harvard Business Review, Sept-Oct, 2000
6
1. Where Does Innovation
Come From?
Gov./Acad./Non-Prof.
Industry
300
> 90% of
all new
drugs are
developed
by the
Pharma
Industry
250
200
150
100
50
0
Sales >$500M in '01*
Drugs Approved in
the '90's**
* NIH Response to the Conference Report Request for a Plan to Ensure Taxpayers' Interests are Protected.
Department of HHS, NIH. July 2001. Available at: http://www.nih.gov/news/070101wyden.jsp.
©
Genzyme
Corporation. All rights reserved.
**2007
Tufts
University
7
1. Dependency of revenues on
externally sourced products
49%
47%
~½ of all
innovation
comes
from small
companies
45%
43%
41%
Big Pharma
39%
Mid Pharma
04
05
06f
07f
Source: Datamonitor; company-reported information
08f
09f
10f
8
Outline
1.
2.
3.
4.
Current Trends
Genzyme
 General
9
2. Our Global Corporation







>9,500 employees worldwide
Helping patients in nearly 90 countries
17 manufacturing sites
9 genetic testing lab sites
14 marketed products
2006 revenue of $3.2 billion
>70 locations in >30 countries
10
2. Our Revenue Growth
$
4,000
3,500
3,000
$ In Millions
2,500
2,000
1,500
1,000
500
0
'91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
(E)
11
2. Awards and Recognition
 One of the “100 Best Companies
to Work for” by FORTUNE
 Named a top employer by
Science
 Rated one of the most generous
in-kind givers by BusinessWeek
 Named to the Dow Jones
Sustainability
 Genzyme Center recognized as
one of the most environmentally
responsible U.S. buildings
12
2. Our Major Marketed Products
& Services
Reproductive
Cerezyme®
Renagel®
Synvisc®
Campath®
Oncology
Fabrazyme®
Hectorol®
Carticel®
Clolar®
Infectious Disease
Aldurazyme®
MACI®
Thyrogen®
Cardiovascular
Myozyme®
SepraTM Products
Genetic
Testing
Genetic
Diseases
Renal Orthopaedics/
Biosurgery
Oncology/
Endocrinology
Thymoglobulin® Cholestagel
Transplant/
Immune
Disease
Cardiovascular
13
Outline
1.
2.
3.
4.
Current Trends
Genzyme
 BD
 General
14
3. Summary: What is
Business Development?
 In larger companies
– Licensing/Acquisitions Department
– “Buying”
 In smaller companies
– “BD is the Marketing & Sales before there are
any products”
– “Selling” (and sometimes buying)
Source: Jack Anthony, SVP, Business Development, Saegis Pharmaceuticals
15
3. Genzyme Strategy:
Growth By Building Value
Organic growth /
status quo
Optimize capital
structure
Maximize
Shareholder
value
Improve investor
understanding
Streamline portfolio
Goal: To
Remain
A Growth
Stock
Licensing arrangements
joint ventures
Strategic
transactions
CD is
Here
Add-on acquisitions
Objective: 20%-25%
E.P.S. Growth
Large scale transaction/
merger/ sale
16
3. An Integrated/Cross-Functional
Approach
Corporate
Development
Finance
Business
Unit
Legal
17
3. Genzyme Deal Criteria
 Significant Unmet Medical Need
– Rare diseases
– New Standard of Care
 Risk-reduced Opportunities
– Human POC or later
– Clear Regulatory pathways
 Focused Call Point(s)
– Not PCP’s
 Partnerships
– Desire to work together to create value
– Both Regional and worldwide
18
3. The “Kissing Lots Of Frogs”
Problem
 It takes 10-17 yrs & over $1.7 bn to develop a drug
 < 1 in 10 that begin human trials reach the market
 Late stage clinical trials are often delayed/stopped
We Can’t Be Too
 Hundreds of ongoing clinical trials targeting
“Picky” About Where
hundreds of diseases
We Find Good
 > 1,500 private & public biotech companies (US)
Opportunities
 < 35% of approved products justify the cost of
development & launch
 20% earnings growth promised to Wall Street
19
3. A Transformation
(One Step at a Time)
Genzyme pre-2000
LSDs
Cerezyme
- 1999 Revenues: $750M
- Market Cap: $3.5B
Genetics
Diagnostics
Orthopaedics
Biomaterials
Pre-natal
Carticel
Sepra
Gabi/Epicel
IMPATH
Biomatrix
GelTex
12/00
12/00
9/03
4/04
WYE/Synvisc
Bone Care
AnorMED
1/05
7/05
11/06
Genzyme 2007
LSDs
Cerezyme®
Fabrazyme®
Aldurazyme®
Myozyme®
I2S (Asia)
Niemann Pick
Genetics
Diagnostics
Cancer
Reproductive
SangStat
Orthopaedics/
Biomaterials
Synvisc ®
Carticel ®
Sepra
Synvisc II
Hylastan
Renal
Renagel ®
Hectorol ®
Renvela
Renal fibrosis
Tolevamer
Ilex/BioIlex
envision
12/04
12/04
10/07
- 2006 Revenues: ~$3.2B
- Market Cap: $18B
Transplant &
Immune Disease
®
Thymoglobulin
/
®
Lymphoglobulin
Mozobil
TGFb antibodies
FC gamma receptor
Oncology/
Endocrinology
Thyrogen®
CAMPATH®
CLOLAR®
ILX-651
DENSPM liver
20
Who are Business Development
People?
 “Top Notch Business Development People
are People who have an irresistible urge to
Make Things Happen”
21
3. BD Backgrounds at Genzyme
 10 MBA’s (Wharton, Harvard, Kellogg)
 4 PhD’s
– Harvard PhD (Biomedical engineering)
with small cap biotech & start-up
experience
– xScientist from Integrated Genetics
– MIT trained chemist





3 xSales Reps (Lilly & BMS)
3 JD’s (Georgetown & Harvard)
2 xConsultants (Bain & McKinsey)
1 MPH (BU) & 1 MD (Missouri)
1 overly-trained individual
Anyone can
do this as
long as they
are
exceptionally
strong at…
– Harvard/MIT trained MD/PhD with Big Rx,
VC & start-up experience
22
4. Key Skills for Success:
 Selling Ability
 Listener
 Organized/
Organizer
 Planner
 Presenter
 Cold Caller
 Articulate







Enthusiastic
People Person
Lucky
Manager
Science Friendly
Reality Based
Common Sense
23
4. Key Skills for Success:
General
1. Find a Cause
2. Think BIG!
3. READ
VORACIOUSLY!
4. Take care of yourself
5. Have a platform…
24
Skills for Success in
Kauffman Campus Best Practices Workshop
Purdue University
Ted T. Ashburn, MD, PhD
Senior Director
Corporate Development
Genzyme Corporation
[email protected]
November 9, 2007

Skills for Success in Business Development Kauffman Campus Best Practices Workshop Purdue University

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