Life sciences
Our experience extends to transactions in the life sciences sector.
Life sciences encompasses businesses at very different stages, from research-led organisations developing a product to established suppliers with recurring commercial revenue. Products, services and business models need to be distinguished before comparing performance. A development-stage business and an established manufacturer may have very different funding needs and sources of value.
Strategic considerations
Strategic choices can include developing capabilities internally, licensing technology or working with a commercial partner. The strength of intellectual property, access to specialist expertise and the route to market all influence these decisions. Product concentration and dependence on a particular development programme or partner can also shape the company's options.
Financial considerations
For a development-stage business, financial planning centres on cash requirements, milestones and the time needed to reach them. For an established business, product margins, customer retention and reinvestment needs may be more informative. Scenario analysis can make assumptions about timing and commercial outcomes explicit without treating uncertain future results as assured.
Transactions and organisational change
Relevant transaction information can include ownership of intellectual property, licensing terms, development commitments and the continuity of specialist teams. Technical, clinical and regulatory matters call for appropriately qualified specialists. A commercial assessment should distinguish demonstrated results from expectations and show how dependence on partners or individual programmes affects the business.