Life Sciences Investment: Emerging New Models
9:45am – 11:00am

A perceived lack of investment security is affecting the way drug development companies are able to compete in the global market. Cautious investors are looking for products that clearly produce significant benefits; “cool science” is not enough, and this increased commercial risk will impact the willingness of investors to be patient with large investments. New investment models are gaining success and the not-for-profit sector is taking on the venture role. This session will look at past and future investment models affecting the future of drug development in the global economy, including venture philanthropy, NIH grants & funding opportunities, institutional and hedge fund financing.

Panel Moderator:

Carolyn R. Kahn, PhD
Principal, BioScience Insights

Panel Speakers:

Michael Farmer, MBA
Chief Operating Officer & Director, Prosetta Corporation

Ahvie Herskowitz, MD
Co-founder and Chief Medical Officer, OneWorld Health

Cynthia Robbins-Roth, PhD
Founding Partner, BioVenture Consultants

Paul Stewart
Partner, Foley & Lardner LLP

Caitlyn Waller
Business Development, Entelos, Inc.

The Impact of Partnering on Your Key Company Assets
11:15am – 12:30pm

Until recently, corporate partnering deals played a central role in "preparing" a life science company for its IPO. Corporate partnering validated a company's technology and provided ongoing, non-dilutive financing. However, as M&A deals have become increasingly pivotal in providing the necessary liquidity for investors. How does a company know if and when to partner key company programs or assets? This Panel of partnering and finance experts will discuss the roles that corporate partnerships currently can play in facilitating, or detracting from, liquidity events for life sciences companies.

Panel Moderator:

Glen Sato
Partner, Cooley Godward Kronish LLP

Panel Speakers:

Paul B. Cleveland
Chief Financial Officer and Executive Vice President, Corporate Development, Affymax, Inc.

Chris Lowe
Chief Financial Officer, Asthmatx, Inc.

Markus J. Cappel, PhD
Senior Vice President, Corporate and Business Development, Chemocentryx, Inc.

Value Terms in Partnering Agreements: Going Beyond the Numbers
2:00pm – 3:15pm

Agreeing to specific dollar amounts and royalty rates may be only half the battle in successfully negotiating deal value in biotech partnering agreements. A host of provisions typically found in these agreements affect the bottom line just as much as the numbers themselves. Careful attention during negotiations to these provisions is critical to preserving deal value (including preserving at the contract stage the value of the deal you thought you had negotiated in initial term sheet discussions, or, conversely, obtaining the relief you expected when you reluctantly agreed to high payments and rates at the term sheet stage). In this workshop we will examine more detailed financial provisions, such as royalty adjustments for unlicensed competition, combination products, anti-stacking and patent expiration; royalty floors, caps, and buy-outs; milestone structures; the relationship between IP coverage and royalty and milestone terms; net sales and cost reimbursement definitions; and other detailed financial terms. We will also consider other provisions not necessarily characterized as “financial” nor (sometimes) addressed at the term sheet stage, but that greatly impact the value of your deal. We will explore common considerations and pitfalls in the panoply of provisions that directly impact deal value.

Panel Moderator:

Laura Spiegelman
Partner, Morrison & Foerster LLP

Panel Speakers:

Carol Gamble
Senior Vice President, General Counsel and Corporate Secretary, Jazz Pharmaceuticals

Michael Ostrach
Vice President, Chief Business Officer and General Counsel, Dynavax Technologies

John J. Wulf
Chief Operating Officer & Chief Business Officer, Y’s Therapeutics, Inc.

Recent Trends in Life Sciences M&A and Strategic Transactions
3:30pm – 4:45pm

This session will address key drivers for increased M&A activity in the life sciences industry. Key trends in deal terms will be evaluated as well as a focus on the challenges and opportunities for biopharmaceutical companies in a very dynamic regulatory and financial environment. Biotechnology companies rely on strategic transactions to achieve their business objectives. These companies need to generate cash to support their development projects while trying to retain control over development and commercialization of their product. Actively pursuing strategic transactions and, more specifically M&A deals, presents an increasingly attractive path to help biotech companies achieve these objectives. Pharmaceutical companies are actively trying to fill their product pipelines especially with many product patents expiring in the near future. They are finding that they can quickly accomplish this through acquisitions of biotech companies. M&A activity dramatically increased in 2006 and will likely do so into 2007. This panel will: explore recent M&A activity; discuss key drivers for M&A transactions; highlight recent deals and lessons learned.

Panel Moderator:

Sergio Garcia
Co-Chair, Life Sciences Practice, Fenwick & West LLP

Panel Speakers:

Jung Choi
Senior Director, Corporate Development, Gilead Sciences, Inc.

William J. Newell, JD
Executive Vice President, Aerovance, Inc.

Benjamin Perkins
Managing Director, Head of the Life Sciences Group, Pacific Growth Equities, LLC

Mike Raab
Partner, Medical and Life Sciences, NEA