Executive Briefings

Therapeutic Product Expansion – What is the Path to Success?

Research and Development of pharmaceutical products is a very risky and lengthy endeavour. One needs to design and create a novel molecule, go through endless animal testing and numerous rounds of technological optimisation, to finally apply it to patients who may not respond as expected. If one has finally spent more than a billion euros, has tested on average 15 years, has convinced regulators and payors, marketing of the product is finally becoming reality. Along the way more than 20 contenders with similar ideas and approaches have failed.

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Managing Innovation in MedTech – How to Enable Future R&D Breakthroughs?

The Medical Device and Diagnostic Industry (MedTech) has seen a modern gold rush over the past years: especially in the early 2000s, many established companies were able to generate high single-digit (or even double-digit) annual growth rates. According to EvaluateMedTech, the field was able to build a global market with annual sales of approximately $325 billion by 2011.

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Pre Due Diligence and Due Diligence Support

Catenion’s approach to Pre Due Diligence and Due Diligence is to systematically review all the evidence and collate legitimate views on the asset’s inherent risks and potential. As a result, the conclusion is as objective as possible. On this basis, we have developed a clear value proposition on how we can help address the issues our clients face. We use a structured and validated approach to assessing R&D projects and technologies which were originally designed in the context of portfolio management at large pharmaceutical companies.

This approach has been applied in full to well over one thousand assets over the last ten years; it is increasingly being used for Due Diligence and Pre Due Diligence support.

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Enhancing the Performance of Pharmaceutical Research

Pharmaceutical research is increasingly in the firing line.
Over the past ten years or so, multiple attempts have been made by companies large and small to fix the machine: Tight productivity goals have been set, budget cuts have been implemented and spending on outsourcing and partnering has been increased. Proof-of-concept organisations have been set up to bridge the gap with clinical development; translational medicine, disease biology and biomarker units have been established to fully leverage the potential of new technologies and the progress made in molecular medicine. Once-centralised structures have been broken up into smaller units and there has been much talk of introducing a “more biotech-like culture” into pharmaceutical discovery organisations.

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Post Merger Integration — Capturing Deal Value through Strategic Vision and Rigorous Process

There are many valid reasons why companies pursue mergers & acquisitions (M&A) as part of their strategic growth plan. These include portfolio diversification, addition of top-line growth, acquisition of key technology, geographical expansion, or some combination of the above. However, the acquiring company is typically required to pay a premium of up to 30% in order to win the deal competition, and to satisfy shareholders of the target company.

In addition, it is widely held that the majority of M&A transactions fail to create shareholder value, or actually destroy it. So why would companies overpay by up to 30%, and then be faced with an approximately 30% chance of actually realising the value of the transaction?

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Rigorous Portfolio Management – A Key to Successful Innovation in the Medical Device Industry

The medical device industry has consistently outpaced all other industries including the pharmaceutical industry in the S & P 500 in terms of Total Shareholder Return over the last five years. While less affected by the current economic crisis than most other industries, overall growth of the sector is expected to slow down mainly due to increasing cost pressure in healthcare systems across the world.

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Strategic M&A Support for Pharmaceutical and Biotech Companies – minimizing the risk of “Winner’s Curse”

Numerous reports indicate that M&A tends to destroys more value than it creates. In this Executive Briefing we discuss some of the specific challenges in Pharma and Biotech M&A. We show how we help our clients determine a suitable price range that takes into account the often significant uncertainties inherent in pipeline potential and market environments. In addition we give examples of how we accompany clients during the critical post–merger portfolio consolidation period. Drawing on principles dating back to the famed value investor Benjamin Graham we believe that Biotech and Pharma M&A is not a “quick fix”, but it can be a powerful strategic lever for value creation.

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