Leveling the Playing Field

Business development transactions are an important way for private and small cap life science companies to realize value. When negotiating transaction terms small companies confront a playing field tilted steeply to the advantage of large companies such as Pfizer GSK J&J and Medtronic. <I>Leveling the Playing Field</I> shows how small companies can create a level playing field and achieve a transaction that fully recognizes the value of their technologies and products.<p><I>Leveling the Playing Field</I> uses auctions as a model for successful business development. Auctions are especially effective in creating power for sellers when many wealthy bidders compete enthusiastically to acquire a singular asset a Rembrandt painting a uniquely situated piece of real estate a small company's technology or product. <I>Leveling the Playing Field</I> guides small companies through the process of attracting large companies transforming their interest into enthusiasm and maintaining a high level of competition among potential buyers for as long as possible.<p><I>Leveling the Playing Field</I> draws on the authors' experiences closing more than 100 transactions ranging in size from a few million to over $2 billion as well as their serving as senior finance R&D and operations executives with large and small life science companies.