Nordic Life Science 1
gene therapies and platforms, will remain very at
tractive, especially those focusing on unmet medical needs.” “During the COVID-19 pandemic, the general thought was to bring pharmaceutical manufacturing closer to home, but in the Netherlands, a Dutch generic manufacturer just went bankrupt, so I am not sure this goal is still in sight. In the end, personnel costs etc., are high here. Lastly, on COVID-19, it seems likely that that growth is declining, so COVID-19 vaccine manufacturers will go towards a diversified portfolio, which is likely to entail acquisitions of companies harnessing and embracing the Bio Revolution.” What is your best advice to a European life science company when it comes to performing a successful deal? “Obviously, the target should fit into your (long-term) strategy. In some cases, a Transactional Regulatory Scan prior to a Letter of Intent/Memorandum of Understanding is advisable. In general, a clear regulatory strategy from the outset is essential. You should have an accurate What issues within the European life science industry would you say are most topical right now for this network to handle or discuss? “There are so many biotech companies working on sophisticated medical solutions, but the regulatory status of their product is not always clear-cut (to them) from the outset. Therefore they do not know (yet) in which regulatory framework they will find themselves eventually, which is the multiples-phase, so the relevance thereof can hardly be understated. Investors and buyers may feel slightly insecure about the regulatory status and connected issues – even more when it concerns Bio Revolution-type of therapies, which may lead to that becoming a galvanized issue – jeopardizing the deal. 40 | NORDICLIFESCIENCE.ORG McKinsey rightly wrote in its Bio Revolution report (13 May 2020) that this surge of innovation in biology entails profound risks. Biology is self-replicating, there may be unintended consequences or cascading effects that do not respond to jurisdictional boundaries, and it’s generally too early for widespread consensus on moral questions accompanying such techniques.” What are your expectations for the future of the European life science industry when it comes to investments, M&As, growth, and global competition? “Competition between large pharma companies and institutional investors, VC, IPOs, etc., may remain high. Furthermore, particularly the medium-sized biotech companies, those working on and with cell and picture of IP, patent life, future options, etc. Obviously I cannot stress enough the value of a proper due diligence. In the case of a cross-border deal, engage specialized lawyers from the relevant jurisdictions. Clearly, you need a sound understanding of the multiple look in the context of pricing and reimbursement across jurisdictions.” What competencies should a life science company seek in a lawyer helping them with a transaction? “Let me use an analogy from patent law: The lawyer skilled in the art of life sciences deal-making is a fictitious person consisting of a team of lawyers. The team consists of a M&A lawyer with uncurbed access to a full-blown life science regulatory lawyer and last, but definitely not least, a patent lawyer with a life sciences focus.” NLS BUSINESS // LEGAL ADVICE