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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. "Leveling the Playing Field" shows how small companies can create a level playing field and achieve a transaction that fully recognizes the value of their technologies and products. "Leveling the Playing Field" 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. "Leveling the Playing Field" 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. "Leveling the Playing Field" 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.