Walking the Line—Finding a Happy Medium Between Management and Shareholders
Monday, February 13th, 9:00am-9:55am
Biotech has always been searching for a business model that fosters innovation while allowing shareholders to realize a return on investment with acceptable risk. So what should a company do when its lead candidate turns out to be a winner and there are more programs to advance forward? Invest in earlier pipeline programs or return cash to shareholders through dividends/buybacks or even sale of the company? The best path for one company may be the road to ruin for others, sometimes resulting in a struggle for control between management and shareholders, with employees often caught in the middle. What strategies can reconcile these differences and enable both companies to innovate and investors to profit?
Annette Grimaldi, Managing Director, BMO Capital Markets
Tillman U. Gerngross PhD, Co-Founder & CEO, Adimab, LLC
Peter Kolchinsky, PhD, Portfolio Manager, RA Capital Management
Steven Tregay, PhD, Founder, President & CEO, Forma Therapeutics
Steve Worland, PhD, President & CEO (former), Anadys Pharmaceuticals, Inc.
Tillman U. Gerngross, PhD
Co-Founder & CEO, Adimab, Inc.
Tillman Gerngross, PhD, is a Professor of Bioengineering at Dartmouth College and an active innovator and entrepreneur who has founded several successful venture backed companies. His work has been frequently cited in the popular press including The Times (London), CNN, Scientific American, BBC, The Guardian, The Economist, New Scientist, Nature Biotechnology and the Los Angeles Times. At GlycoFi, Gerngross and his team developed a novel method for humanizing the glycosylation machinery in yeast to produce therapeutic proteins, including antibodies, with fully human carbohydrate structures. In 2006 Merck acquired the company for a record-setting $400 million. The same year Nature Biotechnology named Gerngross one of the most notable people in Biotechnology in the past ten years. In the fall of 2006 Gerngross joined SV Life Science (formerly Schroder Ventures Life Science) as a Venture Partner to advise on investment opportunities in the bio-therapeutics area. In 2007 Gerngross co-founded Adimab, which over the past four years has developed a premier antibody discovery technology and in the last two years has signed partnerships with many of the world’s leading pharmaceutical companies. In 2010 Adimab was awarded the Technology Pioneer award by the World Economic Forum in Davos. In 2010 Gerngross founded Arsanis Inc. to develop antibody based strategies for the treatment of infectious diseases.
Managing Director, BMO Capital Markets
Annette joined BMO Capital Markets in December 2009 as a Managing Director in the Healthcare Group with responsibility for its Life Sciences practice. Prior to joining BMO Capital Markets, Annette spent four years at Jefferies & Company where she was a Managing Director responsible for the Life Sciences investment banking effort. Previous to Jefferies, Annette spent ten years as a Managing Director and senior member of SG Cowen’s healthcare investment banking team. Annette began her investment banking career at Goldman, Sachs & co. where she spent eight years working in the healthcare group and as part of the Japan desk.
Annette has an MBA with honors from the University of Pennsylvania’s Wharton School of Business and an MA in International Studies from the University of Pennsylvania Lauder Institute. Annette graduated Phi Beta Kappa with a Bachelor of Science from Georgetown University’s School of Foreign Service.
Peter Kolchinsky, PhD
Portfolio Manager, RA Capital Management
Dr. Kolchinsky is a co-founder and General Partner of RA Capital Management, which has been investing in healthcare companies since 2002. He is a member of the National Academies Board on Global Science and Technology, authored an e-book titled “The Entrepreneur’s Guide to a Biotech Startup”, and serves as an advisor to startup companies and non-profits. Peter received his undergraduate degree in Biology from Cornell University and a Ph.D. in Virology from Harvard University, where he conducted research at Dana-Farber Cancer Institute on the entry mechanism of Human Immunodeficiency Virus (HIV).
Steven Tregay, PhD
Founder, President & CEO, Forma Therapeutics
Prior to joining FORMA, Steven Tregay was a Managing Director for the $200M Novartis Option Fund. He led the fund’s investments in and served on the Board of Directors of FORMA Therapeutics, Adenosine Therapeutics (acquired by Clinical Data: FRX) and Cequent Pharmaceuticals (acquired by Marina Biotech: MRNA). Prior to joining the venture group, he was the Executive Director and Head of Strategic Alliances-Oncology, Ophthalmology and Technologies at the Novartis Institutes for BioMedical Research. He managed a team who were responsible for identification, negotiation and management of collaborations for the oncology and ophthalmology disease areas and all the technology areas. Prior to Novartis, he had roles in business development at Array BioPharma and research. He received his Ph.D. and M.S. in organic chemistry from Harvard University and a B.S. from Davidson College.
Steve Worland, PhD
President & CEO (former), Anadys Pharmaceuticals, Inc.
Steve Worland, Ph.D. was President and CEO of Anadys Pharmaceuticals, Inc. until its acquisition by Roche in late 2011. Through the transaction Roche gained control of setrobuvir, a Phase 2b hepatitis C polymerase inhibitor that was invented at Anadys using structure-enabled drug design, as well as ANA773, an oral TLR7 agonist invented at Anadys that has demonstrated activity in oncology and HCV. Prior to becoming CEO, Dr. Worland served as President, Pharmaceuticals and Chief Scientific Officer, during which time Anadys optimized its technology platform, launched the programs that led to the Roche acquisition, and entered into a number of technology and drug discovery collaborations. Prior to Anadys, Dr. Worland held a number of increasingly responsible positions at Agouron Pharmaceuticals, Inc., including Director, Biochemistry and Molecular Biology and Vice President, Antiviral Division, culminating in assuming world-wide responsibility for anti-infective strategy at Warner-Lambert following its acquisition of Agouron. Dr. Worland received his Ph.D. in Chemistry from U.C. Berkeley and completed post-doctoral training in Molecular Biology at Harvard University.