In the Business Development and Transactions community, we often focus on the big splashy asset or "drug" focused licensing and M&A deals. In this session, we will focus on the nuances of doing platform transactions. We will discuss why companies do platform deals and when. We will discuss the key deal drivers of platform deals from both the “Buyside” and the "Sell Side." We will also discuss how to value these deals and assess risk. We will discuss how platform deals become "deals" and not fee-for-service contracts (i.e., when do royalties become part of the deal?). We will talk about how to message the importance of platform deals to both internal key stakeholders and to external investors. Lastly, we will discuss how to diligence platform deals, particularly in this new post-COVID virtual era.