Part 2
Phase I is all about pulling together data in a compelling format in order to shed the best light on an opportunity and preparing for marketing the asset
Phase II is getting your message out to as many relevant parties as possible and enticing them to want to see more
Recommend up to four bidders to take through to next round
Facilitate Due Diligence (DD) ProcessOpen VDR to selective bidders Hold IP expert sessionHold Technical expert sessions Facilitate Q&A portal
Receive final offers including mark-up of Licensing Agreement
Review offers and recommend two parties to be taken into final round
Final two parties selected for detailed negotiationsHaving two interested parties facilitates competitive tension and ensures best terms including price without overburdening the deal team and legal
Final confirmatory DD is always needed on order to firm up contractual obligations and valueLicensees are likely to have already raised that they need to speak to key suppliers e.g. contract manufacturers, contract research vendors, distributors etc., and this is the time to do itOn top of facilitating these ongoing activities, it is critical during the lead up to final negotiations for an independent advisor to maintain a dialogue with counterparties, as this is the time that they can extract valuable intelligence which could lead to improved commercial terms
Negotiation and execution of transaction agreementsCritical but can be quite tedious and you have to know when to hold your nerve, and when to give in!