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Achieving Leadership Positions In The Booming (Bumpy?) BioTech Sector . EPPIC Meeting: March 22, 2000. Dinesh V. Patel, Ph.D. Vice President, Drug Discovery Versicor Inc. 34790 ArdenTech Court Fremont, CA 94555 Ph: 510-739-3008 Fax: 510-739-3050 E-mail: [email protected]

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slide1
Achieving Leadership Positions In

The Booming (Bumpy?) BioTech Sector

EPPIC Meeting: March 22, 2000

Dinesh V. Patel, Ph.D.

Vice President, Drug Discovery

Versicor Inc.

34790 ArdenTech Court

Fremont, CA 94555

Ph: 510-739-3008

Fax: 510-739-3050

E-mail: [email protected]

slide2
The BioTech Sector
  • BioTech vs. Big Pharma
    • Market Size: $ 280 Billion
    • Research Expense vs. # of Products
  • BioTech vs. The Economy
    • Food Industry, HealthCare, etc..
    • Aging Population
slide3
14

$ Billion

12

10

8

6

4

2

0

1994

1995

1996

1997

1998

1999

2000

The Current BioTech Boom:

How Long can this Last?

• Year 2000: $ 13 Billion & Running

• Today’s valuations do not reflect

any change in current fundamentals

of the sector. It’s a Bubble.

• Markets are catching up to the

true value of this cash-starved sector. It’s a long awaited, well deserved Correction.

slide4
Managing beyond the Bull

• The only sin in Biotech is running out of Money. S. Panem

• The robust strength of current market provides a unique opportunity to create massive fundamental value that is sustainable.

• Valuation is less important than Value.

• Value is created by Products, not Perception.

slide5
BioTechnology Products

• Drugs

• Proteins

• Antibodies

• Gene Therapy

• Small Molecules

• ICE’s, etc.

• Tools

• Combinatorial Chemistry

• High Throughput Screening

• Genomics

• BioInformatics, etc.

slide6
BioTechnology Careers

• Research

• Chemists

• Biologists & MDs

• Engineers, etc.

• Management

• On-site

• MBA

• Leadership

• ???

Fortunately, it’s not a rigid Paradigm.

slide7
From BigPharma to a Public BioTech

to a Start-Up Company

• 1985-1993: Bristol-Myers Squibb, Group Leader

• 1993: Following the Mentor. Affymax, Asst. Director

• Affy:Brilliant but naive Scientists-Typical ‘93 BioTech

• Strategic Inflection Point: Transitioning Combinatorial Chemistry from ‘Peptides’ to ‘Small Molecules’

• 1994-95: Pioneering the Drug Discovery Revolution.

• March 1995: Fame follows Fortune. GW Merger

• Inflection Point: Technology becomes a commodity.

• 1996: What’s next for me? Big Pharma vs. Start-Up

There is nothing wrong with change, if it is in the right Direction.

Winston Churchill

slide8
7 Laws of Success in a Public BioTech:

Research & Management Leadership

1  Technical: Know-how. Awareness & Respect for other disciplines, e.g. Chemistry vs. Biology

2  Perspiration:

If the power to do hard work is not talent, it is the best possible substitute for it - James A. Garfield

3 Result Orientation: Bring things to a closure (quickly)

4  Paper-WorK: Publications & Patents are useful. Reports are a waste of time.

5 Sponsorship: both from Superiors & Subordinates.

Talent does you no good unless it’s recognized by someone else - R Half

6 Salesmanship, not just presentation skills.

No matter what a man’s vocation may be, the nature of his progress through life is largely dependent on his ability to sell - F Nichol

7 Professional Relationships & Networking:

It’s not what you know, but who you know, that matters most.

slide9
From BioTech to a Start-Up: Versicor

• April 1996: Abbott vs. Versicor (Senior Director)

• Easy Money: Versicor, a spin-off of Sepracor

• Combi-Chem: From Technology to Application.

• The ‘Anti-bacterial’ Drug Discovery Focus

• Unmet Need: Emerging resistance to current drugs

• Success: 50% of Phase I products become drugs.

• Cost-efficient: Well defined clinical end points

• December 1996: Where are the Deals?

• The Year of 1997: Proof of Concept vs. Preclinical Candidates. The Du-Pont Merck Experience.

• December 1997: Meet the VC’s; $ 22M financing.

slide10
Reinventing Versicor: Jan ‘98 to Present

• Questions: Expertise, resources, focus, management.

• June 1998: Executive Director

• August 1998: Parting of Mentor; VP, Drug-Discovery

• The New regime & The New Company Mission

• Less Projects, more focus

• Need vs.Expertise. Customer 1st; your Talent 2nd

• Less Spending; Minimal Expansion

There is danger in reckless change, but greater danger

in blind conservatism.Henry George

slide11
Targets

Screens

Hits

Leads

Ph I

Ph II

Ph III

Drugs

Research

&

Development

Preclinical

Candidates

Versicor: A Fully-Integrated Infectious Disease Drug Development & Discovery Company

1) LY303366

ECB Antifungal

2) BI-397

GP Antibiotic

3) 2nd Genern OD

PNU Collaboration

4) Def Inhibitors

Novartis Collaboration

5) BIOCOR:

Nat Prod Leads

6) Ligase HTS (Novartis)

7) Small mol leads

Genomics

slide12
How to create the next Amgen?

The 5 year, 10X Growth Formula - George Rathmann

$ 100 M Venture stage BioTech

$ 1 Billion Mid-Cap BioTech

$ 10 Billion Large-Cap BioTech

$ 100 Billion Big-Pharma Blue Chip

slide13
7 Laws of Success for a Start-Up

Leadership at a Start-Up: Your Priorities are indistinguishable from the Company’s Priorities.

1 Employees: Hire the best people.

2 Teams vs. Individuals:

• Matrix Orgnzn

• Team-work vs. individual recognition

3 Paranoia: Andy Groove Philospohy; avoid comfort zones

4 Reinvention: More powerful than Invention

5 Product: Applied vs. Basic Research

6 Differentiate: Niche Markets, niche Products

7 Customer: is King. Find them & keep them

slide14
7 Secrets to Maintaining

“Active” Leadership

1 Technical Competence

2 Communicate Clearly

3 Delegate Effectively

4 Reward Results

5 Stay Approachable

6 Take Care of Your People

7 Find a Successor

slide15
The 1st Generation Immigrant Perspective

• It’s a Blessing, not a Curse.

• Your Self-Confidence & Performance should overshadow any Racial Disadvantages.

• Don’t forget your Roots.

• Always Communicate in English at Work.

• Avoid being too Emotional at Work.

• Don’t Pretend what you’re not.

• Keep the Big Picture in Mind. Don’t get too hung up on a Promotion or Salary Raise.

• Take Management Courses. Experiment with New Hobbies. Read books on Diverse Subjects.

slide16
My Favorite Reading List

• How to become a CEO - Jeffrey J. Fox

• Power of Positive Thinking - Norman Vincent Peale

• 7 Spiritual Laws of Success - Deepak Chopra

• 7 habits of highly effective people - Stephen Covey

• Buffet, making of an American Capitalist - Roger Lowenstein

• Direct from Dell - Michael Dell

• A Bend in the River - V Naipul

• Iacocca, An Autobiography - Lee Iacocca

• Forbes Book for Business Quotations - Ted Goodman

• Scientific Journals: J Med Chem, J Org Chem, Tet Lett, BMCL, etc.

slide17
How to become a CEO (Leader) : J. Fox

• Get & Keep Customers

• Arrive 45 minutes early and leave 15 minutes late.

• Never Panic….or Lose your Temper.

• Don’t have a drink with the Gang; avoid Office Parties.

• Don’t get Buddy-Buddy with your Superiors.

• Stay out of Office Politics.

• Never surprise your Boss. Make your Boss look Good.

• Overinvest in People. Overpay your People.

• Learn to Speak and Write in Plain English.

• Put the importance on the bright idea, not the source of idea.

• Concept doesn’t have to be Perfect; but it’s Execution does.

• Be a Credit Maker, not a Credit Taker.

• Don’t hide an Elephant.

• Be a Flag-Waving Company Patriot.

• Add one big new thing to your life each year.

• Keep Physically Fit. Do something hard and lonely.

• Treat your Family as your #1 Client.

slide18
What Really Matters

1 Wealth: A mere score-card

2 Recognition

3 Satisfaction

4 Health

5 Family & Friends

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