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Ip 2018 davis farmer final

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The Ulysses Advisory Group will again participate in IP 2018 in Istanbul this October. This is the third time that UAG has participated in this event and the third as a sponsor/presenter

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Ip 2018 davis farmer final

  1. 1. University Success Stories – the UK Davis Farmer Davis Farmer
  2. 2. The Ulysses Advisory Group Innovation in the life sciences • Technology transfer • Company formation, funding & governance • Transactions and strategic partnerships • Venture capital • Past Experience • MRC • Harvard Medical School, Case Western • Universities of Oxford & Cambridge • Universities of Otago and Auckland • University of Massachusetts Medical School
  3. 3. The MRC Collaborative Centre 1986 - Formed to facilitate the transfer of academic science to industry through working relationships Projects included antibody humanizations using technology developed by Sir Gregory Winter – gave rise to CAT Over 400 commercial licenses signed Helped launch 12 drugs on the market Helped form 18 start ups Generated over £600 million in revenues for the MRC Humanized four antibodies now on the market Humanized six antibodies currently in clinical trials
  4. 4. The MRC Collaborative Centre What worked – what didn’t Industry collaborations were very fruitful: • Products to market • Ongoing use of technology • Revenue to MRC In-house start-up efforts were problematic: • Overheads may have killed at least one venture • Micro-management stifled flexibility • Shifting priorities also left management confused
  5. 5. MVM Venture Partners 1997 – Seed fund to bridge development gap funding for MRC science First round - ₤46M raised from traditional venture sources “Hook” was access to MRC science Fund was not dedicated but had priority – free to invest as managers saw fit To date four rounds have raised in excess of US$700M in UK/US Investments at all stages in the life sciences 24 Exits to date
  6. 6. MVM Venture Partners What worked – what didn’t (for the MRC) First fund was directed to MRC science Lots of “looks” provided fresh perspective & rigor Forced a close working relationship with the MRC TTO ROI to MRC from investments MVM had first right of refusal – may have inhibited competition Subsequent funds had no formal tie – invest anywhere Fund – TTO relationship was not optimal
  7. 7. Lessons learned The key is people … experience, attitude, tolerance of other “cultures” - inventors, investors, TTO staff & management all have different goals, history and drivers Provide adequate incentives to inventors & be consistent – all parties need to rely on policies & commitment of licensing entity Critical mass – commit enough resource to each investment to make success possible & have enough good science to justify your fund
  8. 8. Lessons learned Greed and impatience do not work – enable and nurture rather than press for quick returns, especially up-front when over-pricing will kill deals Incubators should not be driven by real estate operating principles or high overheads TTO’s should be well enough funded to protect IP, support start-ups and not forced to seek quick returns Management of IP is critical in the global market
  9. 9. Turkey – Specific Thoughts Access to funding from private sector needs a boost: consider university consortia to access sufficient technology to “feed” a fund Nurture international partnerships to broaden the appeal and access to capital and markets – e.g. Drexel, offsets, foreign companies in Turkey Tap into the Turkish scientific and entrepreneurial diaspora – many of Turkey’s best are overseas and doing well

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