This document provides advice to small and medium biotech companies on partnering with large pharmaceutical companies ("Big Pharma"). It notes that Big Pharma are losing revenue as blockbuster drugs go off patent, creating opportunities for partnerships. However, less than 15% of opportunities presented to Big Pharma are reviewed. The document recommends that biotechs understand where their intellectual property fits within Big Pharma's therapeutic focus areas and risk profiles. It also advises biotechs to understand the needs and pipelines of potential partners in order to propose the optimal partnership structure, whether licensing or collaborations. Taking these steps can help biotechs get their innovations in front of Big Pharma decision makers.