27
Mar
2017

Don’t Miss the TR Anniversary Parties in Boston and Seattle

Ferris Bueller once said: “Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.”

Timmerman Report started two years ago. It’s time to thank subscribers, and throw a couple free community parties – one in the East, one in the West.

The Boston party will be on Apr. 13, and Seattle’s will be May 9. Check them out:

Celebrate the TR 2nd Anniversary party 4-6 pm Apr. 13 at Alnylam Pharmaceuticals! Network with Boston biotech community peers, and join TR founder Luke Timmerman for this free event. Phil Sharp, Institute Professor at MIT, will discuss Timmerman’s biography of automated DNA sequencing pioneer Lee Hood. Abbie Celniker, partner at Third Rock Ventures and chair of MassBio, will discuss day-to-day constructive things that are happening to advance women in biotech leadership. Signed copies of Timmerman’s new book, “Hood: Trailblazer of the Genomics Age,” which Forbes calls a “must read,” will be available for purchase. Plus, enjoy some beautiful photos from Aconcagua, the highest peak in South America. The event is free, and subscribers are welcome to bring friends, but please RSVP here for Boston on Apr. 13.

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TR Boston launch party, April 2015. Photo by Kayana Szymczak.

Come celebrate the TR’s 2nd Anniversary on May 9 at Adaptive Biotechnologies! Network with Seattle biotech community peers, and join TR founder Luke Timmerman for this free event. Special guests Charlotte Hubbert, a partner with Gates Foundation Venture Capital, and Thong Le, CEO of Accelerator, will discuss the opportunities they see in the investment landscape. Executives of some of Seattle’s most interesting biotech startups will give quick 3-minute updates on what they’re doing. Signed copies of Timmerman’s new book, “Hood: Trailblazer of the Genomics Age,” which Forbes calls a “must read,” will be available for purchase. See some beautiful photos from Aconcagua, the highest peak in South America. The event is free, and subscribers are welcome to bring friends, but please RSVP here for Seattle on May 9.

TR Seattle launch party. March 2015. Photo by Robert Wade.

TR Seattle launch party. March 2015. Photo by Robert Wade.

The East and West Coast anniversary parties are a tradition at TR. Helping people form connections in the community is one of the ways I can thank people for supporting my mission for quality independent biotech journalism.

I look forward to seeing you there and hearing about your latest adventures in biotech.

28
Feb
2017

The Aconcagua Expedition Photos

It was cold enough that my ridiculously fluffy 8,000-meter-rated goose down parka was a must-wear. Wind gusts knocked me off my feet once, and kept the tent flapping all night long. Mountain air was so bone-dry, my boogers turned into gravelly nuggets. Tolerance for grime was a must, given that we were wearing the same sweat-encrusted socks and underwear every day.

Sleeping above 16,000 feet was about tossing and turning every hour, and occasionally gasping for breath. You breathe so hard at altitude that they say you need five liters of water each day, given how much water vapor you exhale. Mild headaches were a morning routine. One of my best friends had a health scare and had to be airlifted off the mountain. Thankfully, he recovered.

Aconcagua was extreme. Tough. Beautiful. Unforgettable. I can’t wait to do something like it again.

My Aconcagua expedition ran from Jan. 28-Feb. 17, 2017. I was part of a team of 11 climbers and 3 guides outfitted by Seattle-based Alpine Ascents International. Aconcagua, in Argentina, is the highest peak in South America at 22,841 feet/6,962 meters. This isn’t a technical climb. We didn’t travel on a glacier, watching out for crevasses, like on Denali or Rainier. We didn’t have to rope to each other, or do any fancy belaying or rappelling. Aconcagua is mostly a mental and physical endurance test. You have to push yourself to reach the highest point on Earth outside the Himalayas.

I’m fortunate to be healthy and in position to pull off this kind of adventure. I hope you enjoy the photos of this expedition, taken by me and my climbing friend Bryant Mangless. Whatever you do, keep exploring!

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Jangbu Sherpa, our lead guide. Showing off our nutritional bona fides, with mini-Slim Jims at Camp 1.

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Don’t we all look so fresh and energetic at our initial gathering in Mendoza?

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The first couple days of hiking to base camp were hot and flat. The dry, dusty terrain required us to wear bandannas to avoid inhaling too many irritable particles.

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Shooting the breeze around the dinner table on the first day.

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Our gang has been climbing annually since a Mt. Rainier trip in 2004. From left to right: Bryant Mangless, me, Matt Reiter.

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Crossing the Vacas River on the way to base camp. Time to put on your sandals, and to grin and bear it. The water was COLD!

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Watching my step. The current moved fast, and was occasionally knee-deep. Nobody wanted to take a spill, and no one did.

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The mules did a lot of heavy lifting of team gear and food on the low part of the mountain. It was best to stay out of their way — they are quick and nimble on the uneven, rocky trails.

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A few climbers chose to ride mules across the Vacas River rather than freeze their toes.

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A glimpse of the peak, and some lowland vegetation.

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Base camp at Plaza Argentina (13,800 ft) was colder and snowier than we thought. They had a lot of civilization here, including running water, and an on site physician who examined all of us (blood pressure, blood oxygen levels, and listened to our lungs with the stethoscope) before granting us permission to continue.

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We ate and drank pretty well. Here my friend Matt Reiter is showing his manliness by ripping into some salami at the base camp dining tent.

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Here’s a brief parka-less moment during our stop at the windy Camp 1. Yeah, that’s a toilet seat you see on the ground, for strictly symbolic purposes. The tent you see was a “privacy zone” where you could take your wag bag and do your business. The wind was so wild here, that even when you thought you were peeing in the right direction with the wind, you weren’t.

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Aconcagua isn’t supposed to be as cold as Denali, but I used the expedition parka much more here than I did on North America’s highest peak in 2013.

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We ran into some powerful wind and snow, the kind to knock you off your feet, on our initial push from base camp to Camp 1 (16,200 feet). There were a few notable icicles forming on beards.

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When the wind is blowing 60-70 mph, you need to bend your knees to keep your balance. This was our experience at Camp 1 (16,200 ft), as we stashed some food and fuel before hustling back down to base camp.

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Rob Conway of Calgary, Canada was lookin’ good and feelin’ good. He returned to successfully summit this year, after coming up short a year ago on an Aconcagua trip with his 19-year-old son. Inspiring.

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Breaktime on the way from Camp 2 to High Camp, looking out over the Guanacos Valley.

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That’s a rainbow, that looked like it was smiling at us at Camp 2. Never seen anything like it before. A good omen.

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The view from High Camp (19,500 ft.)

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It took long, hard work to get high enough on the mountain to see this.

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My friend Bryant Mangless displays his badass game face. He would not be denied.

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Fellow climber Amy Paradis, a nurse from Modesto, Calif., came by our tent to bandage up my shins at High Camp (19,500 ft). My rigid boot liners were scraping the shins on steep stretches. Thanks, Amy!

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Lead guide Jangbu Sherpa might weigh 140 pounds soaking wet, but the guy is a climbing powerhouse. His deft footwork on loose rock and steep stretches was a thing of beauty — no wasted energy or motion.

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Argentine guide Mariano Vazquez (center) surveyed the situation at High Camp, as several groups prepped for summit bids on the same day, based on a foreboding weather forecast. Fellow guide Dylan Cembalski (dark blue coat) looks on. Notice the emergency shelter for injured climbers in the background. We saw a few dazed and confused climbers on Summit Day who needed some Ranger assistance.

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The three guides (Mariano Vazquez, Dylan Cembalski, and Jangbu Sherpa) enjoyed themselves and gelled as a team. Clowning around at High Camp.

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Sunrise on Summit Day on a great mountain. Nothing like it.

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Looking down at High Camp on Summit Day.

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Did I mention others were eager to shoot for the Summit on our same day, Feb. 12?

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Breaktime on summit day at The Caves, a landmark at about 22,000 feet. We took a little extra time here to load up on extra food and water for the final 900 vertical foot push.

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Savoring the moment on the Summit of Aconcagua with Bryant Mangless. We’ve been friends since our University of Wisconsin undergraduate days, and we’re proud to be Badgers.

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The Summit! 22,841 ft/6,962m — the highest peak in the world outside of Asia. Unfortunately, we couldn’t see squat on a cloudy day. We could, however, enjoy a celebratory photo. From left to right: Nick Schrader, me, Helen “Cokie” Berenyi, Bryant Mangless, Rob Conway, David Paradis, Jangbu Sherpa.

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We descended the mountain via a different route, coming down to another base camp called Plaza de Mulas. The mules delivered some good sources of protein and fat to replenish this group of hungry climbers.

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Sometimes on the descent, when you’re tired, you gotta look around. Local guide Mariano Vazquez told us about those nearby glaciers, and how they’re receding.

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Descending through the Horcones Valley. Gorgeous country where the film “Seven Years in Tibet” was shot.

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The final day, we hiked 18 miles (30 km) from base camp all the way to the trailhead. Most everyone dropped at least 5-10 pounds during the trip.

17
Feb
2017

Hiring Women Execs in Biotech, VC Firms Is a Moneyball Play (Part 2)  

In Part 1 of our series, Hiring Women Execs in Biotech, VC Firms is a Moneyball Play, we shared a range of statistics showing that companies with women in senior executive and board positions achieved superior financial returns. In Part 2, we’re going to look at why more biotech companies and VC firms aren’t making the Moneyball play, and what some organizations are trying to do about it.

To begin with, let’s look at the challenges.

The Hurdles

Leora Schiff: Luke Timmerman and Meg Tirrell were able to show that outright sexism still does exist in the biotech industry (Their podcast, Sexism in biotech, from scantily clad models to how gender affects this podcast is worth checking out). However, it appears that most hurdles to gender parity are not intentional. There are many systemic issues that perpetuate a system that results in men consistently being tapped for leadership positions while their female counterparts are being overlooked.

Leora Schiff, principal, Altius Strategy Consulting

Leora Schiff, principal, Altius Strategy Consulting

Liftstream recently published an extensive study on gender diversity in the biotech industry which they described “a complex web of influences and conditions that skew the leadership pipeline and create a system that is, in essence, anti-meritocratic.” Among these skewing factors, the report found that unconscious bias constitutes a major hurdle for women attaining positions of executive leadership. Unconscious bias against women based on preconceptions exists in both men AND women. However, most biotech companies have no training for their employees to understand and prevent unconscious bias from influencing decisions about candidate selection, promotions, and other decisions that would determine the position of women within their organizations.

As a result, companies are making sub-optimal decisions regarding their human capital in general and the filling of leadership positions in particular. Fortunately, unconscious bias can be countered (see The Solutions below), letting companies make more rational decisions about investing in the best talent to grow their organizations and generate the best returns.

Kyle Serikawa

Kyle Serikawa

Kyle Serikawa: It’s a very timely point. There’s an argument being made that unconscious bias contributed to the recent Presidential Election outcome. This FiveThirtyEight article about measuring and assessing the effect of unconscious or implicit bias on voting patterns is fascinating. One tough hurdle for biopharma is that, by definition, unconscious bias isn’t part of a person’s active, surface thought processes. Measuring it takes studies that test things like how quickly people associate different words with pictures of, for example, men and women.

That article has another chunk of meat to chew on: implicit bias based on gender is, on average, greater the older a person is. This is a snapshot, not a longitudinal study, so shouldn’t be taken to mean aging leads to an increase in bias. Rather, it says right now, with our current population, bias is more likely in older people. Like older men, who current hold the majority of decision-making positions in biopharma and the VC world. I am not saying any individual person in a position of influence in biopharma is or has to be biased. I am saying it’s possible and well worth studying, as you suggest.

Leora: Probably, one of the hardest hurdles to overcome is the rolodex of ‘safe bets’ – the people you know who you’ve worked with in the past or who have worked with people you trust, or people who have a phenotype that you associate with success. Given the high level of risk associated with biotech endeavors, VCs and companies tend to pick leadership from among ‘known quantities’ from their rolodexes, giving them some reassurance that they are eliminating some of the risk associated with key hires. Unfortunately, by using this strategy you also eliminate the potential upside of people who could be superior performers who simply aren’t within your universe of choices.

This problem applies not just to women – many men also find it difficult to become part of the club of go-to people for these senior roles due to a lack of the right connections. However, given how few women have broken this particular glass ceiling, this phenomenon constitutes a structural problem that perpetuates the exclusion of women from consideration for leadership positions.

Kyle: I’m reminded of Malcolm Gladwell’s book, Outliers. One of his suggestions for why some people succeed and other don’t is because of small initial, random events that become greatly magnified over time. A butterfly effect of achievement. He described the effect in Canadian Junior Hockey, in which the cutoff date for age at tryouts to elite hockey leagues has been January 1st. Because of this, for any given cohort a kid born in January will be bigger, older, and stronger on average than many of the kids born in the later part of the year. Those early-born kids will be more likely to get accepted and, therefore, more likely to benefit from the intensive training of these elite hockey programs. This effect, called the “relative age effect” among other names, is a structural issue that can affect success at various levels of athletics.

It’s not hard to frame the selection phenomenon you describe in similar terms. As VCs and companies select candidates for advancement and hiring using a variety of criteria, if there are small tendencies to pick men over women, even a small initial disparity can lead to pronounced effects at the end. Those individuals selected will have exposure to a different level of strategic thinking, training, skills and connections that cement their role and future advancement path, leaving similarly talented individuals behind. If you’re a female scientist who’s overlooked for advancement toward a more managerial role by your mid-career, it’s hard to catch up when you get limited or no practice at managerial and higher-level thinking.

The Solutions

Leora: As always, the best starting point for finding a solution is to be aware of the existence of a problem. Companies need to look critically at their organizations to see how they measure on the scale of gender diversity and their ability to recruit, retain and promote the best talent, regardless of gender (or other diversity measures by that matter). Similarly, VCs need to evaluate how they choose their partners as well as the leadership team for their portfolio companies and whether or not they are optimizing the composition of their leadership.

The Liftstream report had a number of recommendations to increase women’s participation in biotech leadership positions. Top of the list was for companies to establish practices and training programs that would combat unconscious bias in recruiting and promotion. (I hesitate to say elimination – no one’s perfect; one can only hope for companies to strive for perfection.)

The report also provided a number of organizational approaches to helping women develop the skills, the reputation and the contacts needed to become part of the go-to crowd for leadership positions:

  • Proactively develop women for leadership roles through formal mentorship programs
  • Provide more opportunities for women to be speakers and have industry exposure at conferences and public forums
  • Actively facilitate senior women becoming members of external boards

Kyle: To those great ideas I’d also add some more fundamental work on introducing the concept of unconscious bias itself. This won’t be easy. By training, scientists are skeptics, but by birth, scientists are human. We know that humans often show a tendency toward motivated reasoning, in which emotional factors and beliefs influence the facts and arguments we choose to accept, highlight and use. Ideas that don’t fit into our worldview (such as: I have unconscious bias against women in the life sciences) may be dismissed or argued against.

The solution, at least for scientists, will involve facts and data. Reaching out to Project Implicit, which was a source of some of the data in the fivethirtyeight piece, could provide information on the distribution of attitudes toward gender in the biomedical industry. A forward thinking group could commission this kind of research.

Your point about women and conferences also reminds me of other efforts to highlight the high degree of gender imbalance at symposia and other scientific meetings. It’s interesting that when conference organizers are asked why there aren’t more (or any) women on their speaker and panel lists, the response is sometimes, “we didn’t think of any women when we were making up the list.” Unconscious bias? Historical networks? Difficulty of women to obtain and advance into leadership positions? A little bit of everything? Seems like a great career development tool for industry to proactively get female scientists and directors roles at conferences looking for more diversity.

There are some process-oriented things that companies can do to help women as well. Having HR reformat resumes to remove gender cues is one. Simple things like gender specific names can have an impact on assessment of candidates. Once women are hired, there are tools in meetings and other organizational functions that can reduce systemic hurdles toward women. For example, women may express reduced career ambitions relative to men. That NPR piece suggested single women often express lower ambition than men or married women in terms of career goals. A savvy organization would work to promote and model appropriate goals to single women. Another simple trick would be having people submit ideas ahead of time for brainstorming sessions and other meetings. By introducing all ideas equally at the start, this reduces the chances of having aggressive individuals (*cough*men*cough*) dominating the conversation. Having ideas expressed ahead of time and presented without attribution (at first) also reduces the effect of unconscious bias.

Leora: Companies should recognize that getting on board with gender diversity initiatives can actually confer a competitive advantage. Women will be attracted to companies that have a reputation for providing the greatest opportunities for career advancement, giving these companies the opportunity to draw from the greatest pool of talent. Women of experience looking for senior positions will be scrutinizing the composition of company leadership teams and boards to gauge just how supportive the environment would be for them to get ahead. In a highly competitive industry, companies capable of out-competing their competition in recruiting and retaining women of excellence will definitely have an edge on their competitors.

Kyle: This gets back to the point of our previous piece on viewing hiring of women as a MoneyBall play. Building off the sports analogy, there are a number of factors that play into an free agent’s decision to sign with a given team beyond dollars. Would Kevin Durant have chosen the Golden State Warriors if they didn’t already have a great core in place?

What kinds of things would make a biopharma or VC organization attractive to women? To riff off a surprisingly good Mel Gibson movie, management has to understand what women want. How about paid parental leave that doesn’t require burning vacation and family support policies including flexible hours? I also agree with your thoughts about board composition and real examples of putting money and time into gender support programs. Websites and slogans are well and good, but measurable actions speak far louder.

Leora: The Massachusetts Biotechnology Council has been taking the lead in efforts to correct the balance and ensure that women are equally represented at all levels within the biotechnology industry. Last year, MassBio launched its Gender Diversity Initiative with the goals of “growing women’s participation on corporate boards, expanding the number of women in the C-Suite and building the pipeline of diverse candidates throughout the industry.”

It would be great if other industry organizations like PhRMA and BIO, as well as all the state biotech organizations also got involved in supporting improving gender diversity. While the Women’s March on Washington was about political issues, one thing is certain – women are willing to take action and they want a seat at the table.

MassBio recently published an Open Letter to the BioPharma Community in which they outline ten best practices to achieve gender diversity:

Top Ten Best Practices for Increasing Gender Diversity in the BioPharma Industry:

  1. We as executives and board members declare gender diversity as a priority, as a key value and ethos.  We commit to living it visibly at all of our companies and organizations.
  2. We will create opportunities for open dialogue on enhancing gender diversity and ensuring an inclusive environment, both within our organizations and across the industry.
  3. We recognize the importance of formal sponsorship programs to ensure diversity in our executive leadership pipeline and commit to building these programs in our companies.
  4. We also recognize that it is important to provide formal mentorship programs to encourage women to engage with executives, both inside and outside of our organization. We commit to building these programs in our companies.
  5. We will ask our board members to be active sponsors of women who are “board ready” to pursue board appointments. We will endorse and sponsor our high potential female talent to take part in training programs to become “boardroom ready”.
  6. We will measure and track promotion of female talent to senior management positions.
  7. We will seek out and celebrate positive role models within our organizations.
  8. We will review our hiring processes and train our hiring managers on diversity and inclusion as a priority.
  9. We agree with the importance of setting concrete hiring goals to achieve gender parity and inclusion at each level of our organizations and to measure and report regularly on our progress towards goals.
  10. We will support the work of our trade organizations, like MassBio, on industry-wide efforts to improve gender diversity at the macro level.

“Not only is this the right thing to do, it is absolutely critical in order for the industry to sustain its growth,” said MassBio president Robert Coughlin, in a statement.

The open letter has already been signed by over 200 members of the life science industry, including the Timmerman Report team. We encourage you to sign this letter and more importantly, to take action to help improve gender diversity in the biopharm industry. After all, it just makes business sense.

7
Feb
2017

Join Me at BIO-Europe Spring Mar. 21 in Barcelona To Talk EU Entrepreneurship

I’ve never been to Barcelona, but they say nice things about the place. Frankly, I don’t know much about biotech startup culture there, but I intend to sponge up as much as I can about tech transfer, company creation, and some of the particular hornet nests that European entrepreneurs have to work through to create value in healthcare.

Regular readers of TR know that I pay a lot of attention to the nexus between academia and industry, and the tech transfer challenges that vary among institutions in the U.S. That’s why I’m excited to learn more about how things work in the EU. I’ll be moderating a panel on this subject at BIO-Europe Spring on Mar. 21 in Barcelona.

See the description of the event below:

Stirring the Entrepreneurial Pot in Europe

Europe is home to many of the biggest pharmaceutical companies and the best academic biomedical researchers. But the US has always been the place with thriving hubs of biotech entrepreneurs, the home for people taking big risk and creating much of the value in healthcare. Quite a few countries aspire to create their own dynamic clusters like Boston and San Francisco, but haven’t pulled it off. What is happening today on the ground in various European hotspots, at the intersection of academia and entrepreneurship? Are seeds being planted today that could change the storyline over the next 5-10 years? Join Luke Timmerman, founder of Timmerman Report, for a lively conversation about the future of biotech entrepreneurship in Europe.

Confirmed panelist:

Alex Mayweg, venture partner, Versant Ventures

Alex Mayweg, venture partner, Versant Ventures

Alex Mayweg, venture partner, Versant Ventures

When I get back from my mountain trip the week of Feb. 21, I plan to do a special report on a handful of European institutions that are doing interesting/creative/ new things vis a vis tech transfer and company creation. I’m curious if certain policy changes or management changes have led to any interesting examples of creative ‘win-win’ deals in recent years. If you have any suggestions of good places to look, make a note to ping me at luke@timmermanreport.com on Feb. 21 or later.

If you’re a European subscriber of Timmerman Report and would like to meet over a beer at BIO-Europe Spring on Mar. 20-22, please let me know. I see a lot of interesting opportunities to learn more, write more, and reach more biotech readers across the pond.

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