Executive Summary

Chapter 1 - Introduction

Chapter 2 - Why do companies partner preclinical stage compounds?

2.1. Introduction
2.2. The role of preclinical stage partnering
2.2.1. In-licensing at preclinical stage
2.2.2. Out-licensing at preclinical stage
2.3. Difference between discovery, preclinical and clinical stage deals
2.4. Reasons for entering into preclinical stage partnering deals
2.4.1. Licensors reasons for entering preclinical stage deals
2.4.2. Licensees reasons for entering preclinical stage deals
2.5. The future of preclinical stage partnering deals

Chapter 3 - Preclinical stage deal strategies and structure

3.1. Introduction
3.2. At what stage do companies partner?
3.2.1. Partnering early in pharmaceutical / biotech
3.2.1.1. Discovery and preclinical stage partnering case studies
3.2.1.1.a. Case study: LEO Pharma - 4SC
3.2.1.1.b. Case study: Heptares Therapeutics - Cubist
3.2.1.1.c. Case study: Incyte - Agenus Bio
3.2.1.1.d. Case study: Janssen Pharmaceutical - Evotec
3.2.2. Partnering later in pharmaceutical/biotech
3.2.2.1. Clinical stage partnering case studies
3.2.2.1.a. Case study: Servier - GeNeuro
3.2.2.1.b. Case study: Teva - Xenon Pharmaceuticals
3.2.2.1.c. Case study: AstraZeneca - Ardelyx
3.2.2.1.d. Case study: Baxter - Onconova Therapeutics
3.3. Early and later stage partnering - a risk/cost comparison
3.4. What do companies spend on preclinical stage partnering?
3.5. Pure versus multi-component partnering deals
3.6. Pure licensing agreement structure
3.6.1. Example pure preclinical stage licensing agreements
3.6.1.a. Case study : Merck and Co. - Tesaro
3.6.1.b. Case study : Marina Biotech - Mirna Therapeutics
3.7. Multicomponent preclinical stage partnering agreements
3.7.1. Example multicomponent preclinical stage clauses
3.7.1.a. Case study: Eleven Biotherapeutics - ThromboGenics
3.7.1.b. Case study: Pfizer - InSite Vision

Chapter 4 - Preclinical stage partnering payment strategies

4.1. Introduction
4.2. Preclinical stage payment strategies
4.3. Payment options
4.3.1. Headline values
4.3.2. Upfront payments
4.3.2.1. Conditionality of upfront payments
4.3.3. Loans
4.3.4. Convertible loans
4.3.5. Equity
4.3.6. R&D funding
4.3.7. Licensing fees
4.3.8. Milestone payments
4.3.9. Royalty payments
4.3.9.1. Issues affecting royalty rates
4.3.9.2. Royalties on combination products
4.3.9.2.a. Case study: Scripps Research Institute-Cyanotech
4.3.9.3. Guaranteed minimum/maximum annual payments
4.3.9.4. Royalty stacking
4.3.9.5. Royalties and supply/purchase contracts
4.3.10. Quids
4.3.11. Option payments

Chapter 5 - Trends in preclinical stage deal making

5.1. Introduction
5.2. Preclinical stage partnering over the years
5.2.1.. Attributes of preclinical deals
5.3. Big pharma preclinical stage dealmaking activity
5.4. Big biotech preclinical stage dealmaking activity
5.5. Preclinical stage partnering by deal type
5.6. Preclinical stage partnering by disease type
5.7. Partnering by preclinical stage technology type

Chapter 6 - Average payment terms for preclinical stage partnering

6.1. Introduction
6.2. Guidelines for preclinical stage payment terms
6.2.1. Upfront payments
6.2.2. Milestone payments
6.2.3. Royalty payments
6.3. Preclinical stage payment terms - deal data analysis
6.3.1. Public data
6.3.2. Survey data
6.4. Payment terms analysis
6.4.1. Preclinical stage headline values
6.4.1.a Graphic representation of headline value distribution 2010-2015
6.4.1.b Median headline value for preclinical stage, 2010-2015
6.4.2. Preclinical stage upfront payments
6.4.2.a Graphic representation of upfront value distribution 2010-2015
6.4.2.b Median upfront value distribution for preclinical stage, 2010-2015
6.4.3. Preclinical stage milestone payments
6.4.3.a Graphic representation of milestone value distribution 2010-2015
6.4.3.b Median milestone value distribution for preclinical stage, 2010-2015
6.4.4. Preclinical stage royalty rates
6.4.4.a Graphic representation of royalty rate distribution, 2010-2015
6.4.4.b Median royalty rate value distribution for preclinical stage, 2010-2015

Chapter 7 - Leading preclinical stage deals

7.1. Introduction
7.2. Top preclinical stage deals by value

Chapter 8 - Big pharma and big biotech preclinical stage partnering deals

8.1. Introduction
8.2. How to use big pharma/big biotech preclinical stage partnering deals
8.3. Big pharma preclinical stage partnering company profiles
8.4. Big biotech preclinical stage partnering company profiles

Chapter 9 - Preclinical stage partnering contracts directory

9.1. Introduction
9.2. Company A-Z
9.3. By deal type
9.4. By therapy area

Chapter 10 - Preclinical stage dealmaking directory

10.1. Introduction
10.2. Preclinical stage deals by year
Preclinical stage deals - 2015
Preclinical stage deals - 2014
Preclinical stage deals - 2013
Preclinical stage deals - 2012
Preclinical stage deals - 2011
Preclinical stage deals - 2010

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Appendices

Introduction

Appendix 1 - Directory of preclinical stage deals by company A-Z 2010-2015 
Appendix 2 - Directory of preclinical stage deals by deal type 2010-2015
Appendix 3 - Directory of preclinical stage deals by therapy area 2010-2015
Appendix 4 - Partnering resource center 
Online partnering 
Partnering events 
Further reading on dealmaking

Table of figures

Figure 1: Definition of discovery, preclinical and clinical phases in dealmaking
Figure 2: Agreements signed by phase of development (2010-2015), % of all deals
Figure 3: Components of the pure licensing deal structure
Figure 4: Payment options for preclinical stage partnering deals
Figure 5: Issues affecting royalty rates
Figure 6: Preclinical stage partnering frequency 2010-2015
Figure 7: Big pharma - top 50 - preclinical stage deals 2010 to 2015
Figure 8: Big pharma preclinical stage deal frequency - 2010 to 2015
Figure 9: Big biotech - top 50 - preclinical stage deals 2010 to 2015
Figure 10: Big biotech preclinical stage deal frequency - 2010 to 2015
Figure 11: Preclinical stage partnering by deal type since 2010
Figure 12: Preclinical stage partnering by disease type since 2010
Figure 13: Preclinical stage partnering by technology type since 2010
Figure 14: Review of upfront payments for preclinical stage deals 2010-2015
Figure 15: Review of milestone payments for preclinical stage deals 2010-2015
Figure 16: Review of royalty payments for preclinical stage deals 2010-2015
Figure 17: Preclinical stage deals with a headline value - 2010
Figure 18: Preclinical stage deals with a headline value - 2011
Figure 19: Preclinical stage deals with a headline value - 2012
Figure 20: Preclinical stage deals with a headline value - 2013
Figure 21: Preclinical stage deals with a headline value - 2014
Figure 22: Preclinical stage deals with a headline value - 2015
Figure 23: Preclinical stage deal headline value distribution, US$million
Figure 24: Summary median headline value for preclinical stage of development, 2010-2015
Figure 25: Preclinical stage deals with upfront payment values - 2010
Figure 26: Preclinical stage deals with upfront payment values - 2011
Figure 27: Preclinical stage deals with upfront payment values - 2012
Figure 28: Preclinical stage deals with upfront payment values - 2013
Figure 29: Preclinical stage deals with upfront payment values - 2014
Figure 30: Preclinical stage deals with upfront payment values - 2015
Figure 31: Preclinical stage deal upfront value distribution, US$million
Figure 32: Summary median upfront payments preclinical stage of development, 2010-2015
Figure 33: Preclinical stage deals with milestone payments - 2010
Figure 34: Preclinical stage deals with milestone payments - 2011
Figure 35: Preclinical stage deals with milestone payments - 2012
Figure 36: Preclinical stage deals with milestone payments - 2013
Figure 37: Preclinical stage deals with milestone payments - 2014
Figure 38: Preclinical stage deals with milestone payments - 2015
Figure 39: Summary median milestone payments for preclinical stage of development, 2010-2015
Figure 40: Preclinical stage deals with royalty rates, % - 2010
Figure 41: Preclinical stage deals with royalty rates, % - 2011
Figure 42: Preclinical stage deals with royalty rates, % - 2012
Figure 43: Preclinical stage deals with royalty rates, % - 2013
Figure 44: Preclinical stage deals with royalty rates, % - 2014
Figure 45: Preclinical stage deals with royalty rates, % - 2015
Figure 46: Summary median royalty rate for preclinical stage of development, 2010-2015
Figure 47: Top preclinical stage deals by value since 2010

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