Biologics formulation platform diligence

A private equity investor weighing a bet on a novel delivery platform needed to know whether scientific novelty would convert into commercial value.

O263-143

SC shift sized across biologics market

Situation

Novel technology, open questions

Private equity client seeking scientific and business evaluation of a company with a novel technology to enable high concentration subcutaneous formulations.
Client sought an understanding of the market need, technical differentiation from existing and emerging competition, business model and potential overall value.

Project

Scientific and commercial diligence

Conducted scientific evaluation of SubQ platform and competitors based on scientific literature, corporate filings, secondary research, SME interviews.
Developed perspective on value proposition of novel SubQ technology based on commercial performance of analogs, including innovator LCM products and de-novo/competitor bio-betters.
Identified range of financial upside via benchmarking of BD deals and company valuations of competitors.

Competing formulation approaches mapped across mAbs

Analog economics used to pressure-test upside

Outcome

Focused investment made

Scientific and market insights solidified investment case.
Client moved forward with eight-figure investment in the SubQ formulation company, with guidance on specific use-cases most likely to generate value based on Recon recommendation.

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