“Knock with ‘피망 바카라 data’ first” – Licensing out insights from MSD and J&J experts

[by Ji, Yong Jun] "피망 바카라 data changes everything." (Marya Chaney, Oncology Medical Director at MSD)

"Early 피망 바카라 entry is essential for novel targets." (Jin-hwan Han, DiscoveryOncology, MSD)

"The key to collaboration is trust." (Siquan Sun, Scientific Director of the Innate Immunity Discovery Team at Johnson & Johnson (J&J))

The Korea Drug Development Fund (KDDF) hosted the CGP Symposium on September 23 at the Westin Josun Hotel in Jongno, Seoul, where discussions centered on strategies and collaboration opportunities to help Korean biotechnology companies successfully navigate the increasingly complex landscape of licensing negotiations with global pharmaceutical firms.

During the afternoon session, ‘From Discovery to Collaboration: How Global Pharma Engages External Innovation,’ Yun Nari, SVP of GI Innovation, Marya Cheney, Oncology Medical Director at MSD, Jin-hwan Han,Discovery Oncology,MSD, and Siquan Sun, Scientific Director of the Innate Immunity Discovery Team at Johnson & Johnson (J&J), shared practical criteria employed by global pharmaceutical companies when evaluating potential collaborations.

◇Licensing agreements focused on late-stage assets

Moderator Yun Nari opened the discussion by highlighting evolving trends in licensing agreements among major global pharmaceutical companies. She noted that while traditional licensing agreements once dominated the landscape, diversified deal structures, such as co-development, joint commercialization, and option agreements, are increasingly taking shape.

According to data from McKinsey, of the 1,460 licensing agreements signed in 2024, 27% involved ‘피망 바카라-stage’ assets, while pre피망 바카라-stage assets accounted for 54%. Compared to 2015, this reflects a 5-percentage-point increase for 피망 바카라-stage substances and a corresponding 5-point decline for pre피망 바카라-stage assets. In addition, the number of technology-focused deals, which peaked at roughly 3,000 in 2020, fell to below 2,000 last year.

"While the annual deal volume reflects an increase in value, the number of transactions is in fact declining. This trend suggests that global pharmaceutical companies are exercising greater caution in asset selection," Yun stated. "Facing impending patent expirations for their blockbuster drugs, these companies are prioritizing the acquisition of 'late-stage' assets capable of generating near-term revenue. At the same time, they are more selective in adopting early-stage substances, concentrating on candidates with demonstrated 피망 바카라 and commercial potential rather than unproven modalities."

◇MSD: “From joint 피망 바카라 trial to licensing agreements”

Cheney remarked, "We view joint 피망 바카라 collaborations not as simple contracts, but as a process of relationships," referencing the example of MSD's Keytruda and Eisai's Lenvatinib combination 피망 바카라 trial. MSD and Eisai initiated the joint trial in March 2015, which culminated in a licensing agreement in 2018 valued at USD 5.76 billion, including milestone payments and sales royalties.

Cheney highlighted the importance of 피망 바카라 data in partnership selection, stating, "Assets that demonstrate efficacy as monotherapies are chosen as combination partners. Agents that lack standalone activity are very difficult to consider." She further emphasized, "In oncology, where combination therapy is fundamental, for one plus one to equal three, rather than two, both assets must show proven activity."

Han, referencing a collaboration with Lenova Medicine during its early 피망 바카라 stage, stated, "Ultimately, the central perspective in partnerships is 'How effectively we can demonstrate 피망 바카라 proof of concept (PoC)'."

◇J&J: "Data reliability is a core criterion"

Participants also emphasized that data reliability is a critical criterion in deal-making. Scientific Director Sun referenced the case of the STAT6 inhibitor agreement with Japan's Kaken Pharmaceutical, nicknamed the ‘Christmas deal,’ which was concluded on December 26, roughly eight months after the initial meeting in April. Sun explained that the deal was particularly noteworthy for its multifaceted structure, encompassing acquisitions, options, co-development, equity investment, and incubation.

"The moment I first encountered this program in Kyoto, Japan, I felt it perfectly aligned with the direction of our portfolio," Sun emphasized. "What impressed me was that during negotiations, Kaken Pharmaceutical provided clear answers to some questions and candidly admitted, 'I don't know,' to others. This transparency fostered trust."

◇The transition from 'initial meeting to due diligence'

Nonetheless, Korean biotechnology firms continue to grapple with uncertainty regarding the ‘next step’ following the initial meeting with a global pharmaceutical company. In particular, advancing into the formal due diligence stage remains a critical hurdle.

"At MSD, the business development (BD) team and the research and development (R&D) organization operate in an integrated manner. When the data are meaningful, the BD team requests a review," Cheney explained. "Although the due diligence process may appear complex, it should be understood as a continuous 'process' built on data sharing and communication," she added.

Speakers also advised that securing competitiveness required more than asset differentiation. "Being merely 'different' is not sufficient. It is essential to demonstrate both clear differentiation and the expectation that such results can be replicated in 피망 바카라 trials," Han stated.

Another perspective emphasized that questions posed by global pharmaceutical companies are not mere curiosity but rather indicators of genuine interest and internal priorities. "Questions best reveal the other party's focus. If you can refine and reframe your responses accordingly, the conversation can advance to the next level," Sun advised.