Evolving Deal Terms

Re‐emergence of Platform Technologies

Gonna Party Like It’s 1999

Mark Edwards Mark Edwards
CAR-T and cell therapy. Stem cells and gene therapy. Massive start-ups and mega-IPOs. It all seems strangely familiar and hauntingly similar to the great genomics era of 1999.
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CAR-T and cell therapy. Stem cells and gene therapy. Massive start-ups and mega-IPOs. It all seems strangely familiar and hauntingly similar to the great genomics era of 1999.

The biotech IPOs of 2014 surpassed the industry record set in 2000 for dollars raised and IPOs completed. The IPO Window of 2000 was dominated by technology platforms, far more so than the 100+ companies that have gone public since 2013. But lately, clinical events and raised expectations have increasingly hitched investors' biopharma enthusiasm to the CART of platform technology.

We know how the last platform era ended -- a massive loss of shareholder value and a decade-long aversion to any investment that was reminiscent of a platform technology. What's different this time around? What moves might platform companies take now to steer a different course? Is there a tunnel at the end of this light -- and how should biotechs prepare to go through it?

This presentation compares the “best of show” platform companies of the genomics era with those now in the spotlight. We compare the key deals of both periods, showing what mattered most as investors fell in and out of love with platform technologies. We also provide a context that frames both eras -- dollars raised, companies IPO'd, deals done ... and what came (comes) next.