From Science to Value. Introduction to VIB s tech transfer activities

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1 From Science to Value Introduction to VIB s tech transfer activities

2 VIB s mission Conduct frontline life sciences research Excellence in Science and Innovation Translate results into benefits for society Excellence in Tech Transfer and Entrepreneurship

3 VIB in a nutshell VIB has become an institute of 5 universities 1470 collaborators 66 nationalities 8 research centers 75 research groups 10 core facilities

4 VIB set-up partnership with universities University campus Complementary expertise of university and VIB staff Framework agreement between VIB and university Mutual added value Share return on investment Publications: 2 affiliations IPR: joint IP (VIB in charge) 5-year peer review evaluation

5 High-quality, focused research areas Inflammation Cancer Biology Neurobiology Translational Neuroscience Medical Biotechnology Plant Systems Biology Structural Biology Microbiology

6 Results/impact peer reviewed publications 276 breakthrough articles (88 T1%) 75 PhDs

7 29 running grants: (total 34 ERC grants + 5 POC)

8 EU-LIFE association

9 VIB excells in tech transfer A creative and entrepreneurial approach is key VIB TT team: creating synergy IP, BD, New Ventures All have industry experience (pharma, biotech, start-up) Mix of therapeutics, agro and diagnostic expertise Projects: creating options ROIs IP BD Projects NV

10 Creating significant added value for society > 1100 partnerships with industry 540 patent applications 248 active patent families 250 patents granted > M 250 industrial revenue 19 spin-offs and inward investments : >1,150 jobs VIB spin-offs attracted M 940 capital investment (>50% foreign)

11 Value creation is challenging

12 VIB s instruments to increase value Proof of concept (PoC) funding: Validation of IP In-licensing assets Combination of IP/assets Discovery Sciences: From innovative targets towards novel pharmacology Industry-trained discovery team VIB seed capital: Flexible financial instrument Endorsement of VIB s commitment V-Bio Ventures: Early stage venture fund Increase output of novel innovative ventures

13 VIB approach towards start-ups VIB POC Fund Evaluate technology & business opportunity Up to 5 years Up to 3 Mio Build IPR platform Perform FTO analysis Conceptualize and write business plan Search for management Road show to investors Facilitate start-up and early stage Seed Capital Fund Shift towards longer incubation time due to: Need for stronger POC data (de-risking) Start-up management team

14 2015: a great start-up year ConFoTherapeutics o drug discovery platform GPCR o IP: VIB, Stanford, Un of Michigan o raised 6.7 M Oncurious o Asset-centric JV with Thromobogenics o pediatric brain tumor- orphan indication Orionis Biosciences: o cancer immunotherapy o IP: VIB and Un de Montpellier o raised 5.25 MUSD, lead investor Excell Ventures (US)

15 VIB start-ups: a magnet for foreign investors M 938 total investment 706 employees

16 VIB s knowledge center attracts inward investment M 670 investment 482 employees

17 Bio-incubator Ghent

18 Bio-accelerator Ghent

19 Catalyzing the biotech ecosystem Access to INNOVATIONS via licensing VIB as RESEARCH PARTNER TALENT pool Creator of new SPIN-OFFS ATTRACTING foreign life sciences companies ENTREPRENEURS in residence MBI Heatlth Supporting the ECOSYSTEM Dedicated INFRASTRUCTURE

20 Tech transfer course Day 1 (am): Welcome Johan Cardoen A Primer to Tech Transfer - Floor Stam Academic Drug Discovery- Eberhard Krauß NewCo workshop: presentation of Abstracts and group allocation Day 1 (pm): Introduction to Intellectual property Rights Jan Demolder Patent drafting and claim types- Wim Grunewald Workshop Claim Drafting

21 Science, Innovation & Business or the importance of intellectual property

22

23 Innovation an example The ice industry Ice is transported from the north eastern US (New England, Boston), to the south of the US and later to India, Cuba, etc.

24 Technological Innovation drives the ice industry 1800 Ice is harvested in winter and stored locally Frederic Tudor has started a business selling ice in the south, but lands in debtors prison three times in four years 1825 Wyeth becomes Tudors foreman and files a patent application that claims a much faster method to harvest ice 1833 Frederic Tudor ships 180 tons of ice to Calcutta, India

25 rise of the Ice Industry -> 1850 Industrial clients: hotels, meat industry 1850-> direct sales to consumers 1870 the ice industry is a significant part of US economy Tudor Ice Company, Quantity of Ice Shipments,

26 Innovation drives the ice industry: The Ice King:... The ice trade was born in Boston, and has been growing and extending itself with no successful competitor for half a century, and there is reason to think it is yet in its infancy. (the Ice King) What are the weaknesses of the ice industry: Large price differences: 6-125$ per ton 1851 First ice machine patented

27 Innovation drives the ice industry: The Ice King:... The ice trade was born in Boston, and has been growing and extending itself with no successful competitor for half a century, and there is reason to think it is yet in its infancy. (the Ice King) What are the weaknesses of the ice industry: Large price differences: 6-125$ per ton 1851 First ice machine patented 1862 First ice machine installed in San Antonio: Price: 35$ per ton.

28 Incremental vs discruptive innovation in the Ice Industry Existing businesses using ice plow: Increase production Increase efficiency Incremental innovations New business Ice machine Disruptive technology Ice harvest is at its peak in 1885 and declines rapidly

29 Observations 1) A new technology can make older technologies completely obsolete 2) The new technology is not developed by the market leader in the conventional technology

30 Technology-driven innovation Incremental innovations Product performance Disruptive technology t 1 t 2 Time

31 Technology-driven innovation If the new product holds a promise, the underlying technology or manufacturing processes are improved quickly Incremental innovations Product performance Disruptive technology The new product wins. The new company (or another company) may acquire the old company The existing product is better or cheaper than the new product t 1 t 2 Time

32 Numbers of companies active in a certain product category 90 cars TV s transistors typewriters calculators

33 Existing companies can prevent decline by: Merger and Acquisition of (small) biotech companies with promising research programs or technology platforms Inlicensing of research programs or technology platforms from biotech (or academia!) Internal pipeline of research programs

34 Merger &Aquisition in Pharma

35 Merger & Aquisition Agbio

36 Pharma & medical Biotech products Healthcare Therapeutics Diagnostics Vaccines Prophylaxis Devices Veterinary Agriculture Seed Market Crop protection These products require regulatory approval

37 Innovation in Pharma: Development timeline and cost Drug Discovery Pre-Clinical Clinical Trials FDA Review Post Approval Phase I Phase II Phase III 100,000 Compounds 100 Compounds IND Submission Volunteers 10 Compounds 5 Compounds Volunteers 1,000 5,000 Volunteers NDA Submission 1 Compound 5 Years 1.5 Years 6 Years 2 Years 2 Years $423.5MM $614.7MM $220.6MM 1.2 billion investment before 1 st product can be sold

38 Innovation in Tx, Dx, Agbio products is Expensive Large investments needed Long time-lag between investment and return A small percentage of investments yields a high return Risk mitigation strategies are needed to keep the dice rolling

39 Innovation, Investments and risk mitigation in Biotech How are the risks mitigated somewhat? Intellectual property patents How do innovative programs enter companies? Licensing and R&D Collaboration and Startups Where does the money come from? Existing companies, Venture Capital

40 Tech Transfer in a nutshell: Creating Intellectual property patents And use these to do Licensing and R&D Collaborations Or form the basis of a New Venture With the aim of: Bringing new treatments/products/crops to society Bring in extra funding to the lab

41 VIB has a special relation to Tech Transfer: government funding depends on it. scientific output publications students economic impact patents industrial income new ventures

42 Value creation track Innovative research $ $ Patents, Know-how R&D Collaboration Licensing Start-up NewCo

43 R&D Collaboration A company pays an institute university to carry out A project conceived by the academic scientist A jointly developed project plan A company-defined project plan (service) A way for a company to gain access to novel hypotheses / know-how Income from R&D Collaborations R&D Collaborations are performed at-cost Salary + taxes Consumables Indirect cost (Building, library, HR, )

44 Licensing A company pays an institute university to use IP rights or commercialise material Take an academic project in-house for further development Commercialise a research tool developed by academic Use software or patented methodology to aid internal R&D programs If IP is not used, license can be stopped A way for a company to gain access to 3 rd party IP (patents, copyrights, materials) Income from licensing is extra and thus provides for Larger independence (financial health) Incentives for scientists (remuneration to inventors)

45 Start-up NewCo Strong IP position + extended PoC + market potential -> convinces investors Create value by developing an idea or early assets (tool compounds) further VCs: Return on Investment (ROI) Corporate VC: ROI + early insight in developments Government VC: ROI + economic development of region Philantropic VC: stimulate development of (niche) product (+ ROI) Income from a New Venture Income to VIB in the form of equity (% ownership of the company / shares) If company is not successful, income = 0 If company is successful, VIB can sell its share at an appropriate time -> biotech dollars exchanged for real money Company may end up doing something different than envisaged -> % ownership remains the same (compare to licensing)

46 Routes to market Licensing R&D Collaboration Start-up NewCo Often: hybrid model Licensing + R&D Collaboration L Start-up NewCo Licensing R&D relative income at VIB

47

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