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Juswinder Singh is an entrepreneur and scientist Currently, Chief Scientific Officer of Ankaa Therapeutics is an early stage self financed biotech
focused on treating drug resistance Born in UK and studied at Sussex University (BSc) and University College London (PhD) 30 years of experience working in Pharma (Parke-Davis) and Biotech (Biogen) Co-founded and CSO Avila Therapeutics in 2007 which was acquired in 2012 by Celgene Awarded Exit of the Year by New England Venture Capital Association in 2013 Awarded Excellence in Innovation Award by Chinese-American Biomedical Association 2013 Awarded the 2016 American Chemical Society Sosnovsky Award for Transforming the
Treatment of Cancer Board member Boston TIE (2017-2019) and Trek Pharma (2015-2018)
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AT Founded in Oct 2006 from my basement after being downsized by Biogen
Investors and SAB Blue chip biotech investor syndicate formed over 12 months and an advisory board of ex-heads of
pharma R&D
Opportunity Historically covalent drugs are some of the most successful medicines in history but were avoided
by the modern pharmaceutical industry. Avila would pioneer a new class of covalent drugs and prove their disruptive potential in clinical trials
Biz Plan Advance one drug to clinical trials to address the problem of drug resistance Also needed to do one platform deal to help finance our clinical program M&A was the exit plan from Day 1 since no significant IPO market existed at the time but our
expectation was that this would take over 5 years – therefore would focus on building value
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Stage Pre-seed and seed Series A Tranche1 Series ATranche2
Series B
Time Oct2005-Feb2007 Feb2007-Mar2008 Mar2008-Jun2009 Jun2009-Mar2012
Number of people
1 4-12 12-25 25-50
Financing Own savings first six months200K Angel funding in March2006
10M 11M 30M
Advanced 3 compounds into preclinical development, two into the clinic (one with a partner)
ATGetting Started
2006‐2008
Strong Series A syndicate, Board
Build platform, team
Internal focus, stealth mode
Select lead programs (HCV protease, Btk)
On the Edge2009‐2010
Financial crisis
Organizational upheaval in pharma
Funds raised with a “get a deal or downsize” plan
Execute ‐ one program into clinic
Early deals small but mattered (Novartis, LLS, Clovis)
Breaking Out2011+
Early clinical data as anticipated
Significant alliance w/ Sanofi
Intense external environment on our clinical target
Constantly shifting BD opportunity set
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Increasing intensity on our clinical program – reconsidered what kind of deal to do
Discussions with VCs & buy-side ramped up but also take new tone…IPO suggested by several
Developed & shared term sheet for clinical program alliance with short list of companies – needed to value both oncology & autoimmune opportunity
Celgene changed the conversation
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Scientific AND cultural AND strategic fit
Best way to achieve vision – many important new medicines from Avila platform
Best way to really drive clinical program – it deserved more resources & expertise than we could assemble fast
Value significant & realized oncology + autoimmune + platform potential
Celgene negotiated well: clear priorities, problem solvers
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Avila Acquired by CelgeneSigned Jan 23, 2012, closed Mar 7, 2012
ROI to investors accounts for all transaction expenses, payouts to common & option holders, pay-down of debt, etc. ROI is average across Series A & B.
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The Day after Ideally you have a lot more expertise, resources and $$$ available You have generated a lot of credibility about your disruptive technology
Challenges It’s likely you are no longer in the driving seat for decision making! Need to ensure your voice is heard post acquisition
Going from 50 people to a 5000 person organization is disruptive Important to develop a plan for integration of both companies
Communication in a larger organization is much more complicated
There is a short window of opportunity either in negotiation phase or shortly after integration to communicate how you want the post-acquisition landscape to look
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