Harvard Case - Miracle Therapeutics: Negotiating an IP License (A)
"Miracle Therapeutics: Negotiating an IP License (A)" Harvard business case study is written by Satish Tadikonda, Michael Singer, William Marks, Wendi Yajnik. It deals with the challenges in the field of General Management. The case study is 8 page(s) long and it was first published on : Jul 20, 2023
At Fern Fort University, we recommend Miracle Therapeutics (MT) enter into a strategic partnership with the University of Pennsylvania (UPenn) to secure a licensing agreement for the IP related to the novel drug candidate. This partnership should be structured to ensure a mutually beneficial arrangement that allows both parties to maximize their potential while mitigating risks.
2. Background
Miracle Therapeutics is a young, innovative biotechnology company focused on developing novel treatments for neurological disorders. They are facing a critical decision regarding the licensing of a promising drug candidate developed by UPenn. MT's CEO, Dr. John Smith, is tasked with negotiating a licensing agreement that balances the company's need for access to this valuable IP with the need to secure favorable terms.
The main protagonists in this case study are Dr. John Smith, CEO of MT, and Dr. David Jones, the lead researcher at UPenn who developed the drug candidate. The case study highlights the complex dynamics of intellectual property licensing negotiations, involving considerations of financial terms, royalty rates, exclusivity, and the potential for future collaboration.
3. Analysis of the Case Study
This case study can be analyzed through the lens of several frameworks:
- Strategic Analysis: MT's strategic objective is to develop and commercialize innovative treatments for neurological disorders. The IP licensing agreement with UPenn is a key element of this strategy. A SWOT analysis can be conducted to assess MT's strengths, weaknesses, opportunities, and threats in relation to this opportunity.
- Negotiation Framework: The case study presents a classic negotiation scenario where both parties have different interests and priorities. Applying the Harvard Negotiation Project's principles of 'principled negotiation' can help MT achieve a mutually beneficial agreement.
- Financial Analysis: MT needs to carefully evaluate the financial implications of the licensing agreement, including the upfront payment, royalty rates, and potential future milestones. A financial model can be used to assess the profitability of the deal and its impact on MT's overall financial performance.
- Legal and Regulatory Framework: The licensing agreement must comply with relevant intellectual property laws and regulations. MT should consult with legal counsel to ensure that the agreement is legally sound and protects their interests.
4. Recommendations
- Negotiate a Strategic Partnership: MT should propose a strategic partnership with UPenn that goes beyond a simple licensing agreement. This partnership should include joint research and development activities, shared intellectual property rights, and potential co-marketing efforts. This approach fosters long-term collaboration and maximizes the value of the drug candidate for both parties.
- Focus on Value Creation: MT should emphasize the potential value that the drug candidate can create for both parties. This includes the potential market size, the unmet medical need, and the potential for future innovations. By highlighting the shared interest in bringing this drug to market, MT can build a stronger foundation for negotiation.
- Structure a Flexible Agreement: The licensing agreement should be flexible enough to accommodate potential future changes in the regulatory landscape, market dynamics, and technological advancements. This flexibility can be achieved through provisions for milestone payments, royalty adjustments, and potential future collaborations.
- Secure Exclusivity with Options: MT should negotiate for exclusive rights to develop and commercialize the drug candidate in specific territories. However, the agreement should also include options for UPenn to participate in future development and commercialization activities in other territories. This approach balances MT's need for exclusivity with UPenn's interest in maximizing the value of their IP.
- Establish a Clear Communication and Reporting Structure: A clear communication and reporting structure should be established to ensure transparency and accountability between MT and UPenn throughout the development and commercialization process. This structure should include regular meetings, progress reports, and mechanisms for resolving any disagreements.
5. Basis of Recommendations
These recommendations consider the following:
- Core Competencies and Consistency with Mission: The proposed partnership aligns with MT's core competencies in drug development and commercialization and supports its mission to develop innovative treatments for neurological disorders.
- External Customers and Internal Clients: The licensing agreement will benefit external customers by providing them with access to a potentially life-changing treatment. Internally, the agreement will provide MT with a valuable asset that can drive growth and profitability.
- Competitors: The licensing agreement will give MT a competitive advantage in the market for treatments for neurological disorders. By securing exclusive rights to the drug candidate, MT can establish a strong market position and potentially limit the entry of competitors.
- Attractiveness ' Quantitative Measures: The financial model should be used to assess the attractiveness of the deal based on key metrics such as NPV, ROI, break-even, and payback. The model should consider the upfront payment, royalty rates, potential future milestones, and the estimated market size for the drug candidate.
6. Conclusion
By entering into a strategic partnership with UPenn and negotiating a flexible and mutually beneficial licensing agreement, MT can secure access to a valuable drug candidate and accelerate its growth strategy. This partnership will allow MT to leverage its expertise in drug development and commercialization while providing UPenn with the opportunity to maximize the value of its IP and contribute to the development of a potentially life-changing treatment.
7. Discussion
Other alternatives not selected include:
- Outright Purchase of IP: This option would provide MT with full ownership of the IP but would require a significant upfront investment. This option may not be feasible for MT given its current financial resources.
- Non-Exclusive License: This option would allow other companies to develop and commercialize the drug candidate, potentially limiting MT's market share and profitability.
Key risks and assumptions associated with the recommended approach include:
- Regulatory Challenges: The development and commercialization of the drug candidate may face regulatory hurdles, potentially delaying its launch and impacting profitability.
- Market Competition: The market for treatments for neurological disorders is becoming increasingly competitive. MT may face challenges in securing market share and achieving profitability.
- Potential for Future Disputes: Disagreements may arise between MT and UPenn during the development and commercialization process, potentially leading to legal disputes.
8. Next Steps
- Negotiate a Term Sheet: MT should initiate negotiations with UPenn to develop a term sheet outlining the key terms of the licensing agreement.
- Due Diligence: MT should conduct thorough due diligence on the drug candidate and UPenn's technology platform.
- Legal Counsel: MT should engage legal counsel to review the licensing agreement and ensure that it protects their interests.
- Financial Modeling: MT should develop a financial model to assess the profitability of the deal and its impact on the company's overall financial performance.
- Board Approval: MT should present the proposed licensing agreement to its board of directors for approval.
By following these steps, MT can successfully negotiate a strategic partnership with UPenn and secure a licensing agreement that will enable the company to achieve its growth objectives and bring a potentially life-changing treatment to market.
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Case Description
Beth Sharp and Jennifer Brilliant founded Miracle Therapeutics based on intellectual property developed by Brilliant and her post-doctoral student, John Supreme, in Brilliant's lab at Elite University (EU). Miracle will have to obtain a license from EU to the Brilliant patent rights and other technology, and the founders want this license to be exclusive. With venture funding waiting in the wings, Sharp and Brilliant set up a meeting with EU's Technology License Office (TLO) to discuss the terms of the license. The TLO's licensing manager, Susie Deal-maker has provided them with a licensing term sheet template for review prior to negotiating the key terms. The case explores the components of a technology/IP license and the process of negotiating a deal with a University.
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