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The Life Sciences Report SUMMER 2020 THE LIFE SCIENCES REPORT 10 Reasons Why Health A Conversation with Matthew J. Meyer, Care Start-Ups Fail Chief Client Corporate Development By Paul Grand and Kathryn Zavala, Officer at Wilson Sonsini MedTech Innovator In our roles at MedTech Innovator, a Attorneys Vern Norviel and Charles impressed by its global accelerator for medtech start-ups, Andres recently sat down with Wilson capabilities to we’ve worked with thousands of early- Sonsini Chief Client Corporate efficiently support stage health care companies in cities Development Officer Matthew J. Meyer the needs of small around the world. We’re proud to play a to discuss his role at the firm. With companies with role in helping new companies get their broad experience in a variety of senior top-tier legal innovative technologies to the patients management positions within the life counsel. The who need them. sciences sector, Matt has a successful company, VC- track record of leading companies. He backed RxCentric, But we’ve seen a lot of failed efforts, too. supports the firm’s clients by providing was sold to Allscripts and was based in insights and practical strategic business New York. While the firm didn’t have advice, developing and implementing an office in the city at the time, the Continued on page 3... partnering or other transactional attorneys bridged the geographic gap strategies to accelerate growth, seamlessly and provided creative and counseling clients on optimizing their business-minded legal advice. In This Issue business models, and supporting their fundraising efforts. When senior members of Wilson Sonsini’s corporate and IP life sciences A Conversation with A licensed attorney, Matt spent the first practice pitched me on the idea of Matthew J. Meyer ............ Pages 1-2 half-decade of his career as a corporate joining the firm and building out a 10 Reasons Why Health Care transactional lawyer with Pfizer in business advisory practice, such a Start-Ups Fail ............... Pages 1, 3-4 New York before transitioning into creative idea didn’t surprise me. It was Clients on the Front Lines of the business and general counsel positions the firm being true to one of its values: COVID-19 Pandemic ...... Pages 5-6 with public and private companies in supporting innovation. I saw the posting Europe and the U.S. He has served on as an opportunity to work with top- FDA Issues MAPP on the management teams of four start- tier, creative, and business-minded Conversion of ANDA Approval to Tentative Approval .... Pages 7-8 ups in the biotech, diagnostics, and attorneys to build out a novel, highly digital health sectors, and helped these differentiated, yet complementary facet Life Sciences Venture companies raise private and public of the firm to assist its life sciences Financings for Wilson Sonsini capital, develop and execute successful clients in need of more dedicated Clients ............................. Pages 9-10 partnerships, and exit through IPOs or business support. An Interview with Ryan Phelan: acquisitions. Matt joined the firm in June Using Biotechnology to Revive 2019 and is based in the San Francisco Could you describe the business Endangered Species and Restore advisory practice and its benefit to Damaged Ecosystems .. Pages 11-14 office. clients? Life Sciences Innovation Culture Why did you join Wilson Sonsini? and Deconstruction .... Pages 15-16 In a nutshell, the practice is designed Select Life Sciences Client Matt: Wilson Sonsini was outside to provide practical business counsel Highlights ..................... Pages 17-20 counsel to my first start-up in the digital based on real-world perspectives and health sector in the early 2000s. From experience to enable clients to be my first interactions with the firm, I was successful with their business objectives. Continued on page 2... SUMMER 2020 THE LIFE SCIENCES REPORT A Conversation with Matthew J. Meyer . (Continued from page 1) Whether it’s helping develop a winning ensure a higher likelihood of success result, many life sciences sectors remain pitch for a venture capital fundraising when interfacing with and ultimately relatively healthy, especially more or reviewing a company’s platform hoping to transact with the bigger ones. established companies that are either technology to assess where it may be public or planning to go public. In fact, best out-licensed, our group attempts to Can you share some examples of how IPO activity in the life sciences industry provide specific insights and guidance. you’ve been able to help companies has been relatively healthy since March. Because this counsel is typically with their business needs? With that said, many venture investors delivered alongside my legal colleagues, are taking a more cautious approach. One of the nice aspects of my practice there is a natural synergy that can is that I work with a diversity of highly streamline transactions. For example, if I What general advice would you give talented scientists and business people am helping a company with the business to companies seeking funding in this across a broad range of companies, each aspects of its fundraising, it’s easy for me unusual economic environment? of which has different needs. to interface with the corporate legal folks First, remember that most fundraising who may be handing the IP diligence On the commercial strategy side, for processes are challenging and it is the or negotiating the definitive investment example, I developed a go-to-market exception and not the rule for companies agreement. plan for a private company in the to get funded quickly and at their desired What is the geographic scope of the transfusion medicine sector with a novel valuations, even in a strong market. practice? business model to address the increasing Second, be thoughtful about your ask shortages of blood components now and consider raising only what you Consistent with the broad reach of the facing the U.S. As a result, the client absolutely need to get to the next critical firm, it’s national and in some instances was able to establish a compelling value milestone for your business. Investors international, as we are working with proposition to the hospital system, one should appreciate this, and you may companies in the UK, Germany, and that ultimately attracted some of the not have the luxury of raising as much Asia. major academic medical centers across as you originally desired. Finally, now the country. This led to the signing of its more than ever, your pitch and value How does your background set you up first commercial contract. proposition should be crystal clear. for success in your exciting new role? Specifically, be sure you set out in the On the therapeutics front, I worked first minutes of your pitch why your As mentioned, I have had a varied and with a group of founders to develop product or technology will address a unusual career to date, in which I’ve and execute a strategy to out-license critical unmet need, how it’s different worked for a wide range of companies in an oncology treatment platform from from the rest, and how it will make the U.S. and Europe. My goal is to bring a major academic medical center. Part money for the investor. my learnings to the business advisory of the effort involved developing a practice. I started as a corporate attorney compelling business plan to convince How do you see your position with one of the largest corporations the institution that the company would evolving? in the world, Pfizer, where I gained have the capabilities to succeed, as well valuable insights into how a big as managing the licensing process and If we are successful, this practice will company operates and “thinks,” while structuring the company’s operating help our clients be successful with also gaining a good understanding of plan. In this role, I worked closely business challenges. I’m pleased to report how the pharmaceutical industry works. that in the short time since my practice with my corporate, IP, and licensing Thereafter, my tenure on management started here, we are seeing examples colleagues, all of whom were critical to teams at both very small, more emerging of that, some of which I’ve mentioned. the company’s success. growth private companies and public If this continues, I expect the practice companies taught me a lot about how How has funding changed in the to grow steadily with the addition of these companies grow, establish, and current COVID landscape? other business professionals to support evolve their cultures and tackle the the growth in client demand. These myriad challenges—both expected and The pandemic is further highlighting additions will likely be based in strategic unexpected—that come their way on the critical role that therapies, vaccines, life sciences hubs across the country, a nearly daily basis. As importantly, I and diagnostics play in our society. including the Northeast, to complement gained a lot of insight around how big Ultimately, I believe a combination of my home base in San Francisco. companies like Pfizer view their smaller these are what will allow our global industry peers, and learned how and society to more fully emerge from this Matt Meyer may be reached at what small companies should do to unprecedented healthcare crisis. As a (415) 947-2097 or [email protected]. 2 SUMMER 2020 THE LIFE SCIENCES REPORT 10 Reasons Why Health Care Start-Ups Fail (Continued from page 1) Grounded in science and regulated by the focusing just on what is needed for the Staying in Stealth Too Long government, health care is a challenging next milestone. This is a common and sector. In the life of any start-up, there costly error that can significantly delay To be successful, a company needs to be are plenty of opportunities for missteps.
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