Recent billion-dollar successes in the French biotech ecosystem, such as Abivax and Medincel, are largely credited to their management teams. These leaders often have significant experience working in the US and other countries. This global perspective enables them to develop assets for a worldwide market, navigate different regulatory environments, and attract international funding, breaking the mold of previously localized French biotechs.
Related Insights
The recent biotech market upswing isn't just a reaction to broader economic shifts. It's fundamentally supported by greater clarity on drug pricing, successful commercial launches by biotech firms, and a strong M&A environment, indicating robust industry health.
A European founder targeting the US market shouldn't dismiss European VCs. You might be the top priority in a European firm's portfolio, receiving more attention and support than you would as a lower-priority deal for a top-tier, oversubscribed Silicon Valley firm.
Reports of Eli Lilly meeting with French Treasury officials sparked concern about regulatory hurdles. However, analysts believe France's foreign investment screening is routine and unlikely to block a deal for Abivax, pointing to government support for prior biomedical acquisitions like AstraZeneca's purchase of Amolyt.
Dr. Vibha Jawa's career shows a powerful strategy: learning drug development fundamentals in large companies (Amgen, Merck) and applying them in nimble startups. This cycle across different environments accelerates learning and deepens expertise in a specialized field like immunogenicity.
Analysts largely overlooked Abivax before its major data success because it was a European company with a recent US listing, its drug was repurposed from an initial indication in HIV, and investor attention in the IBD space was focused on other high-profile mechanisms like TL1A and S1Ps.
Successful acquisitions don't just benefit the acquired company's investors. These investors often reinvest their profits into new, earlier-stage ventures, providing crucial capital that fuels the entire biotech ecosystem's growth and innovation.
Unlike software startups that can "fail fast" and pivot cheaply, a single biotech clinical program costs tens of millions. This high cost of failure means the industry values experienced founders who have learned from past mistakes, a direct contrast to Silicon Valley's youth-centric culture.
A biotech investor's role mirrors that of a record producer by identifying brilliant talent (scientists) who may lack commercial experience. The investor provides the capital, structure, and guidance needed to translate raw scientific innovation into a commercially successful product.
Japan's biotech ecosystem is evolving with a new, successful model for creating cross-border companies. US venture firms are partnering with Japanese academia, combining American management expertise and capital with Japan's strong science and cost-effective R&D to build globally competitive biotechs from their inception.
Kenai CEO Nick Manusos attributes his startup success to his varied background at Abbott Labs, moving from manufacturing to sales to BD. This breadth prepared him to handle the multifaceted demands of a startup, where a leader must be a generalist who is comfortable with constant change.
