For managers with large pipelines to review, asking three core questions can quickly get to the heart of a deal's health: Why do they need to buy? Why won't they buy? And why do they need to buy now?

Breakthrough drugs aren't always driven by novel biological targets. Major successes like Humira or GLP-1s often succeeded through a superior modality (a humanized antibody) or a contrarian bet on a market (obesity). This shows that business and technical execution can be more critical than being the first to discover a biological mechanism.

Voyager CEO Al Sandrock views partnerships as more than just revenue. He emphasizes that strong scientific collaborations are invaluable because direct interaction between partner scientists accelerates learning and overall progress for both organizations. This intellectual cross-pollination is a key, often overlooked, benefit of partnering out platform technology.

Getting a partnership deal done requires more than a good pitch; it requires an internal advocate. Leaders should leverage their network to identify and cultivate a champion inside the target company. This person is critical for navigating internal bureaucracy and pushing the deal over the goal line, as "there's a million ways for deals to die."

Companies don't sign six-figure contracts to solve one person's frustrations. To justify a large purchase, you must anchor the sale to tangible business outcomes. Frame discovery questions around the company's goals, not just an individual champion's personal pain points.

For years, Actuate's CEO has shared progress with large pharma companies, not just for early deal-making, but to get critical feedback on their development plan. This helps them understand what data potential acquirers need to see to make a compelling offer later.

In the rare disease space, success hinges on deep patient community engagement. Smaller, nimbler biotechs often excel at creating these essential personal ties, giving them a significant advantage over larger pharmaceutical companies.

Astute biotech leaders leverage the tension between public financing and strategic pharma partnerships. When public markets are down, pursue pharma deals as a better source of capital. Conversely, use the threat of a public offering to negotiate more favorable terms in pharma deals, treating them as interchangeable capital sources.

A Boehringer Ingelheim executive noted a key differentiator of Korean biotechs: they enter initial partnership discussions with a well-defined strategy and understanding of their needs. This "readiness to partner" accelerates deal-making and demonstrates a higher level of business sophistication compared to many global counterparts.