The right mix mat­ters in bio­phar­ma lead­er­ship

Break­ing the bio­phar­ma glass ceil­ing isn’t just a moral is­sue; it’s a share­hold­er is­sue. McK­in­sey re­port­ed in a re­cent study that com­pa­nies in the top quar­tile for gen­der di­ver­si­ty are 15 per­cent more like­ly to gen­er­ate fi­nan­cial re­turns above the in­dus­try av­er­age; those in the top quar­tile for racial and eth­nic di­ver­si­ty are 35 per­cent more like­ly to do so.

The right mix of ex­pe­ri­ence, per­spec­tives and back­grounds is al­so a pa­tient is­sue. Whether it’s choos­ing the right end­point for a prospec­tive ther­a­py or mar­ket­ing a prod­uct in a way that will en­able physi­cians and pa­tients to ac­cess the right med­i­cine at the right time, more com­pa­nies are be­gin­ning to un­der­stand the need to di­ver­si­fy their ranks and groom lead­er­ship teams as di­verse as the clin­i­cians and fam­i­lies they’re try­ing to reach. It’s good busi­ness and it’s good for pa­tients.

There are bio­phar­ma com­pa­nies mak­ing in­cred­i­ble progress in the di­ver­si­ty and in­clu­sion space. Oth­ers want to di­ver­si­fy and are ask­ing for help to broad­en ex­ec­u­tive and board search­es out­side of what are of­ten ho­moge­nous per­son­al net­works. That’s why the Biotech­nol­o­gy In­no­va­tion Or­ga­ni­za­tion — the world’s largest biotech trade and ad­vo­ca­cy group — is launch­ing a new in­dus­try­wide ini­tia­tive called The Right Mix Mat­ters.

Based on my con­ver­sa­tions, a crit­i­cal mass in biotech al­ready knows that we have a pipeline prob­lem. We should be fas­tid­i­ous in our ef­forts to pro­mote more women, mi­nori­ties and LGBT ex­ec­u­tives up the ranks. Many of us in C-suites and board rooms do feel a sense of ur­gency: More in­sti­tu­tion­al in­vestors and ven­ture cap­i­tal­ist are look­ing at lead­er­ship di­ver­si­ty as a fac­tor in where to put cap­i­tal. Frankly, this needs to be a wake-up call for our sec­tor.

Na­tion­al­ly, on­ly sev­en to nine per­cent of CEO po­si­tions at biotech com­pa­nies are filled by women, ac­cord­ing to na­tion­al sur­veys by Lift­stream. It still hap­pens that when I go to net­work­ing events with my fel­low CEOs, I’m of­ten the on­ly woman in the room.

Like al­most every fe­male physi­cian of my era in Scot­land, I re­ceived my med­ical train­ing dur­ing a time when it was as­sumed we would quit our jobs or work part-time when start­ing a fam­i­ly. As a doc­tor in train­ing, I lost count of the num­ber of times I was asked to make a cup of tea for every­one while my male col­leagues talked about their ca­reer paths with the con­sul­tants.

I be­came a doc­tor be­cause I care deeply about the wel­fare of pa­tients, and be­came a rheuma­tol­o­gist be­cause I’ve al­ways been at­tract­ed to the most con­found­ing ar­eas of med­i­cine. I dis­cov­ered help­ing pa­tients suf­fer­ing from vex­ing con­di­tions al­most al­ways re­quired more than even the most de­ter­mined doc­tor’s best ef­forts. The in­ter­ven­tions of the rheuma­tol­o­gist, nephrol­o­gists and oth­er spe­cial­ists might be life-sav­ing, but it was the phys­io­ther­a­pist, wound nurse and oc­cu­pa­tion­al ther­a­pist who made pa­tients’ lives liv­able. This recog­ni­tion that di­verse back­grounds pro­duce the best so­lu­tions has lived with me ever since.

My ca­reer took me to the Unit­ed States for a role in the bio­phar­ma­ceu­ti­cal in­dus­try in clin­i­cal de­vel­op­ment. I put in for a trans­fer on the com­mer­cial side, where­upon the head of mar­ket­ing and sales in­formed me, “You are fe­male, Scot­tish and an M.D. You’re just not the right fit.” For­tu­nate­ly, that com­pa­ny even­tu­al­ly got new lead­er­ship, and I found a cham­pi­on in the C-suite who saw some­thing in me. He spon­sored for a com­mer­cial lead­er­ship role even though I didn’t yet have all the ex­pe­ri­ence of the “per­fect” can­di­date. With­out a cham­pi­on will­ing to open the door to that first crack at broad­er lead­er­ship roles, many women and mi­nori­ties in cor­po­rate Amer­i­ca lan­guish in mid­dle man­age­ment in per­pe­tu­ity —un­able to move up and in­to the C-suite.

But I did move up. When I be­came a can­di­date for my first CEO role, I hired a coach to help me in­crease my ef­fec­tive­ness as a com­mu­ni­ca­tor. I pos­sessed that fa­mil­iar fem­i­nine trait of fail­ing to take enough per­son­al cred­it for my role in the suc­cess­es of teams I led. My coach helped me un­der­stand that in­ter­view­ing with boards is not the time to be mod­est. He was right. I learned how to bet­ter sell my cre­den­tials, ex­pe­ri­ence and abil­i­ties, be­com­ing one of the for­tu­nate few to crack the glass ceil­ing in the bio­phar­ma­ceu­ti­cal in­dus­try.

As the cen­ter­piece of BIO’s ef­fort, BIO Board­list went live this month. It’s a search­able on­line data­base of di­verse tal­ent where ex­ec­u­tives can nom­i­nate promis­ing tal­ent and where search com­mit­tees can find lead­er­ship can­di­dates that meet their busi­ness needs. The tool was de­ployed by the high-tech in­dus­try in 2017 in the wake of a firestorm ig­nit­ed by the con­tro­ver­sial writ­ings of a Google en­gi­neer that sparked an in­dus­try­wide dis­cus­sion about sex­ism. Now, BIO is bring­ing this tool to the bio­phar­ma sec­tor.

We al­ready have near­ly 50 out­stand­ing, pre-vet­ted can­di­dates who are search­able in BIO Board­list. Our job now is to add more high­ly qual­i­fied, di­verse lead­ers to the data­base. Once we do, BIO Board­list will be es­pe­cial­ly help­ful for small­er and emerg­ing bio­phar­ma com­pa­nies that do not yet have a ro­bust hu­man re­sources func­tion or the means to hire ex­ec­u­tive re­cruiters. BIO Board­list can help com­pa­nies iden­ti­fy, lift up and in­clude di­verse ex­ec­u­tives with lead­er­ship qual­i­fi­ca­tions and as­pi­ra­tions.

BIO al­so launched a sec­ond re­source — a di­ver­si­ty and in­clu­sion toolk­it. We have pooled to­geth­er the best re­sources from suc­cess­ful pro­grams across BIO mem­ber com­pa­nies. Com­pa­nies will find spe­cif­ic HR tem­plates that can be down­loaded and schol­ar­ly pieces and train­ing cours­es on such top­ics as un­con­scious bias, men­tor­ing and spon­sor­ship.

As a prac­tic­ing rheuma­tol­o­gist, I learned that it can take a vil­lage to give pa­tients a life worth liv­ing. Work­ing my way up the ranks to the CEO’s of­fice in bio­phar­ma, I have dis­cov­ered the same of­ten holds true to de­vel­op a med­i­cine worth tak­ing or a clin­i­cal pro­gram worth fund­ing. If you’re lead­ing a biotech com­pa­ny and want to do right by your con­sumers, in­vestors and share­hold­ers, the right mix re­al­ly does mat­ter.


Dr. He­len Tor­ley is CEO of Halozyme Ther­a­peu­tics in San Diego and chairs BIO’s Com­mit­tee on Work­force De­vel­op­ment, Di­ver­si­ty and In­clu­sion. Biotech Voic­es is a con­tributed col­umn writ­ten by se­lect End­points News sub­scribers.

Paul Hudson, Sanofi CEO (Getty Images)

Sanofi CEO Paul Hud­son has $23B burn­ing a hole in his pock­et. And here are some hints on how he plans to spend that

Sanofi has reaped $11.1 billion after selling off a big chunk of its Regeneron stock at $515 a share. And now everyone on the M&A side of the business is focused on how CEO Paul Hudson plans to spend it.

After getting stung in France for some awkward politicking — suggesting the US was in the front of the line for Sanofi’s vaccines given American financial support for their work, versus little help from European powers — Hudson now has the much more popular task of managing a major cash cache to pull off something in the order of a big bolt-on. Or two.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

The Avance Clinical leadership team: CEO Yvonne Lungershausen, Sandrien Louwaars - Director Business Development Operations, Gabriel Kremmidiotis - Chief Scientific Officer, Ben Edwards - Chief Strategy Officer

How Aus­tralia De­liv­ers Rapid Start-up and 43.5% Re­bate for Ear­ly Phase On­col­o­gy Tri­als

About Avance Clinical

Avance Clinical is an Australian owned Contract Research Organisation that has been providing high-quality clinical research services to the local and international drug development industry for 20 years. They specialise in working with biotech companies to execute Phase 1 and Phase 2 clinical trials to deliver high-quality outcomes fit for global regulatory standards.

As oncology sponsors look internationally to speed-up trials after unprecedented COVID-19 suspensions and delays, Australia, which has led the world in minimizing the pandemic’s impact, stands out as an attractive destination for early phase trials. This in combination with the streamlined regulatory system and the financial benefits including a very favourable exchange rate and the R & D cash rebate makes Australia the perfect location for accelerating biotech clinical programs.

As­traZeneca trum­pets the good da­ta they found for Tagris­so in an ad­ju­vant set­ting for NSCLC — but many of the ex­perts aren’t cheer­ing along

AstraZeneca is rolling out the big guns this evening to provide a salute to their ADAURA data on Tagrisso at ASCO.

Cancer R&D chief José Baselga calls the disease-free survival data for their drug in an adjuvant setting of early stage, epidermal growth factor receptor-mutated NSCLC patients following surgery “momentous.” Roy Herbst, the principal investigator out of Yale, calls it “transformative.”

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

Pablo Legorreta, founder and CEO of Royalty Pharma AG, speaks at the annual Milken Institute Global Conference in Beverly Hills, California (Patrick T. Fallon/Bloomberg via Getty Images)

Cap­i­tal­iz­ing Pablo: The world’s biggest drug roy­al­ty buy­er is go­ing pub­lic. And the low-key CEO di­vulges a few se­crets along the way

Pablo Legorreta is one of the most influential players in biopharma you likely never heard of.

Over the last 24 years, Legorreta’s Royalty Pharma group has become, by its own reckoning, the biggest buyer of drug royalties in the world. The CEO and founder has bought up a stake in a lengthy list of the world’s biggest drug franchises, spending $18 billion in the process — $2.2 billion last year alone. And he’s become one of the best-paid execs in the industry, reaping $28 million from the cash flow last year while reserving 20% of the cash flow, less expenses, for himself.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

Dan O'Day, Gilead CEO (Andrew Harnik, AP Images)

UP­DAT­ED: Gilead leas­es part­ner rights to TIG­IT, PD-1 in a $2B deal with Ar­cus. Now comes the hard part

Gilead CEO Dan O’Day has brokered his way to a PD-1 and lined up a front row seat in the TIGIT arena, inking a deal worth close to $2 billion to align the big biotech closely with Terry Rosen’s Arcus. And $375 million of that comes upfront, with cash for the buy-in plus equity, along with $400 million for R&D and $1.22 billion in reserve to cover opt-in payments and milestones..

Hotly rumored for weeks, the 2 players have formalized a 10-year alliance that starts with rights to the PD-1, zimberelimab. O’Day also has first dibs on TIGIT and 2 other leading programs, agreeing to an opt-in fee ranging from $200 million to $275 million on each. There’s $500 million in potential TIGIT milestones on US regulatory events — likely capped by an approval — if Gilead partners on it and the stars align on the data. And there’s another $150 million opt-in payments for the rest of the Arcus pipeline.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

No­var­tis jumps in­to Covid-19 vac­cine hunt, as Big Phar­ma and big biotech com­mit to bil­lions of dos­es

After spending most of the pandemic on the sidelines, Novartis is offering its aid in the race to develop a Covid-19 vaccine.

AveXis, the Swiss pharma’s gene therapy subsidiary, has agreed to manufacture the vaccine being developed by Massachusetts Eye and Ear and Massachusetts General Hospital. The biotech will begin manufacturing this month, while the vaccine undergoes further preclinical testing. They’ve agreed to provide the vaccine for free for clinical trials beginning in the second half of 2020, but have not disclosed financials for after.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

Roger Perlmutter, Merck R&D chief (YouTube)

UP­DAT­ED: Backed by BAR­DA, Mer­ck jumps in­to Covid-19: buy­ing out a vac­cine, part­ner­ing on an­oth­er and adding an­tivi­ral to the mix

Merck execs are making a triple play in a sudden leap into the R&D campaign against Covid-19. And they have more BARDA cash backing them up on the move.

Tuesday morning the pharma giant simultaneously announced plans to buy an Austrian biotech that has been working on a preclinical vaccine candidate, added a collaboration on another vaccine with the nonprofit IAVI and inked a deal with Ridgeback Biotherapeutics on an early-stage antiviral.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.

Bryan Roberts, Venrock

Ven­rock sur­vey shows grow­ing recog­ni­tion of coro­n­avirus toll, wan­ing con­fi­dence in ar­rival of vac­cines and treat­ments

When Venrock partner Bryan Roberts went to check the results from their annual survey of healthcare leaders, what he found was an imprint of the pandemic’s slow arrival in America.

The venture firm had sent their form out to hundreds of insurance and health tech executives, investors, officials and academics on February 24 and gave them two weeks to fill it out. No Americans had died at that point but the coronavirus had become enough of a global crisis that they included two questions about the virus, including “Total U.S. deaths in 2020 from the novel coronavirus will be:”.

Stymied by the pan­dem­ic, Im­munomedic­s' new CEO bows out, tak­ing a mil­lion bucks plus perks as he heads out the vir­tu­al ex­it

Just a little more than a month since taking over as the latest CEO to helm Immunomedics, $IMMU Harout Semerjian is exiting the company after being confronted by “logistical” obstacles thrown up by the pandemic that made it impossible for him to move from London to carry out the job. And he’s getting a little over a million dollars in cash plus perks to grease the skids on the way out.

Word of the changeup arrived right after the market closed Wednesday.

Endpoints News

Keep reading Endpoints with a free subscription

Unlock this story instantly and join 82,500+ biopharma pros reading Endpoints daily — and it's free.