CELLO HEALTH BIOCONSULTING - Capabilities Presentation
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CELLO HEALTH BIOCONSULTING Capabilities Presentation
Cello Health BioConsulting Overview
Leading business development strategy
consulting firm, assisting clients in the pharmaceutical,
biotech and healthcare investment industries for more
than 25 years
Four core lines of business, each focused on
helping clients build and strengthen their companies:
Opportunity Assessments
Opportunity Search & Evaluation
Portfolio and Platform Strategy
Corporate and Partnering Strategy
Capabilities deck
© Cello Health BioConsulting 2021
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Cello Health BioConsulting is a Part of Cello Health
A worldwide team of more than 400 based in the US and UK
A UNIQUE FUSION OF EXPERTISE TO SOLVE PROBLEMS, REDUCE RISK AND UNLOCK
THE FULL POTENTIAL OF ORGANIZATIONS, ASSETS AND BRANDS
INSIGHT & ANALYTICS
STRATEGY & COMMERCIAL
SCIENCE & EVIDENCE
200 Market Researchers, Master Practitioners,
Digital Specialists, Innovation leads, Field
and Compliance
140 Communication Specialists, Scientists &
Creatives including Client Service, Project
Offices in London, Farnham, New York, New Jersey, San Francisco, Managers and Medical Writers
Chicago, Philadelphia and Boston
Philadelphia
70+ Consultants with a blend of industry
experts and consulting specialists
London
Chicago
New York & New Jersey 60+ PhDs and MDs providing a depth of
understanding into cutting edge science
San Francisco Farnham
Boston
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© Cello Health BioConsulting 2021
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Cello Health BioConsulting Areas of Expertise and Capabilities
Core Services
Opportunity Assessments
Opportunity Search & Evaluation
Portfolio and Platform Strategy
Corporate and Partnering Strategy
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© Cello Health BioConsulting 2021
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Cello Health BioConsulting Core Services
Opportunity Opportunity Search Portfolio and Corporate &
Assessments & Evaluation Platform Strategy Partnering Strategy
Assess commercial value in Establish criteria for Analyze and prioritize Facilitate C-suite strategic
markets of interest identifying programs that pipeline portfolio “workshopping” to develop
Evaluate mechanistic fit with strategy Identify and assess novel corporate and partnering
approach and scientific Identify assets and/or indications for strategy for value
rationale companies that best match development optimization
Position and differentiation criteria Prioritize and sequence Deal benchmarking and
from evolving SoC Work with our client to potential indications valuation
Define target patient prioritize opportunities Define value inflection Pitch deck refinement and
populations, clinical Provide deeper analysis of strategy for clinical messaging
endpoints and target priority targets candidates ID and facilitate discussions
product profiles Identify value inflection Advise on optimal time and with target partners
Determine payer points to optimize stage of development for Advise on deal structure
perspective partnering strategy partnering and value to support
negotiation
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Cello Health BioConsulting
Deep Knowledge Across Therapeutic Areas
• Cello Health BioConsulting has a deep
knowledge base within and across all
therapeutic categories.
Cardiovascular Autoimmune &
Oncology CNS
• The focus of our work closely mirrors the & Metabolic Disease Inflammatory
therapeutic area focus of today’s
biopharmaceutical pipeline.
• Cello Health BioConsulting’s research is
conducted by its trained consultants, all of
Respiratory Ophthalmology Orphan Diseases Gastro-Intestinal
whom have PhD or MS degrees and/or
significant relevant experience in pharma
and the targeted scientific areas.
• Our consultants possess a combination of
commercial, scientific, and clinical Platform
Gene & Cell Therapy Dermatology Infectious
knowledge that enable comprehensive Disease Technologies
analyses and actionable
recommendations. And other emerging areas of interest such as NASH & fibrosis
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Cello Health BioConsulting
Insight Across the Clinical Development Value Chain, with Particular Focus on Early-Stage Assets
Cello Health BioConsulting’s combination of scientific sophistication and strategic/commercial insight provides a competitive advantage
for its core offerings across the clinical development value chain, with particular emphasis on assets in early phases of development.
Scientific Focus: Translation of mechanism to potential Clinical and Commercial Experience: Guidance on
clinical value proposition strategies for differentiation
Preclinical Clinical Launch
Opportunity Assessments, Indication Prioritization, and Strategy
Identify Value Inflection Points, Forecasting and Valuation
Payer Research, Pricing Analysis and Optimization
Opportunity Search and Evaluation
Corporate & Partnering Strategy
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Insight from Key Stakeholders
• Cello Health BioConsulting has developed
an extensive network of relationships with
key stakeholders. Patients
• Our consultants conduct in-depth collegial Partners
discussions with physicians and payers to
understand their perspective on the value
of development-stage assets as well as
product portfolios and platforms.
Payers
• We also have the ability to do patient
research to gain key insights into patient
needs and willingness to pay for new Physicians
products.
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CHBC Brings Unique Perspective to Defining Value Proposition
Cello Health BioConsulting believes that the key to driving value inflection for early stage
compounds is to go beyond mechanistic proof-of-concept to demonstrate clear potential for
clinical differentiation and commercial value.
To capture this sentiment, CHBC has coined the phrase “proof-of-relevance.”
Proof
• To survive, biotech companies must embark on
clinical programs that go beyond scientific proof-of-
concept (demonstrating that the science is
PoR
applicable to the disease) to prove that its approach
provides a clinically and commercially relevant
value proposition that makes the program attractive
of
to all stakeholders
Relevance
In its opportunity assessments, Cello Health BioConsulting provides
unique perspective on clinical and commercial attributes that can
(and must) be addressed in early stage clinical trials in order to
demonstrate PoR.
Capabilities deck
© Cello Health BioConsulting 2021
9Opportunity Assessments
10Opportunity Assessments
Commercial assessments of development-stage assets are the nucleus of Cello Health BioConsulting’s continuously growing experience,
insight and knowledge, across therapeutic areas.
Commercial Assessment Framework
• The methodology includes a combination
of primary and secondary research REFINED TARGET PRODUCT PROFILE
whereby a target product profile is
created, refined, and evaluated within the
Secondary Research
context of the product’s unique market
Treatment, Epidemiology,
and competitive environments. Pipeline, Market
Overviews, Benchmarks
• The output typically includes insight into Preliminary TPP
the product’s market potential (in the form Client’s internal view of
of high-level analysis or full revenue/NPV compound Primary Research
models) as well as recommendations for KOL, Front-line
physicians, payers
value optimization at various points
in development.
Capabilities deck
© Cello Health BioConsulting 2021
11Opportunity Assessments
Cello Health BioConsulting employs the following information resources when conducting opportunity assessments for clients:
Secondary Telephone Web
Research Interviews Surveys
Provides the data to support the One-to-one in-depth telephone Web-based surveys with US and EU
analysis and primary research discussions with the following across physicians
the US & EU
Sources include, but are not limited to: Provides insight from a larger sample
• Key Opinion Leaders (KOLs) (typical projects range from 50-200
• company pipelines
• Front-line physicians respondents)
• prescription & pipeline databases
• Payers (Medical Directors, Pharmacy
• analyst reports & SEC filings
Directors, Hospital Pharmacists) Survey questionnaire is drafted and
• medical info sites
viewed with the client before launch
• scientific literature and conference
Prior to these in-depth discussions,
proceedings
CHBC drafts a discussion guide(s) and a Results from the surveys are analyzed
• industry publications
target product profile which are refined and presented graphically along with
• information gathered from publicly
with the client to meet the project key takeaways from the physician
available resources
objectives research
Capabilities deck
© Cello Health BioConsulting 2021
12Primary and Secondary Research
Through the combination of primary and secondary research, Cello Health BioConsulting’s opportunity assessments evaluate four key
areas:
1 Unmet Need 2 Scientific
• Epidemiology, patient segments, • Scientific basis/validation for
disease and treatment the mechanism
landscape – current and future • Degree of differentiation and
• Level of clinical or patient need ability to address unmet needs
• Key remaining unmet needs • Potential limitations associated
with the product’s profile
3 Commercial 4 Development
• Value proposition within current • Clinical development path and
and future treatment algorithms critical endpoints for success
• Pipeline quantity, quality, and • Expected regulatory
novelty challenges or roadblocks
• Market access and pricing • Anticipated clinical
environment and challenges development risk
Capabilities deck
© Cello Health BioConsulting 2021
13Additional Components of Opportunity Assessments
Opportunity assessments also frequently include the payer and financial components below. We view these as additional core
competencies of our business.
Cost-effectiveness Payer Forecasting
Models Research and Valuation
Determine current cost Assess market access, Create dynamic and
of care and quality of life reimbursement and pricing adaptive patient-based and
metrics environment prescription-based forecasts
Develop a value-based pricing Determine potential coverage Benchmark valuations using
model that takes into and formulary status/ comparable deal analysis
consideration a willingness to restrictions Produce risk-adjusted NPV
pay threshold, improvements Evaluate what additional models of companies,
to QoL and costs savings clinical/ pharmacoeconomic products, and deals
provided data is needed Perform sensitivity analysis
Identify relevant pricing Pressure-test price and of inputs to determine key
analogs establish pricing benchmarks value drivers
Capabilities deck
© Cello Health BioConsulting 2021
14Cost-Effectiveness Models
• For price testing/optimization, Cello
Health BioConsulting uses a
comprehensive approach to arrive at a Payer
price that is derived from value-based Research
pricing models, health economic/payer
guidance, and relevant pricing analogs.
• CHBC develops dynamic value-based
pricing models based on the NICE model.
Our consultants then pressure-test the
VBP during one-on-one discussions with
key stakeholders in the market access Pricing
space and triangulate it with pricing Analogs
benchmarks of relevant analogs. Value-Based
Price
• We believe this multi-pronged approach
ensures that the price attained is
reasonable and justifiable.
Capabilities deck
© Cello Health BioConsulting 2021
15Payer Research
Cello Health BioConsulting’s payer research evaluates key questions in the following six areas:
♦ Plan type by segment ♦ Coverage determinations ♦ Current cost of care in the
♦ Costs and unmet needs by based on pharmacy or target patient segments
segment medical benefit ♦ Target price point
♦ Reimbursement by segment ♦ Expected copays ♦ Floor and ceiling price points
Value
Trial Design & Restrictions on
Inflection
Data Required Use
Points
Coverage &
Patient
Formulary Pricing
Segmentation
Status
♦ Desired improvements in ♦ Endpoints to show value ♦ Restrictions of currently
outcomes ♦ Patient criteria to show the available drugs
♦ Key drug characteristics greatest value ♦ Anticipated future restrictions
payers willing to pay for ♦ Level of improvement to justify ♦ Pricing thresholds for
♦ Current unmet needs price stricter/looser restrictions
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© Cello Health BioConsulting 2021
16Forecasting and Valuation
Patient Population & Treatment
• Financial forecast modeling is an essential
• Epidemiology
component of Cello Health BioConsulting’s
• Key patient segments based on treatment practices
valuation capabilities.
• Addressable patient segments
• We build revenue forecasts (patient- or
prescription-based) in a user-friendly Excel
Competition
• Current and future competitive landscape
format to allow our clients to see in real-
• Impact of new entrants/generics/ biosimilars
time how changes and sensitivities around
• Impact of competition on peak revenue potential
distinct variables impact the forecast.
• In addition, we provide benchmarking Penetration
valuation of individual assets, platforms and • Anticipated use based on product’s value proposition
company portfolios as well as risk-adjusted • Potential adoption & uptake
NPVs in Excel with sensitivity analysis • Appropriate analogs
surrounding the key inputs.
Pricing
• Appropriate/acceptable price based on current & future
market
• Impact of market access landscape on pricing potential
• Potential level of rebating/discounts
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© Cello Health BioConsulting 2021
17Opportunity Search & Evaluation
18Search & Evaluation of Opportunities
• Cello Health BioConsulting assists
clients by helping to define and
execute on strategic goals to either
establish a new presence or grow an
existing presence in specific
therapeutic and specialty areas.
• Cello Health BioConsulting has more
than 25 years of experience that result
in an incomparable ability to evaluate
and prioritize markets and potential
opportunities.
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© Cello Health BioConsulting 2021
19Search & Evaluation of Opportunities
• Cello Health BioConsulting has established Develop screening criteria and generate
a comprehensive & transparent process initial list of potential opportunity
candidates (assets or companies)
1 CRITERIA
for identification and qualification of
actionable partnering and in-licensing
opportunities. Screen for assets and
SCREEN 2 companies against inclusion
• We evaluate potential opportunities with criteria
our broad understanding of the current
state of scientific, development and Compile data,
commercial environments within specific review and evaluate
opportunities
3 EVALUATE
diseases.
• Cello Health BioConsulting provides
Rating &
valuable insights and assists in prioritizing
of the most compelling assets available to
RATE &
PRIORITIZE 4 tiering with
rationale
meet the client’s objectives.
5 OVERVIEWS/BUSINESS CASES FOR
PRIORITIZED OPPORTUNITIES
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© Cello Health BioConsulting 2021
20Search & Evaluation of Opportunities
We take a comprehensive, multi-pronged approach to evaluating potential licensing/acquisition candidates.
• Scientific Evaluation: understand the base
mechanistic approach, and potential
application to disease areas, as well as the
current level of validation Scientific
• Commercial Evaluation: provide an
assessment of the market need and
growth potential for the intended
indication; compound’s ability to address
unmet need, impact on the treatment
paradigm, and competitive environment
challenges
Commercial Clinical &
• Clinical/Regulatory Evaluation: identify Opportunity Regulatory
the clinical development risk for the
product; likelihood of success in late-stage
clinical trials and/or with FDA approval
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© Cello Health BioConsulting 2021
21Portfolio and Platform Strategy
22Portfolio and Platform Strategy
Portfolio Identification & Prioritization
• Cello Health BioConsulting works with
many emerging biotech companies to 10
Indication D
prioritize their pipeline portfolios and
Opportunity Attractiveness
define the best pathways to value inflection 8
Indication A
• Typically, these programs are 6 Indication F
at pre-clinical to early clinical development
Indication C
(Phase I-Phase 2a) so opportunity remains 4 Indication E
to shape the development program to
Indication G
maximize potential for clinical and 2
commercial success. Indication B
0
• Output often includes a definition of 0 2 4 6 8 10
therapeutic strategy and best transaction Potential to Overcome Risk & Challenges
model going forward.
Path to value inflection is completely clear and facile
Path to value inflection is moderately clear and facile
Path to value inflection is uncertain and/or difficult
Capabilities deck
© Cello Health BioConsulting 2021
23Indication Prioritization Process
• Cello Health BioConsulting has Compile starting list of indications to
established a comprehensive & multi- identify all those that meet specific
client triage criteria
1 INDICATION TRIAGE
step process for the evaluation &
prioritization of potential indications.
INDICATION Triage & evaluate indications
• Our process can facilitate EVALUATION AND
SCORING
2 based on assessment
identification of the most attractive framework
indications for our client’s assets,
technologies, and platforms. Prioritization of
• We believe that a collaborative
attractive indications
to meet client’s goals
3 RANK INDICATIONS FOR
DISCUSSION WITH CLIENT
process will provide the best outcome
for this assessment and will engage
WORKSHOP TO DISCUSS Workshop
the client team with regular status
updates throughout the project and
& FINALIZE PRIORITIZED
LIST OF INDICATIONS
4 & final
ranking
will solicit input/feedback where
appropriate.
5 IN-DEPTH ASSESSMENTS OF
PRIORITIZED INDICATIONS
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© Cello Health BioConsulting 2021
24Indication Prioritization – In-Depth Assessments
In addition to the evaluation and prioritization process, Cello Health can provide in-depth indication assessments (deep dives) that
would provide a more robust and nuanced understanding of each indication as well as the potential for success of the client’s program
in each selected indication.
Findings from primary and secondary
research will be synthesized to
provide out clients with a strategy for
indication selection and sequencing
for their programs.
Capabilities deck
© Cello Health BioConsulting 2021
25Corporate and Partnering Strategy
26Let’s Work Together to Optimize Your Company’s Value
Aligning partnering strategy with
• An interrogated, thoughtful and defensible corporate
corporate development strategy strategy is essential for optimal valuation and capitalization
and should drive partnering strategy.
• Decisions about whether and what and when to partner
Robust scientific, competitive and and at what value and with which partner—whether your
commercial due diligence company is buying or selling (or in- or out-licensing)— are
critically important for inflecting or depleting value.
• It is therefore essential to outline and exquisitely execute a
Technology search & evaluation, valuation partnering strategy that aligns with and facilitates
& forecasting and deal benchmarking achievement of corporate development, financing and
pipeline goals and that reflects an appreciation of the value
proposition, competitive landscape and positioning, market
access / pricing and reimbursement environment, and deal
Advise on deal terms & structure to
benchmarks and favorable deal structure and value.
prepare for and support deal negotiation
Capabilities deck
© Cello Health BioConsulting 2021
27Cello Health BioConsulting Brings Deep Scientific, Biopharma Business & Dealmaking Experience
WE ARE DEEPLY ROOTED IN SCIENCE.
We are expert at assessing mechanisms-of-action, assets, pipelines and platforms, and comparing and positioning
assets within the relevant competitive landscape. We can anticipate and help you overcome challenges from
potential partners as a seller, or help you assess opportunities as a buyer.
WE ARE DEEPLY ROOTED IN BIOPHARMA BUSINESS.
We understand your challenges and pressures and what inflects or destroys value as you advance your
company and programs. We understand the competitive landscape and relevant deal benchmarks to
appropriately value and position assets or programs to secure the deal you want.
WE ARE DEEPLY ROOTED IN ASSESSING AND VALUING BIOPHARMA ASSETS AND PROGRAMS.
Understanding the science, the biopharma business, the competitive and deal landscapes, and what
drives value in your space, enable us to evaluate data with the eyes (and skepticism) of a potential buyer.
We can conduct “mock due diligence” to prepare sellers for partnering and we can conduct due diligence
for buyers to pressure-test value proposition and deal terms.
WE ARE DEEPLY ROOTED IN DEAL-MAKING.
We understand you have choices about what and when to partner. We understand how the right deal structure
and terms for the right asset at the right time can inflect value and how the wrong deal can impede future
progress. We have been where you are and have the deal sheet and case studies to prove it. Whether you are a
buyer or seller, a licensor or licensee, let us help you find and secure the best deal for your company.
Capabilities deck
© Cello Health BioConsulting 2021
28CHBC Advises Buyers and Sellers to Right-Value Assets & Secure Value-Inflecting Deals
Corporate strategy should drive, and be Understanding Buyer and Seller Needs & Corporate Development Goals
enabled by, partnering strategy.
That’s why Cello Health BioConsulting
begins its partnering strategy and support
projects with structured, facilitated
discussions with your company’s internal
stakeholders—as a first step we develop a
robust and nuanced understanding of your
company’s corporate goals, value
proposition, risks and risk-tolerance, and Deal Structure/Value Determination Asset Assessment & Valuation
wants and needs in a deal.
Preparing for and Advising through Term Sheet Development
Your company’s corporate development Deal Negotiation*
goals are our roadmap for seeking, Search & Evaluation
structuring and securing a right-valued and Deal Benchmarking
right-structured deal that positions your Potential Partner Identification,
company to facilitate its ambitions and Messaging and Pitch Deck Screening & Prioritization
inflect significant value. Development
Competitive Landscape Assessment
Due Diligence Support & Positioning
*CHBC advises & supports clients through negotiation but does not itself transact deals
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© Cello Health BioConsulting 2021
29Buy- and Sell-Side Partnering Strategy and Support
Deal Benchmarking
Deal benchmarking helps right-set key stakeholder and negotiator expectations
for deal value and deal structure and informs negotiation parameters and
positioning
Cello Health BioConsulting has developed a robust methodological process for
deal benchmarking:
• identify and assess deals relevant to the deal contemplated by your company—
i.e., at a similar stage of development, market opportunity, risk, value, etc.
• summarize relevant deals and outline their known material qualitative &
quantitative deal terms
• elucidate how the predicate deals may translate into your company’s desired
deal structure and value
• provide a must have/like to have/avoid score for key deal terms (stage, scope,
exclusivity, territory, diligence, etc.) and outline deal value ranges (upfronts,
R&D payments, development, regulatory and commercial milestones, royalties,
sublicense fees, etc.) to inform term sheet and deal structure development and
negotiation parameters and priorities
• list and summarize relevant deals and key takeaways to prepare your company
for deal valuation and negotiation
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© Cello Health BioConsulting 2021
30Buy- and Sell-Side Partnering Strategy and Support
Advising on Deal Value and Structure
It is incumbent on your company to understand what is essential or
desired in a deal to enable your company’s corporate development
goals and inflect value; to understand the balance of power and
value between your company and your potential partner; to
understand your leverage and pressure points; to anticipate
arguments and develop winning positions in advance of deal
negotiations; to pursue and secure a good deal, or walk away from a
bad deal, for your company.
Cello Health BioConsulting has significant business development and
deal negotiation / transaction experience across therapeutic areas
and stages of development and, while we do not transact
agreements, we can advise your company on potential deal value
and the pros and cons of different deal terms, structures and
provisions for your company.
We walk alongside our clients to develop and refine messaging and
positioning for internal and external stakeholders to help your key
executives / business development team advocate for the deal you
want and, ultimately, for the value of the deal you’ve secured. We
can help your team avoid deal loss from your own board room.
Capabilities deck
© Cello Health BioConsulting 2021
31Cello Health BioConsulting
Leadership Team
Ed Saltzman Ginger S. Johnson, PhD
Executive Chairman Chief Executive Officer
esaltzman@cellohealth.com gjohnson@cellohealth.com
Senior
Management
Jeffrey M. Bockman, PhD Beth Fordham-Meier, BS, CLP Michael C. Rice, MS, MBA
EVP, Oncology Practice Head Vice President, Business Development Vice President
jbockman@cellohealth.com BFordham-Meier@cellohealth.com mrice@cellohealth.com
Janet F. Czachura David J. Lomb, PhD Danielle M. Marra, MS, MBA
Principal Principal Principal
jczachura@cellohealth.com dlomb@cellohealth.com dmarra@cellohealth.com
Principals
Joel S. Sandler, PhD James T. Lee, PhD
Principal Principal
jsandler@cellohealth.com jlee@cellohealth.com
Senior Serom Lee, PhD Steven Smith, PhD Andrew Y. Ng, PhD
Senior Consultant Senior Consultant Senior Consultant
Consultants slee@cellohealth.com ssmith@cellohealth.com andrewyng@cellohealth.com
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© Cello Health BioConsulting 2021
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