The partnership reinvigorated at BioFit2022 – in Strasbourg and online
The BioFit2022 partnership event took place in Strasbourg, France on November 29e and 30e as well as online on December 7e and 8e. He reflected on the difficult times of the pandemic, the “survivors” of economic threats, and addressed the preparation and perseverance needed to face the challenges of today and tomorrow. In the end: dynamic partnerships and more funding opportunities on the horizon.
A biologist, a CEO and a venture capitalist participate in the BioFit2022 event…, although it may seem like the start of a good joke, it corresponds to BioFit2022, which was not only entertaining and well organized, but has also provided a platform in presence – and extending virtually – for numerous networks between investors, scientists, technology transfer organizations (TTOs), pharmaceutical companies, start-ups seeking to become household names in the field of biotech and venture capitalists looking for the next big thing.
The different tracks offering plenary discussions ranged from topics on the changing dynamics of early-stage biotech collaboration, how to raise the optimal amount of funding to get off to a good start, to what big pharma looks for when they engage in collaborations with academia or licensing agreements. There were opportunities to pair projects with CEOs, exhibit space, startup slams for young companies to showcase their projects, a host of panel discussions and, of course, informal networking events. And as Jérôme Samson, investment manager of the European Investment Fund (EIF) mentioned, “you are not just looking for the right team, you are looking for the right team at the right time”. Opportunities to meet people to collaborate with have been given and remain available on the online platform provided.
The hybrid nature of the event allowed for continued interaction and connection between online attendees on the 7e and 8e of December, as well as the revision of the plenary discussions which took place a week earlier in the Strasbourg room. Although some of the videos have poor audio quality, the ability for pass holders to (re)visit the exciting discussions is invaluable and a benefit of the pandemic, which has forced many industry networking opportunities into line. “Be creative. You have to be able to pivot a lot! as stated by Fausto Artico, the charismatic moderator of the first session of Nurturing and Licensing of early assets, who is Global R&D Tech Head and Director of Innovation and Science of data at British pharmaceutical and biotech company GSK plc.
This pandemic as well as other crises and how they have influenced the industry over the past few years was obviously a pervasive topic on all the panels. Some pointed to the positive impact it has had on the economy, the ability of people to make meaningful and profitable connections for their respective businesses without traveling long distances, the flow of money and the change seen throughout the world. Europe in funding and partnership opportunities. Venture capital funds have apparently become much more important and there are more chances of first-round funding. As the very eloquent Kristin Thompson, Vice President and Chief Commercial Officer of eureKare, a company focused on financing, investing and building European biotech companies, said: “Covid has been this real transition period for Europe. I think we can see this in terms of partnership. Europe was a little more discreet, did less external marketing [as companies in the USA]. This has changed. We started to value our ideas. We are in transition, but I think we need to put more tools in place that can support innovative ideas that need 10 to 15 years to refract”. This transition, many of which were discussed at BioFit2022, could lead to more dynamic collaborations between Pharma and Biotech and more opportunities for early-stage biotech start-ups.
However, others recognized how much pressure everyone was under during this time. “Covid has been brutal for biotech companies,” said Ajan Reginald, CEO of Roquefort Therapeutics plc and managing director of Celixir. He did, however, point to the silver lining, stating “if you survived, you learned a lot. You have to adapt and learn to work at high speed, and we did.