BIOTECH AND LIFE SCIENCES

Most biotechs do not fail to raise capital because they lack good science. They fail because they cannot translate scientific progress into the financial logic investors use to make decisions — and they start that translation too late. I work from pre-Series A through commercial launch.

Risk-adjusted NPV frameworks, stage-gate investment criteria and portfolio prioritisation — deciding which assets to fund, at what cost, and when to stop. Identifying key risks before capital is committed, not after.

Launch P&L design, peak sales forecasting, payer strategy economics and market access financial modelling — built into development strategy from the outset. Finance must own that process from the beginning, not validate it at the end.

In-licensing and out-licensing decisions hinge on the quality of the underlying financial architecture — not the deal terms themselves. Risk-adjusted valuation under clinical and commercial uncertainty, deal-structure modelling (upfront/milestone/royalty splits), term sheet economics and scenario-tested counterfactuals: what does this asset look like in-house vs partnered, and at what value transfer does each path become rational?

Co-promotion, co-development, option agreements and strategic partnerships with large pharma require an internal financial model that frames the deal from the company’s perspective, not the counter-party’s pitch deck. Milestone trigger modelling, royalty stack analysis, opt-in/opt-out economics, and a clear-eyed comparison of partnership economics against the solo-launch case — built before the term sheet lands.

Series A–C fundraising architecture: runway planning, data room design, investor narrative and scenario-tested financial models. The strategic funding architecture that separates companies that raise on their terms from those that don’t.

Benlysta at GSK — £60m first-year SC launch revenue. 20% YoY franchise growth sustained.
Clinical Programme Redesign — £300m+ portfolio. NPV improved by approximately £100m through capital allocation discipline.