生物科技公司初期投资实战宝典

    • 无论聘请多少律师和会计，医药行业的结构性投资都会有较长的酝酿时间。不要认为你能大大加快这一过程。如果一家大型医药公司告诉你他们正在剥离一部分资产，而且让你看了初步清单，你可以认为，这项工作需要10-20个月左右才能完成，特别是在资产剥离涉及整合细节复杂的结构性回购的情况下。在酝酿过程中还需要和手续繁杂的大型政府机构打交道，同时建立复杂的交易结构。

    虽然在回顾以往教训时我们没有出现如梦方醒的感受（希望实际情况就是如此），但我们发现，每隔几年就回顾一下这些教训，同时加以补充对我们确有帮助。而且在开展新的投资，迎接相应挑战的过程中，我们确实会把这些教训拿出来，时不时地互相轻轻敲打一下，以便彼此提醒。

    作者布鲁斯•布斯是信息科技和生命科学投资公司Atlas Venture合伙人。他的博客地址是www.lifescivc.com。

    译者：涛

    • Structured deals with Pharma have a long gestation time, no matter how many lawyers and accountants are in the room. Don't assume you can speed them up too much. When Big Pharma XYZ tells you they are spinning out some assets and they show you the initial list, assume it's going to take something in between a human and a pachyderm pregnancy to get to the closing, especially if there's a structured buyback with complex consolidation details included. This gestation just comes with the territory of large bureaucratic organizations and complicated deal structures.

    While we've had no major "Ah-ha" moments in reviewing our Lessons Learned (wish it were that easy), we do find that revisiting and updating them every few years is helpful. And during our champion and challenge process for new deals, we do bring up these lessons to gently bludgeon each other once in a while.

    Bruce Booth is a partner with Atlas Venture. He blogs at www.lifescivc.com