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Hi Fishes,
I recently got an offer for Cyber security advisory at PwC India . They gave a 20% hike on the current amount. Thing is that l, the technical interview told me that it is not a software/coding type of position and asked me multiple times if I was interested to do that. Is that a red flag?
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does anyone here work for Veeva Crossix?
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Perhaps I can shed some light:
Pharma/Biotech BD&L is typically (not always) broken up into:
-Search & Evaluation/External Innovation
-Transactions
-Alliance Management
S&L/EI is usually SME in the disease area (tenured scientists) or PhDs (sometimes MBAs with strong scientific background) with DD experience (MBB and LEK have a lot of exposure to this).
Transactions is usually JDs or MBAs or others with strong investing background.
I don’t have much insight into AM.
Big pharmas have BD&L teams per therapeutic area whereas big biotechs tend to have cross-portfolio.
Sounds like you have a strong background for this but it is quite competitive, especially in areas like Boston and SF where there are vast number of life sciences companies but also PhDs/MBAs/JDs/MDs from top schools as well as MBB and LEK consultants looking to exit into these roles.
Thank you for the info. You are right that there are a lot of opportunities in Boston.
In my and peers’ experience aiming a bit lower in terms of titles/roles if you want to break into BD vs. other functions, and then climb the ladder internally or via jumping in due time tends to be more effective.
That said, breaking into true Pharma BD roles from a T2 or boutique (leading ones included) is not often seen, again unless you start with an even lower title (M/SM). If you’re set on Pharma only, then I’d aim for AM roles if you’re not getting traction with S&E roles. Transaction roles are very very tough to walk directly into without prior experience.
However, breaking into SMID biotech BD roles is more feasible following the above guidance and targeting SM/AD roles vs. the AD/D/SD roles you may typically target for other functions given your current EM level. And if it’s a very early stage biotech you might be able to swing a D of BD though instead of the SM/AD guidance noted.
Of course, taking the lower title will also mean that you may end up with limited pay increase if not even a minor pay cut.
In cases, ensure your resume tailors to DDs, BD assessments, some LCM, breadth of client archetypes inclusive of larger Pharma, and any anonymized details on deals you were involved in that you can pull together. For AM, beyond the BD stuff, focus on more project management, complex client projects, some LCM, etc.
Also, have a good understanding the BD world similar to what Phys1 described but also how deals work, nuances into the roles for the three noted categories, metrics on how you evaluate a potential partner/asset, the spectrum of responsibilities such as our licensing focus that SMID biotechs have vs. more In licensing focus that Large cap biotech and Pharma have, know the major deals that occurred during 2022 and have a perspective on them and those at least some of the technologies/TA spaces etc to make good interviews conversation fodder if it comes up.
Hope you land the exit you want
A bit late - but would echo most things here. I’ll try to touch on some stuff that hasn’t been explicitly covered (focusing on deal leads roles, not S&E)
If you’re looking for buyside (ie mid cap or big pharma), typically at an AD level you are expected to be able to guide a deal process from start to finish, including diligence, contracting with lawyers, negotiations, governance & securing approvals from EC/board etc and the 1001 other little things that pop up on large, complex global deals. BD is an apprenticeship - you learn through reps. Most folks you’ll see in these roles are ex-BD, ex-IB, ex institutional buyside or some combination of the three. To be sure though there are plenty of other non-traditional paths - I’ve seen English majors, folks with JDs, folks who came up from corp finance, VC, HF etc. across the table on deals.
In my experience, if you’re looking to go sellside - ie to a small or private biotech - those are usually combined BD&Strategy roles (since usually single asset or platform companies) and typically much more amenable to consultants. There’s also usually nice title inflation in biotech BD - I have seen Dir and Sr Dir folks who have never led a legitimate deal.
One good middle ground to consider is the aggregators - centessa, bridge, vants type stuff. They seem to have a mix of bankers and consultants, and roles are likely a mix of strategy, sellside & buyside
That all being said - I’ve seen all sorts of folks in all sorts of roles. It’s about marketability and network at the end of the day.
Just my 2c
Similar background w phd and 3 yrs of consulting at a ls boutique and exited to midsized biotech BD manager as an em. I've noticed the job market right now is Def less hot than earlier in 2022 and certainly 2021 was a very hot market. I've interviewed recently and a lot of roles vanished midway thru interviews or went to internal candidates. Re: getting in from other functions it's usually r&d not forecasting or ci but with your background you may be able to swing it.
I'd say try to get on more dd projects (not sure howuch of dd projects t2 do) and keep applying
Yes. Not sure how common forecasting or ci background would be in transactions team