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European Biopharmaceutical Review

Understanding Due Diligence - Taking a Practical Approach

How should we view due diligence? An interminable chore befitting of none but the most deserving of lawyers, or a 'value adding' process benefiting all those under whose watchful eye it falls? This article looks at some of the whys and whats involved, putting it into the context of the deal hungry biotech sector. At every turn along the road to becoming a successful biotech you will encounter due diligence: when fundraising, partnering, licensing, buying or selling, even (in fact especially) at IPO but then who wouldn't gladly throw themselves into the process in that context at present? All too often due diligence is viewed as an overly intrusive process, soaking up much valuable time and resource for no great return. Here we'll examine the process, the reasons for it and offer practical guidance as to how it can be handled.

Why HAS the Need ARISEN?

The legal concept of caveat emptor (buyer beware) applies to private share acquisitions in the UK. When you buy a company or buy into a company you do so at your own risk, acquiring it 'warts and all'. There is no overriding duty on the part of a seller or an issuer of shares (in a private company context, that is outside the Companies Act's prospectus requirements and the Public Offering of Securities Regulations relating to public offers of shares) to make full disclosure to a buyer (as opposed to the overriding duty of answering truthfully in the face of direct questions asked). In buying for the upside you also take on the downside risk, past as well as future.

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By Patrick Martin, Partner at McGrigors

Patrick Martin is a Partner and Corporate and Commercial Lawyer at McGrigors, with particular emphasis on the health care and life science fields, acting for both investors and companies. He has advised on numerous technology start-ups and spin-outs, fundraisings and private placements for biotech companies. Patrick has specialised in private equity work for over 13 years. His work for biotech and other technology companies means he has a thorough understanding of the dynamics involved in funding and operating such organisations.
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Patrick Martin
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Optimizing pharmaceutical processes

An increase in requirements from regulatory agencies around the world, combined with a growing demand for drugs in prefilled injections systems – a trend that industry experts have projected will continue – has led pharmaceutical and biotech supply chains to gain in significance. Well established and optimized processes are crucial for offering uninterrupted market supply. To satisfy its customers a CDMO must foster flexibility, efficiency and safety throughout the entire supply chain. The most important goal for all parties involved in the bio-pharma business is maximization of product quality where even small decisions can make a big difference. Future-oriented pharma processes can add value to any compound.
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12th World Meeting on Pharmaceutics, Biopharmaceutics and Pharmaceutical Technology

8-11 February 2021, Vienna, Austria

In continuation of the very successful scientific meetings in Budapest, Paris, Berlin, Florence, Geneva, Barcelona, Malta, Istanbul, Lisbon, Glasgow and Granada, the 12th PBP World will be held in Vienna from 8-11 Feb 2021. This every two year held conference has gained an ever increasing impact among the pharmaceutical scientists: With up to 1000 submitted abstracts and about 1300 participants it has become a well-established major meeting, attracting scientists from all over the world.
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