Oncology Platforms
Platform vs. Product
Platform stories command premiums when they convert to multiple credible products. We look at how partners separate genuine platforms from single-asset programmes wrapped in platform language.
The platform discount
Most partners now apply a default discount to platform claims. The burden of proof sits with the seller: at least two clinically distinct programmes, ideally in different indications, with mechanistically independent rationale.
What converts a platform story
Reproducibility data, second-programme IND timing, and a clear position on what the platform does not do. Honest scope narrows the conversation to partners who can actually transact.
When to lead with the lead asset
If the second programme is more than 18 months from clinical, leading with the lead asset and treating the platform as optionality usually produces better-structured term sheets than the reverse.
For biotech partnering or asset strategy discussions, contact Kerlann Advisory.