International Negotiations: Commercial Biotech Agreements
Benitec is a publicly listed (ASX) biotech company with an extensive patent portfolio. Being an SME, with limited resources, we collaborate with universities and other companies to develop a range of therapeutics using our technology.
FAL is effectively our in-house counsel. They prepare, or review, all agreements, collaborations, confidentiality arrangements, contracts, licensing agreements or term sheets – in fact any commercial agreements. They are a boutique firm, and so it’s easy to get to speak to the partners. I also value their rapid response to questions.
As an example of the work they do, FAL developed the initial contract with a bio-technology company in China. This was the first stage of a research program, where our partner contributed in kind and we contributed in cash. We had to negotiate around the IP ownership, and the details of the research program. FAL put the commercial terms around it. That was completed successfully last year.
We then moved into a joint venture. Again, FAL drafted an agreement which our partner signed with very few changes. FAL did some great work on the strategy as to how the commercialisation would work. We agreed that our partner would have the right to commercialise any outcomes in China, while we would have rights for the rest of the world. As usual, FAL managed to find a win-win solution. They manage this complex relationship in a way that has maintained the very good relationship we have.
We work in a complex space, so it’s important that our lawyers have demonstrated expertise in bio-technology, as well as commercial expertise. I also need a firm that provides careful strategic review and production of documentation. Clearly price is important as well. FAL fulfil all these criteria. I would absolutely recommend them.
Dr Peter French
Chief Executive Officer, Benitec Limited
