This white paper distils insights from a closed-door roundtable with experienced biotech CFOs, exploring how financial leadership is evolving amid volatile markets, shifting policy, and unpredictable clinical outcomes. The discussion highlights how today’s CFOs operate far beyond traditional finance — acting as strategic co-pilots who balance discipline with agility while helping their organisations navigate uncertainty.

Core themes include decision-making with imperfect information, the trade-offs between financing and partnering, the dynamics of board and investor alignment, and the central role of the CFO–CEO partnership in maintaining organisational coherence. The paper also examines the qualities shaping the next generation of biotech CFOs — from scenario thinking and external storytelling to fostering internal clarity and confidence.

The result is a candid look at how modern CFOs translate complexity into direction, influence, and execution at the most pivotal moments for their companies.

In September 2025, we brought together senior leaders across business development, commercial strategy and HEOR for an in-depth roundtable on one of the most pressing questions facing early-stage biotechs: what does it truly mean to build for value in phase 1 and 2?

With investors, partners and analysts scrutinising access, differentiation and long-term viability much earlier than before, the group explored how early teams can make better decisions despite limited resources and rising expectations.

This white paper distils the insights from that discussion, highlighting where value is created or lost in early development and what leaders can do to improve outcomes. It offers a grounded view of how experienced leaders are approaching these challenges and what can help organisations make more informed early-stage decisions.

Biotech celebrates success stories — but many are built as much on luck as on leadership. Here’s how to tell the difference when assessing senior talent in partnering and strategy.

What Makes a Good Deal? 7 Lessons from Biopharma BD Leaders

We help biopharma companies hire senior business development leaders, which gives us the opportunity to have regular, in-depth conversations about what makes deals succeed or fail. Through these discussions, clear patterns emerge about what truly defines a “good deal.”

While no two transactions are alike, and each deal reflects the unique circumstances of the companies involved, experienced BD leaders consistently point to factors beyond just valuation or term sheets. A good deal, they say, is measured not only in dollars but in its ability to support long-term success, build trust, and unlock future opportunities.

In this article we explore the recurring themes that surfaced in these conversations.

In May 2025, bioCatalyst hosted a roundtable with three senior biopharma leaders to explore how to navigate partnerships with Chinese biopharma companies.

As geopolitical tensions, financial pressures, and evolving deal structures shape these relationships, the discussion provided practical insights into what’s working and what’s not.

On March 25, 2025, bioCatalyst hosted a roundtable discussion — part of an ongoing platform designed to foster open, peer-to-peer dialogue around the most pressing leadership and strategic challenges in biopharma.

This session asked a fundamental question: Can specialty and rare disease businesses be managed under one unified strategy, or do they require fundamentally different approaches?

Participants brought complementary perspectives across corporate development, commercial leadership, HR, and organizational design — offering a multidimensional view of the trade-offs companies face as they grow across both models.

This white paper explores how biopharma leaders navigate organizational structure, redefine hiring priorities, and adapt clinical and commercial models when the two worlds collide. From compensation tension to diagnostic gaps, from payer resistance to patient advocacy — it surfaces the nuanced realities behind successful transitions into rare.

Designed for biopharma leaders, investors, and strategic partners, it offers real-world insight into what it takes to scale in rare disease — when playbooks don’t always apply and creativity becomes a strategic asset.

This report explores the art of influencing without authority in biopharma through interviews with Alliance Managers and Chiefs of Staff.

These roles drive impact without direct control, relying on trust and collaboration. It highlights their strategies, challenges, and successes in aligning stakeholders in complex organizations. Through real-world examples, the report offers actionable insights for mastering strategic influence.

This report explores the challenges faced by biopharma Chief Business Officers and the strategic solutions they employ to navigate them. Based on insights from 30 executive interviews, it highlights key obstacles in funding, partnerships, and operations across different development stages.

The Future of Biopharma Alliances - Keys to Strategic Partnership Success

Sharon Morgenbesser

Alliance Management is crucial to biopharma success, but its value is often underestimated. In our latest interview, we spoke with Sharon Morgenbesser, a leader who has built Alliance Management functions from scratch and managed complex, high-stakes partnerships at Sanofi, AffaMed Therapeutics, and Fulcrum Therapeutics.

Sharon reveals strategies for:
- Guiding and Influencing: Building trust and internal support without direct decision-making.
- Building the Alliance Function: How to establish a robust framework from scratch.
- Cross-Border Partnerships: Lessons from U.S.-China collaborations on navigating regulatory, operational, and cultural complexities.
- Rebuilding Trust Post-Acquisition: Aligning governance and maintaining momentum after M&A.
- Shaping the Future of Alliance Management: The role of AI and managing financial pressures.

Leading with Purpose: Insights on Building High-Performing Commercial Teams in Biopharma

Lynn Fenicchia

Lynn Fenicchia is a seasoned executive with over 30 years of experience in the pharmaceutical industry, having held senior leadership roles such as Senior Vice President, Head of Medical Specialties Business Unit at Astellas. There, she managed a $1.9 billion P&L and led teams of up to 550 employees across sales, marketing, corporate strategy, and commercial operations.

Recognized for her authentic leadership and ability to elevate team performance and culture, Lynn shares her invaluable insights on building high-performing commercial teams in the fast-paced world of biopharma.

In a rapidly changing work environment, knowing when to transition to a new role is crucial for your professional growth. Whether it’s after a major achievement, during organizational changes, or when growth opportunities diminish, timing your move can make all the difference.

Pia D'Urbano. Driving Market Success: Insights from Biopharma’s Commercial Leaders

Pia D’Urbano is a seasoned executive who has spent over 25 years in life sciences leading and growing global businesses. Pia excels at identifying strategic opportunities and solving challenges for large and small organizations, across dozens of diseases including oncology.  She has held P&L responsibilities and over the last 15 years has occupied executive committee seats at Grifols, Novo Nordisk and Sanofi and currently sits as an advisor to private equity firms.

Prior to joining Novo Nordisk in 2018, where she was responsible for accelerating the rare disease business and subsequently leading the commercialization and launches of several brands in diabetes and obesity, Pia spent 14 years at Sanofi leading multiple commercial functions and notably building a new  immunology franchise for Sanofi-Genzyme leading to the launch of Dupixent.

Recently Pia was Worldwide President at Grifols leading the manufacturing and commercialization efforts for life saving plasma derived medicines serving patients in over forty-six countries.

In this exclusive interview. Pia D’Urbano shares her remarkable journey in the biopharma industry, offering valuable lessons on leadership, market expansion, and innovation. Join us as she delves into her strategies for success and the key factors that have driven her to the top of her field. Don't miss out on her expert insights!

Driving Market Success: Insights from Biopharma’s Commercial Leaders

Johannes Leuchs - Head of New Patient Populations (VP) for the US Rare Disease Organization at UCB

Johannes Leuchs is a seasoned healthcare executive with a diverse career spanning several leadership roles across pharmaceuticals, medical devices, and consultancy. Currently, Johannes serves as the Head of New Patient Populations (VP) for the US Rare Disease Organization at UCB.

At UCB, Johannes has led a global business unit through a successful turnaround, developed strategies for new rare disease franchises, and managed the simultaneous launch of two assets for a rare neuromuscular condition. His roles have included Head of Established Brands and Head of Portfolio Strategy.

At BSN Medical (now Essity), Johannes held senior roles such as Head of Global Business Development and Global Head of the Vascular franchise. He drove substantial business growth through product innovation and market expansion strategies.

After graduating from business school and working at Allianz, Johannes honed his skills in strategic consulting at Roland Berger, leading performance improvement cases, due diligences, and market studies.

In this exclusive interview, Johannes shares his journey, insights on market expansion, team leadership, and the integration of digital technologies in biopharma. Discover his strategies for driving growth in niche therapeutic areas, managing stakeholder relationships, and his vision for the future of healthcare.

Navigating the early stages of biotech development is fraught with challenges and opportunities. For preclinical or clinical-stage biotech companies, having the right Chief Business Officer can be the difference between success and stagnation. This article explores the critical timing and reasons for hiring a skilled CBO, whether on a permanent or fractional basis, and how they can propel your biotech company forward.

Are you relying on gut feeling in your hiring decisions? It might be leading to confirmation bias and costly mistakes...

Our article delves into the high costs associated with poor executive hires and the common biases that cloud judgment. Learn how a structured, data-driven approach can mitigate these biases, improve hiring outcomes, and align new hires with your organizational goals.

"Building Bridges: Insights into Business Development and Partnerships in Biopharma."

Anjali Kumar - VP & Head of Business Development - Cellarity

In this article, we feature Anjali Kumar, a distinguished leader with over 25 years of experience in the biopharmaceutical industry. Currently, she serves as VP and Head of Business Development at Cellarity, a Flagship Pioneering company.

Anjali's impressive career includes roles at major companies such as Johnson & Johnson, Shire, Wyeth, and Pharmacia & Upjohn, as well as emerging firms like Flexion Therapeutics and Critical Therapeutics.

She has significantly contributed to drug discovery and development, leading over 50 deep integrated opportunity assessments and numerous transactions including M&A and license agreements.

At Cellarity, she drives business development for a unique AI/ML-enabled platform.

Additionally, Anjali is a member of the External Advisory Board at Georgia Tech and holds a PhD in Bioengineering from the same institution.

Join us as Anjali shares her journey, the challenges and opportunities in the industry, and her vision for the future. We explore her insights on building successful partnerships and driving innovation in biopharma.

"Building Bridges: Insights into Business Development and Partnerships in Biopharma."

Ravneesh Sachdev - Partner and Head of Business Development at Apple Tree Partners

We delve into the career and insights of Ravneesh Sachdev, a leading figure in biopharma business development. Currently a Partner and Head of Business Development at Apple Tree Partners, a venture capital firm focused on life sciences investment, Ravneesh shares his extensive experience in shaping strategic partnerships and driving innovation in the industry. From his pivotal roles at Acceleron Pharma and Sage Therapeutics to his contributions at Pfizer and other major companies, Ravneesh offers a wealth of knowledge on navigating challenges and seizing opportunities in biopharma.

Join us to explore his journey, key accomplishments, and vision for the future of biopharma partnerships.