Early-Stage BD: What Actually Happens Before the Deal Announcement

Most biopharma BD content focuses on closed deals — the press releases, the headline terms, the conference panels celebrating success.

This report examines what happens before any of that: the operational reality of building and running BD at preclinical to Phase 1 companies, based on confidential interviews with 16 Chief Business Officers across the US and Europe.

It addresses:

• How the CBO role has expanded beyond dealmaking

• Where deals actually get stuck

• What non-BD colleagues consistently misunderstand about timelines, expectations, and what BD can and cannot control

• How China has become a competitive pressure point

• What the deal environment looks like now

• The outlook for the next 12-18 months and what leaders are preparing for

The report includes both a thematic synthesis and an anonymised Q&A addendum with the full interview transcripts.

Volume 2, covering Phase 2-3 through commercial organisations, will be published in January 2026.

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.

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.