Based on nineteen confidential interviews with biotech CBOs and CEOs, this white paper explores what makes the CBO–CEO relationship work, where it breaks down, and which conversations often happen too late.

The report includes practical takeaways on role clarity, board alignment, CEO involvement in deals, the accountability–authority gap, and the evolving role of the CBO as a strategic partner rather than a purely BD-focused function.

It also includes anonymised interview transcripts, preserving the perspectives of both CEOs and CBOs in their own words.