Pharma, biotech and medical devices

Keep the drug or license it out?

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The prompt

A fictional biotech in Boston owns a drug about to enter Phase II. A large pharma company offers USD 50 million upfront now, plus USD 200 million if the drug is approved. The biotech estimates a 15 percent chance of approval from here, in line with the BIO data for drugs entering Phase II. If it keeps the drug, it must spend USD 120 million on trials, and if the drug is approved it expects it to be worth USD 1,000 million. Ignoring the time value of money, which option has the higher expected value?

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2. You open the candidate view: you see only the prompt, a timer and a notes box.

3. Speak the case out loud. Your partner shares data when you ask, then scores you with the rubric.

Interviewer view
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Your turn first

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Clarifying questions, with the interviewer's answers

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