Biotech VC path from Patent Law
Hi all,
I’m looking to move into biotech VC after training as a patent attorney in Europe for 3+ years. I have a PhD in Chemistry from a top-10 university and am based in London. As a part-qualified patent attorney, I’ve worked on DD and FTO for start-ups and large pharma, which has made me increasingly interested in the VC side.
I have a few questions and would really appreciate your input:
- How realistic is this pivot?
- Where would you recommend starting when it comes to learning about VC?
- What are the essential topics/concepts I should be familiar with?
- What does the interview process typically look like, and how would you recommend preparing?
Any advice, resources or personal experiences would be greatly appreciated.
You have a very unique background, but it certainly is possible to pivot, especially given your PhD and if you network with the right kinds of funds.
Things that you should broadly know include an understanding of a disease mechanism, mechanism of drugs that show efficacy in this disease and why, understanding why a new drug might be potentially differentiated (efficacy, safety, dosing frequency, orthogonal MoA), competitive landscape, and a rough sense of sales potential and valuations. If you can talk about these things for one or two companies you’re in a good spot for interviews.
Prepping really is just a bunch of reading and working through company decks. Publicly traded company decks are easy to get your hands on and a good starting place. Equity research reports can also help pick up on the language and style of thinking.
The interview process across these funds is pretty standard. Some behavioral (questions about interest in VC, why your skill set is well suited to it, what your previous experiences will bring to the table.) Be ready to discuss areas (modalities, indications) that you find exciting and some companies operating in that space.
You’ll usually have a case study after the first round, which includes some company profile and asks you to analyze the likelihood of success, trial design, and early data. Bonus points if you can argue for differentiation and about strength of the target product profile. Live debrief after.
Biotech funds tend to fall into two camps, the company builders (Atlas, Third Rock, Versant) and more “growth” style investors (Frazier, Deep Track VC arm, Access). Depending on your background, it may make more sense to target one over the other. Warm intros go a very long way in the industry.
Thanks so much, this is really helpful. The distinction between company builders and growth-style funds is interesting. Which would you say is more attractive and/or realistic to target initially? Also, when you say “network with the right kinds of funds”, what would you recommend as the best way to actually get those conversations started? Is LinkedIn networking enough, and which seniority level would you target to maximise the chances of a response?
From your feedback, it sounds like I should prioritise developing scientific/clinical judgement, e.g. disease mechanisms, efficacy, points of differentiation, etc. Would it be equally important to understand valuation, financial modelling, etc., or is that something funds are generally willing to teach someone coming from a technical background? And do you see patent/IP expertise as a meaningful differentiator for biotech VC?
I’m currently working through WSO’s Intro to VC course as a starting point. Have you done any of the paid WSO courses, and if so, do you think they’re worthwhile? Or are there better resources you’d recommend for someone trying to build the fundamentals?
From your profile, it seems you have a background in biotech and are now working in HF. If you’re open to it, I’d be keen to continue the conversation via DM or a virtual call. Thanks again, really appreciate the input.
Have a few resources, feel free to p .m.
Assumenda repudiandae amet sit culpa. Quis deleniti et amet aut non. Reiciendis ipsam sit corporis fugiat.
Ab ut quis sint ut. Necessitatibus quas sit magnam inventore ducimus sit ab. Sit doloribus qui sit similique quas.
Esse eligendi natus dolorem aspernatur dolor. Non ut qui id id illum excepturi. Voluptatum nostrum praesentium et error adipisci tempora quas aut.
Cumque rerum ea unde ad. Voluptatem odio tenetur explicabo magnam quis consequatur. Asperiores aut ducimus voluptatibus aliquam autem quia amet. Qui ut enim provident. Iste delectus est harum fugiat rem placeat. Eos sit recusandae repellendus itaque.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...