Beyond
Advisory
Treehill Partners
Focused on Transactions and Transitions in Healthcare
International strategic and financial advisory focused exclusively on healthcare. Hand-picked team of successful senior professionals.
Diverse backgrounds across banking & finance, strategic consulting and leadership roles in industry
What We Do
Value maximization
at each point along the value creation life cycle
at each point along the value creation life cycle
Value maximization at each point along the value creation life cycle
Unique Edge
Enabled by the seniority and pedigree of our team
we answer the most intricate questions
we answer the most intricate questions
What is the Situation?
Independent
Assessment
Assessment
Where to go from here?
Understand and
Increase Optionality
Increase Optionality
How will things play out?
Inform Today’s
Decision Making
Decision Making
What Clients
Say About Us
Previous
Next
Case Studies
Client Situation
- Oncology focused, early-clinical EU biotech
- First to clinically overcome tox problems previously associated with targeted pathway
- Successfully raised a total of $50m privately
- $30m spent, $20m remaining
Treehill Mission
- Understand hurdles from an investor’s perspective to raising capital
- Establish certainty about most financeable corporate & product development strategy forward
- Support management & board decisions to change the company’s trajectory
Findings
- World-class preclinical and phase 1 data package, in line with a large pharma buyer’s expectations
- Not ready for phase 2. Lack of patient identification capabilities, high risk of failure
- Shareholder base and pool of capital not suitable to support next development stage
- EU-centric operations, not internalized into US or Asian hot-spot communities/ centers of excellence
Recommendations & Implementation
- Strong fundamentals underscore significant value creation potential
- Don’t start phase 2. Expand phase 1b. Augment biomarker capabilities, understand response drivers
- Devise integrated product development and capital raising plan. Build storyline to near-term IPO
- Broaden geographic coverage into US to further access to expertise, relationships, and capital
Client Situation
- Global pharmaceutical major
- Market-leading, profitable, growing asset non- synergistic with remainder of the group’s businesses
- Existing regional partnerships, some lagging performance
- Desire to dispose of certain geographies entirely
Treehill Mission
- Initial “simple ask” to oversee transaction with one of the existing partners
Findings
- Existing partners were no viable buyers due to competitive situation along supply chain
- Significant upside opportunities identified but no plan to harvest and not factored into divestment considerations
- Corporate memory on asset erased, team had been let go
Recommendations & Implementation
- Re-instated prior team and corporate memory on the asset
- Comprehensive reverse diligence across supply chain, regulatory, sales & marketing, financial, etc.
- Creation of business plan and transaction materials for marketing as well as diligence
- Developed alternative strategic pathways, including a “hold and build” scenario – which was the CEO’s concluding choice
- Disposed 4 years later after implementation of growth, at a multiple of value
Client Situation
- US listed oncology biotech
- Platform tech with programs from late clinical to preclinical
- Market cap from $1bn to $100m to $10m
- Three CEOs in four years
Treehill Mission
- Comprehensive plan to ascertain viability
- Optimize capital allocation
- Drive large pharma engagement
Findings
- Phase III program non-viable; largest value in early-stage programs
- Silos of scientific and business teams not integrated into cohesive strategic effort
- Capital markets communication not in sync with pipeline prospects
Recommendations & Implementation
- Abandon late-stage program; freeing up resources for follow-ons
- Focused partnering campaign for mid-stage program; re-setting perception and yielding a significant partnership commitment
- Value creation trajectory plan for early-stage pipeline, fuelling equity story
Client Situation
- EU pharma family office with broad venture portfolio
- Some assets close to value inflection points
- Significant capital deployed across portfolio
- $30m spent, $20m remaining
Treehill Mission
- Portfolio review focused on transactability of most mature assets
- Strategic plan to resolve gaps before transaction processes
- Support management & board decisions to change the company’s trajectory
Findings
- Mostly excellent science, clearly differentiated
- Competitiveness of target product profiles limited; implications for exit structure and process
- Several key gaps in bidder package
Recommendations & Implementation
- Value realization strategy and tactical plans
- Pathways to resolve regulatory, CMC and pricing gaps as relevant to the respective businesses
- Several transactions since materialized
News & Views
- TreehillPartners
- July 20, 2023