Challenge:
A generalist investment fund with limited experience in the pharmaceutical sector was evaluating a co-investment opportunity in an early-stage therapeutic project targeting novel treatments for various forms of anemia. Although deal terms had been agreed in principle with the inventors, the fund lacked the in-house expertise to assess the scientific credibility, development risks, and commercial viability of the asset.
The fund engaged Alacrita for support over a one-year period to provide ongoing guidance on the evaluation process. Our role was to critically assess the proof-of-concept data, projected development costs, market potential, and the strength of the associated intellectual property, as well as to advise on deal structuring.
Solution:
Partnering with an experienced dealmaker, Alacrita conducted a comprehensive assessment of the opportunity. Our analysis revealed substantial gaps in the project’s readiness for investment, including weaknesses in the proof-of-concept data, unclear regulatory pathways, and over-optimistic assumptions regarding market potential. We concluded that the proposed terms were not reflective of the project's true risk-reward profile and advised a significant restructuring of the agreement.
We continued to support our client throughout the renegotiation process with the inventors, helping to realign the deal structure with realistic commercial expectations and risk mitigation strategies. Ultimately, our client moved forward with a revised investment proposition and was able to present the opportunity in a more compelling and balanced manner to a broader network of institutional investors.
Our Due Diligence Services
Alacrita helps investors and strategic partners navigate the complexities of early-stage therapeutic opportunities by providing rigorous, science-led due diligence. Our multidisciplinary teams bring deep expertise in drug development, intellectual property, and commercial strategy, enabling us to uncover critical risks, test assumptions, and shape deal structures that reflect real-world challenges and potential. Whether you're evaluating proof-of-concept assets, unproven mechanisms, or ventures outside your core domain, we deliver the clarity and insight needed for confident, informed investment decisions.
Our Licensing, Partnering & Dealmaking Support
Beyond due diligence, Alacrita provides hands-on support throughout the dealmaking process—from initial engagement strategy to term sheet negotiation and closing. Our team has extensive experience representing both licensors and investors, ensuring that deal structures align with asset potential and stakeholder goals. We bring commercial realism, negotiation expertise, and deep scientific insight to every transaction, helping clients navigate complex dynamics and secure partnerships that unlock long-term value.