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.
Alacrita incorporated a seasoned pharmaceutical dealmaker into the project team and conducted a rigorous, multi-dimensional review of the opportunity. Our analysis uncovered several significant weaknesses in the investment proposition, including gaps in the scientific rationale, concerns over IP defensibility, and overestimated commercial assumptions. We determined that the risk-reward profile of the deal, as originally structured, was unfavorable.
Based on our findings, we recommended a fundamental restructuring of the deal terms to better reflect the asset’s true risk and potential. Over the course of the year, Alacrita supported the client in its negotiations with the inventors, helping to reframe the opportunity into a more equitable and commercially viable investment. The restructured deal was then marketed to a broader group of potential investors with a stronger, more credible value proposition.
Alacrita supports investors and strategic partners in evaluating early-stage therapeutic opportunities where scientific rationale, IP strength, and commercial viability must be critically assessed. Our cross-functional teams bring deep domain expertise to each engagement, identifying key risks, challenging assumptions, and helping reshape deals based on real-world development and market dynamics. Whether you’re assessing proof-of-concept assets, novel mechanisms, or unfamiliar therapeutic areas, we deliver due diligence that drives clarity, confidence, and better-informed decisions.