Naji Gehchan: Welcome to SpreadLove in Organizations, the healthcare leadership podcast where we explore leadership with purpose.
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Welcome to Spread Love and Organizations, the healthcare leadership podcast where we explore leadership with purpose. I’m Nagy, your host, and I have the pleasure today to be sitting with two leaders who’ve spent decades navigating one of the world’s most complex industries, my industry, biotech and pharma. Jean-Noël Pellegrain and Alain Eudaric aren’t just strategists or deal makers, they’re connectors of purpose, people, and innovation.
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It is really great to have you both with me today. You’ve earned the reputation of a strategist across borders, advising biopharma leaders on growth, integration and innovation across markets. Before launching idea pathways and shaping decisions from the consulting side, what first drew you into the space? Thanks, Nadjian. Thank you for having me. I’m delighted to be here. So what first drew me in?
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Honestly, I did not set out thinking and end up advising biotech and pharma companies around the world. My background is in engineering and I’ve always been fascinated by how things work, especially when it comes to complex and cutting edge systems. But what really hooked me into the biopharma space was seeing how people, science and business come together in this industry. There was a time in my career where I worked first for global life sciences instrumentation company.
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and then for global pharma services organization. I’ve been part of incredibly smart teams trying to bring real innovation to life. But I also saw how often great ideas struggled, not because of the science, but because of misalignment between strategy, execution, and what the market actually needed. That disconnect really stuck with me. And that experience is actually the one that shaped everything I’ve done since.
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I founded Idea Pathways to help biotech and pharma teams navigate that complexity. Whether it’s building strategy, scaling across geographies, working through a deal, or unlocking value that gets stuck in silos, I found that most challenges come down to two things, clarity and follow through. Thanks so much, Alain, for this. can only agree that it’s a need. And I’m sure, Jean-Louis, you’ll go through this too later on with your book.
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But you’ve spent two decades, John-O-Well, shaping biopharma deeds from the inside, building valuation models, structuring transactions, and guiding M &A or business development decisions at Sanofi and beyond. But before the spreadsheets and strategic negotiations, what really first brought you into this work? Thanks, Neji, and thank you for having me. I started my career at ENY in Paris before stepping into CFO roles.
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across diverse companies like Renault, IBM. But it has been my 19 years at Sanofi where I really found my passion for unlocking value in life sciences. What excites me most in working is working side by side with engineers and scientists to build forecasts and business cases that bring innovative ideas.
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close to reality, this is what we want to do. At Sanofi, I’ve been deeply involved in hundreds of licensing deals, partnerships and M &A projects, always fully embedded in the project teams and collectively driving forward. So this international cross-functional collaborations across multiple therapeutic areas.
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have been eye-opening. I have seen how finance is not just about numbers, it’s about shaping decisions. Projects can get a swift no if the value is not there. And that puts a real responsibility on us to work closely with R &D, commercial, business development teams to thoroughly evaluate every opportunity. That’s where we
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can have a real value be unlocked for a project. I love this. You you said something bringing innovation into reality. I think this is what we do here in pharma and biotech and ultimately bringing life changing innovations for patients into uh reality. and I first connected while working with entrepreneurs, helping them really shape kind of their venture, navigate the leap.
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from science to strategy to seeing this, what John Well said, like this opportunity, getting it to patients. Were there a moment in those conversations or collaborations that sparked the idea for this great book, The Thriving Biopharma Business? Definitely. You know, early on, I spent a lot of time, as said, coaching biotech startups and listening to many pitches from scientific entrepreneurs.
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And what stood out was how often the feedback I gave circled back to similar core themes. Those included clearly defining the company purpose, understanding the problems that they were solving and for whom, articulating why their solution made sense in the current market, and demonstrating a sustainable business model with strong financials and investment plans. It also involved explaining their unique position against their competition.
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showing why their team was the right one to make it happen. And after a while, I found myself looking for a book I could confidently recommend to these founders. Something practical, something insightful, something tailored to their unique challenges. However, surprisingly, I could not find a resource that really hit the market in that respect. So that’s when we started thinking maybe we should write that book. And I share that idea with Jean-Noël at the time, was equally passionate about helping biotech leaders thrive.
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So together we decided to take that leap and put those real world lessons into a practical guide, which is that book. So next step for us was to find the right publishing partner. And we are fortunate that Teller and Francis at the time quickly saw the value in our proposal. And their support gave us the confidence, the platform turned those insights into the thriving biopharma business, which is really a book directly born from the frontline of biotech entrepreneurship.
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We wrote it for leaders who want a practical guide to building and growing companies in this space. It’s packed with real world examples, frameworks, and lessons learned from the field.
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And it is a great book for those in the industry, as you shared. And Jean-Noel, you have also a full-time job, like Alain, writing a book is never a small undertaking, especially when you’re trying to do this in an industry complex like biopharma and really spanning from strategy, finance, leadership. How did you and Adab decide to take this on together?
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And what made this collaboration kind of blank? Yes, in fact, what Alain described really resonated with me. While he was hearing similar themes around purpose, market fit, business models, also uh on my side, the challenges on the finance and deal making side. I know the types of how many talented scientists
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struggled to frame their innovations in terms of value creation, investor expectations, or deal structures. These gaps often created barriers to growth, even when the science was solid. That’s when it clicked for us by combining Alan’s deep strategy and operational insight with my experience in finance, valuation, and
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deal making in a big pharma context. We could offer a more complete picture. Our skills completed each other perfectly. Together, we decided to turn our shared observations into a practical guide that helps biotech leaders move beyond just the science and build companies that can attract investment and scale effectively.
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And this collaboration allowed us to bring different but equally essential perspectives to the book, ensuring it speaks directly to the diverse challenges biotech entrepreneurs face every day. So I love that because it’s already kind of cross-collaboration on the different really capabilities, expertise that you both bring.
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I’d love now to go and dig a little bit more into the insights of the book and what you’re sharing. So one of the things is those strategic pivots that can really define companies future. And we see it quite a bit in, uh in bio pharma early beginning. Can you walk us through one that stands out and leadership mindset that really turned uncertainty that we live daily in this industry into momentum? Sure.
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One strategic pivot that stood out for me really in Bio Pharma is Moderna’s bold decision to focus entirely on mRNA vaccines during the COVID-19 pandemic. It’s an example that people know well. At a time when mRNA was still an emerging and somewhat unproven technology, CEO Stephane Bancel and his leadership team leaned into relentless curiosity.
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and took really calculated risk to rapidly develop a vaccine that would reshape global health. And this pivot perfectly illustrated a key theme from chapter four in our book, The Thriving Biopharma Business. Great outcomes demand more than science. You need the ability to set strategy in a disciplined way while remaining flexible. You need to provide a clear vision. And finally, you need decisive leaders.
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That’s how you turn uncertainty into opportunity. Instead of simply reacting, Moderna’s leadership was able to follow a clear MRNA roadmap with careful market priorities. They stayed nimble and struck a balance between bold innovation and solid planning in my view. I believe that greatly helped them move fast, make a real impact, and build lasting value for the company.
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That’s a great example. And certainly you’re ending on value creation, right? For the company, for the society, for shareholders and all stakeholders basically. And really like the valuation in pharma and biotech is a complex piece. So Jean-Noel, you’re one of the experts on those things. Can you share with us a little bit your thoughts on value creation in our industry? Yes. In fact, with experience, you can see that your point about
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valuations, transcending pure financials, particularly insightful. I would like to illustrate it with two stories, two acquisition stories. The first was um with a mid-stage biopharma company. They had this exciting therapeutic that has been on the market for about three years, but it was still, you know, in a critical critical
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uh commercial ramp up where you know every quarter matters and the sales team is building a momentum and valuable experience. The temptation for as an acquiring company is to come in and start aligning all the processes, integrating all systems and to just standardize everything from day one. But we realized that
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In this case, if we disrupted their commercial momentum, we would essentially be destroying the very value we paid for. So our leadership team made a very uh conscious decision to give their commercial organization significant autonomy. They maintained their sales structure and preserved their go-to market approach.
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So we made sure the team felt valued and included rather than lost in a very large organization like a big firm. So we had to resist the urge to standardize. So it was a restraint, a restraint in preserving their commercial operations, which proved essential to maintain their operational performance and at the same time reach our financial targets.
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after the deal closed. So this case was, I have another case where with a small startup with maybe 15 people, they had a breakthrough technology at a very early development. This was a completely different challenge dealing with a brilliant team of scientists. So there was no way to roll them into our process heavy.
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standard big pharma approach. So it would simply have killed the innovation potential there were building. So in fact, here again, our leadership had to resist the urge to integrate everything immediately. So we preserved the innovation ecosystem they had built while ensuring adequate, albeit
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minimal corporate requirements. This took real emotional intelligence, pragmatic judgment, I would say, on the part of the executive team. So in both these situations, the financial models look great on paper, but the real value creation came down to the leadership team having the business instinct to hold back.
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know where, when to preserve and protect the key value drivers and when to align with the broader corporate goals. These are really great framings actually as we think about those like from what makes sense on paper you’re bringing it back to something that is very close to my heart which is leadership, the instinct to make sure that things are well integrated you even said the urge
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resist the urge to integrate immediately. So all those, all those pieces comes back to the beauty of what we do, right? Like it’s people, it’s humans and how we interact and think about these problems. And if I go a step backwards, before you get into those MNAs or or deeds and partnerships between pharma, biotechs, the pitches themselves, like how do they pitch to you? How do they tell you the story? Does storytelling even play a role?
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in a data and science driven industry. So I’m intrigued, and I’ve seen several of those. Is there like a most unforgettable pitch that you’ve witnessed and how did it connect with decision makers at a human level to make the deal? So, Nadjia, I’m really glad you asked this question. This is something I’m really passionate about. You literally stumbled upon one of my soapboxes.
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The ability to tell stories and pitch is so important that we opened the thriving biofarm business with a section titled, The Importance of Stories Over Data. And we even dedicate an entire chapter, chapter six, to helping leaders craft strong pitches that speak to their audiences. In there, we cover how to structure a pitch, we consider cultural context, when to submit questions, how to leave a lasting uh impression.
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And as you said, in bioforma, a great pitch is not just about what you know, it’s about helping others believe in what is possible. The most effective pitches I’ve seen or witnessed combine three elements in my view, logic, emotion, and trust. And those need to be packaged into a coherent and compelling package. This is something we illustrate in detail at the beginning of our book. And while logic is the default language of science,
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using clinical trial results, technical analysis, emotions do connect us on a more universal level, often through inspirational patient stories. And trust is built through credible references, key opinion leaders, and a clear articulation of the unmet needs and potential impact. And to come back to your original question, maybe one of the most memorable examples I’ve seen was
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vertex pharmaceutical during the lead up to Trikafta. The clinical results there was strong. It was a therapy that could benefit about 90 % of people with cystic fibrosis. They were tackling genetics for the first time at an incredible scale. But what made that pitch resonate with me at the time was how they brought the science to life through the voice of patients and families. In one widely shared story, for instance,
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You saw a mother of a 10-year-old patient that described what the treatment meant to her. She said it lifted a weight she had been carrying since her son’s diagnosis. For the first time, she could picture him growing up with healthy lungs. And that moment really stayed with me. When you pair a story like that with solid data and a clear market need, the message does tick. And it worked.
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Trikafta became a commercial success. It drove significant revenue growth for the company. It reshaped expectations in rare disease drug development. But it started with a pitch that made people care and believe before they even had time to analyze the numbers. Yeah, I certainly relate to that. I’m now in the rare disease space. And really, when you hear those powerful story of patients.
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and how those drugs can transform their lives, make you wake up every morning, but also make the story more compelling, but with data, as you said, and a clear unmet medical need. I’m going to now move to a place where I’ll give you a word and I would love for you to react to it. The first one is leadership. So maybe I take the lead on this one.
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Leadership for me is integrative leadership. And by that, mean a leadership style that brings together diverse perspectives across science, across regulatory, across commercial functions, geographies, and more. It’s really about connecting the dots across disciplines and teams to create real alignment and fuel innovation. In the Thriving Biopharm of Business, we emphasize how this approach can really unlock values for companies.
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Leaders who create open collaborations between R &D, regulatory, commercial, and external stakeholders build the kind of ecosystem where complex challenges are addressed from multiple angles. And that alignment speeds up decision making, it avoids duplication, it drives innovation that delivers for patients. This approach becomes especially powerful in my view during complex strategic decisions. In the book, for instance, we explore
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In the case of Roche, a 2022 partnership with SmallBioTech to develop a new cancer treatment targeting tough-to-treat mutations. And we noticed that the deal threw four key lenses, financial, market, competition, and operations. In the case of financials, we need to ask whether the structure of the deal generates sufficient value. How does it compare to other options with similar risk?
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Does it reflect the funding environment that most biopharmacompanies face in practice today? From a market perspective, we need to evaluate how attractive this particular segment is, how challenging market access might be, how complex the regulatory landscape might be, and whether the opportunity really fits the company’s capabilities. On the competition side, it’s all about how the deal leverage differentiated and unique companies’ strengths.
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how it secures freedom to operate from an IP perspective, how it positions the therapy to stand out within a crowded and fast-moving field. Operationally, the review considers access to the right expertise something critical nowadays, whether manufacturing capabilities will be available in a timely fashion, and whether the supply chain can hold up under pressure. That kind of resilience to disruption is something the industry has paid, as you know, closer attention to since the pandemic.
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And by looking at those four dimensions across, this is the kind of integrative analysis, integrative leadership that brings clarity to complex partnerships and help companies move forward with confidence and speed, even in high stakes, high uncertainty environments. I love this concept of integrative leadership. I’m sure Jean-Noel, you can also bring another lens to it, an additional lens to it as you guys complement one another. uh
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I’ll let you react to it too. Yeah, okay. In fact, integrative leadership can also be viewed in the context of a transaction of a partnership. Imagine when experts on both sides, they do not share, only share data, but they build a genuine understanding and trust. It’s very rewarding for both cases. So when you get
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both functional teams working together openly on both sides, you create a solid foundation that allows for creative problem solving and flexibility. uh They can make or break a deal beyond financial terms or legal frameworks that we have for any transaction. And also, this is important, uh
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when you are in a context across borders, when you have cultural nuances that come into play. So for example, I remember an acquisition with a biotech company where from the very first meeting, you could tell that the sales side team was prepared to collaborate and not just prepared to defend their company.
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So they had done incredible preparation, but not just from the standard data or material point of view, but also detailed document proactively addressing most of our concerns as a buyer. So whenever we needed clarification, they were extremely responsive and promptly organized meetings with their, of course, the relevant experts. So in fact, in this
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experience, what really stood out for me was their open mindset and their exceptional cross-functional approach, in particular from regulatory affairs, lead scientists, commercial strategy. So in this area, it wasn’t just buyers versus sellers. It was problem solvers talking to problem solvers. And this was very, very
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helpful. This quality of exchanges was essential to closing the deal in a very timely manner because the acquired products represented a new therapeutic field for us and we needed a better understanding of operational aspects and specific risks. So their communication approach and collaborative framework helped build trust and enable our team
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to complete successfully all the due diligence tasks within a very short, demanding two, three week timeframe. So one reason why integrative leadership allows for such performance is that generates a generally open environment where both sides foster a partnership mentality.
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other than a purely transactional one. So in this transaction example, just described, the process went in fact, mostly than we would have expected. And we created a mutual goodwill and we were positioned for a successful company integration, post acquisition. And so for me,
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uh I would say that integrative leadership is a mindset that can prove decisive in many other contexts. Like when you, for example, other transactions, when you are co-developing a combined product that requires another company’s support, for example. Yeah. And this is really an incredible example and way of thinking of things. And I certainly
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see it working here and beyond, right? Because you said something super powerful instead of being one against the other is how can we partner to solve the same problem that both companies are solving? One needs a partner, needs funding, the other is trying to bring this asset to market. So it’s great examples. The second word I would love a reaction to is entrepreneurs. Yeah, we can see that.
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And in my experience, we consider that biotech entrepreneurs, they should act as savvy business builders, not just scientists, but also business builders. Alongside great science, in fact, investors who expect a clear business model, a solid market plan, and a smart financing path.
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So start-up entrepreneurs, we succeed in our today’s very uncertain environment. They blend strong business skills with scientific innovation.
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What about resilience? So I guess I’ll take that one on. So I actually have the perfect answer for this, you know, and there is something that has anchored me during turbulent times. And it’s actually a poem, believe it or not. It’s titled If by Rudolf Kipling. It is 32 lines of resilience, humility and focus under pressure.
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And my father gave it to me in France when I was a kid growing up in Paris. And it’s really encouraged me ever since. Well, Alain, I need to add that on the page, actually. So I’ll have to read it and translate it and add it on the page. I love it. The last word I always ask uh my guests is spread love in organizations. Give me a reaction to
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So for this, it’s better to clearly articulate the value proposition that your technology or lead asset uh to better attract investor interest. They need a clear, compelling narrative that demonstrates the scientific promise, but also the commercial viability.
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We will do it because that will be the conclusion. So on that I will ask you question about final word of wisdom for leaders. on spread love and organizations, can you react on… Because you talk a lot about leadership, how you tell the story, the working together.
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So can perhaps start over with integrative leadership. Like Spread Love and Organization, it’s about integrative leadership and partnering with one another. Maybe I should start first because otherwise it’d be back to the… so that we can have a dynamic. Okay. And so the last two sentences… The last sentences are for you two. So I’ll the question, a final word of wisdom. And can do it. Okay. Do you to react to Spread Love or do take
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I think it’s not worth to answer. So I’m spread love and organizations. You have an idea? Improvise it. Improvise it. Okay. The final word is spread love and organizations. Thank you, Nadhi, for mentioning this. I think this is one of the passions, the underlying passions that’s pretty much central in the industry.
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for many entrepreneurs and many executives in BioDek. And that’s actually something we acknowledge in the beginning of the book. And I would like again, take the opportunity to on behalf of both of us to thank all those leaders in the industry for their passion for sharing that love and for their commitment to making the world a better place and developing new therapies. So that to me is a given building block for the industry. A hundred percent. This is why we wake up every morning and
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Thanks for shining those great cases in your book. Any final word of wisdom, Don Noel and Alain, for healthcare leaders around the world? I would say clearly articulate the value proposition your technology or leadership set will bring to attract investor interest. they seek, investors seek clear, compelling narratives.
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that demonstrate both scientific promise and commercial viability.
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Now, thing I do hope listeners take away from today’s discussion is the vital role of relentless curiosity in driving innovation. now, combining that with strong storytelling capabilities, financial savanness, and calculated risk-taking can really unlock value in the industry. These are insights we explore deeply in our upcoming book, The Thriving Biofarm Business. So stay tuned for more insight there.
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These are great charges and bits of wisdoms for us to think of as leaders in healthcare. Thank you both, Alain and Jean-Noel, for being with me today. Thanks for listening to the show. For more episodes, make sure to subscribe to spreadloveio.com or whatever you listen to your podcasts. Let’s inspire change together and make a positive impact in healthcare. One story at a time.
Naji Gehchan: Thanks for listening to the show! For more episodes, make sure to subscribe to Spreadloveio.com or wherever you listen to your podcasts. Let’s inspire change together and make a positive impact in healthcare, one story at a time.
Follow us on LinkedIn and connect with us on spreadloveio.com. We’re eager to hear your thoughts and feedback. Most importantly, spread love in your organizations and spread the word around you to inspire others and amplify this movement, our world so desperately needs