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Interns’ perspective of a summer at MSC

By | Business Development, Communication, Company update | No Comments

In order to gain valuable insights and try out what it is really like working in an industry, at a company or before even settling on a career path, an internship is a perfect position. All questions you may have, such as what the company does, what kind of tasks there are, what the corporate culture is like, are just a few examples of what an internship can provide answers for. This summer Anna, Felix, and Shadali has had the chance to figure out more about MSC and gain some real work life experience. To learn more about their experiences as interns during the summer, we asked them for their thoughts.

Anna, Communication intern

My name is Anna and I’ve got a bachelor’s degree in Biotechnology. This September, I’m starting the last year of my master’s Entrepreneurship and Business Design, at the Chalmers University of Technology. In my spare time, I love playing handball, traveling and hanging out with friends and family. Don’t be surprised to see me with a camera in my hand or making cookies since photography and baking are two other interests of mine.

 

Felix, Analyst intern

My name is Felix and I’m studying the Entrepreneurship and Business Design master’s program after my bachelor’s in Biotechnology at Chalmers University of Technology. I’m a lively guy who like finding new interesting projects to do whether it is getting into new sports, buying a 3D printer and in the past, I’ve also been a frequent sailor competitively and leisurely.

 

Shadali, Analyst intern

I’m Shadali, an engineer in Biotechnology (from India), currently enrolled in the master’s program of Bioentrepreneurship at Karolinska Institutet. I always had a keen interest in the life sciences industry and its developments, but never felt like a perfect fit in the laboratory setup. Life took its course and here I am now, far away from home working as an intern Analyst at MSC. Besides this, I’m the kind of person that can spend my days with a canvas, some paint and mellow indie acoustic music playing in the background.

“Take MSC as Hogwarts where help will always be given to those who ask for it/deserve it. The moral being: Never hesitate to clear your doubts when required.” – Shadali

What did you work with during your internship?

Anna: During this summer, I’ve got to work on a variety of different communication tasks, both internally and for our life science clients. I’ve been assisting and creating content for our social media as well as analyzing our social media strategy to see what is working and not. Apart from that, I’ve written press releases, edited annual reports, drafted word of the CEO, created website content to name a few assignments. I was fortunate enough to also experience business analyst assignments, helping out with research and data analysis for a big client, which was one of the biggest projects we had this summer. So, all in all, I got to see both the communication and the strategy side, which truly is ideal when getting to know the company.

Felix: During my time as an intern, most of my involvement has been directed towards one of our bigger clients. I’ve had to use all my knowledge about therapeutic areas, biotechnology methods and more that I’ve previously gained from my education in order to find relevant information to use for expert profiling, company presentations etc. Aside from that, I’ve also been producing competitive intelligence reports and market analysis for some of the smaller clients, which all have been a great deal of fun.

Shadali: From this internship opportunity, I indented to develop a deeper understanding of the business aspect of the life sciences industry. I’ve worked with a variation of tasks, where some required involvement for a shorter span and others for a longer period of time. Moreover, I also found myself working for different clients ranging from big pharmaceuticals to smaller life science companies. I performed tasks such as expert landscaping, data curation, participating in orphan drug designation discussions, and working on investor presentations.

What was the biggest learning from your internship and how did it prepare you for your future career?

Anna: Here at MSC, I’ve gotten a great insight of the work with biotech companies but from a business perspective. Realizing how the work with clients can be and how much of the client’s internal politics you have to navigate has been eye-opening, not only for future professional endeavors but also for my master thesis project I’ve upcoming this year. Furthermore, I learned to be prepared for unexpected events, such as change of project scope and deadlines, and being able to deal with challenges daily will be useful no matter what work place you are at. Besides work, I’ve gotten to know some great colleagues, and their talent has been a great source of inspiration.

Felix: The biggest learning for me was both to understand how client contact and project management work at a consulting firm like MSC, and more than anything about how to tailor the deliverables towards the client. Within consulting, I’ve come to realize that there is a fine line between overworking things and not being thorough enough; and finding that line has for sure been an interesting challenge. These learnings, I believe, are going to be crucial whether or not I end up at a consulting firm in the future but also for all things entrepreneurial given the constant client-facing and service-minded thinking.

Shadali: As of now, I’ve worked here for a relatively shorter span of time but there already are so many learning that I can think of that can fit into my list of learnings. Apart from the getting to work and experiment with amazing tools such as the Monocl platform, the biggest learning is to practically see how a consulting firm such as MSC bridges the gap between laboratory and the industry. An example of this is an ODD discussion I was sitting in on supporting a senior colleague at MSC. I could see how someone so young from the MSC team with a similar background as mine was leading, directing and guiding a discussion between the client and a third-party vendor, two teams each comprising of experts and highly experienced members in their respective domains. Honestly, I was able to spot how the output of the meeting would have been so different (not very positive) in the absence of the MSC team member.

What advice would you give to future interns?

Anna: One of the best things I think you can do during the internship is to seize the opportunity and challenge yourself by doing many different tasks. That might mean that you will do things you are not best at, but you will learn a lot, which is something no one can take away from you. And don’t be afraid to ask questions and learn from your colleagues. Just be honest about what you have done and what you need extra help with and everything else will fall into place.

Felix: For future interns, I would say to make sure to set aside a little time to learn the methodology of what you are going to do because it will make all similar work quicker in the future. At the same time, though, try to always put the work in relation to what you are going to achieve and don’t be daunted by how many people rely on what you are producing, instead just do your very best and everything will turn out great. Also, everyone makes mistakes and the sooner you accept and stand up for it the better you will get.

Shadali: My advice for a future intern is to be vigilant and absorb as much as possible from this opportunity. I see MSC as a firm that is involved and concerned with the learning experience it provides to its interns. Hence one will get open access to the discussions. It’s in our hands to make the most out of this environment. Also, even if you come from the ‘perfect’ background, it’s important to understand that life science, in general, is a complex field. So, don’t get overwhelmed with the flowing information and work according to your learning graph. The team is super supportive. Take MSC as Hogwarts where help will always be given to those who ask for it/deserve it. The moral being: Never hesitate to clear your doubts when required.

If you’re interested in an internship position at MSC, do feel free to reach out to Tove (tove.bergenholt@monocl.com).

2018 M&A activity in life science Scandinavia

By | Business Development, Valuation, What's the deal | No Comments

During 2018, 12 life science mergers and acquisition (M&A) deals took place in Scandinavia for a total value of $11.5 billion. After a year with several inbound and outbound deals, we can conclude that Scandinavian life science companies beyond doubt are becoming more and more established in the world. But in which areas and within which fields are these deals taking place? To answer this question, we took a deep dive into the 2018 M&A activities of the Scandinavian life science industry!

Life science is a broad field, where companies can be divided into four different subsectors that include biotech, pharma, medtech and healthtech (see Figure 1). The biotech sector is the largest of them (total of 58%) and is in turn divided into four subsectors. Given the market size, it is unsurprisingly also the sector with most M&A deals. Following this is the medtech sector, which makes up almost one-third of the life science industry (29%) and bore the largest valued M&A deal in 2018.

In total, the Scandinavian life science industry comprises more than 1,330 companies (see Figure 2), where most companies are located in Sweden (65%), followed by Denmark (20%) and then Norway (15%). Due to the innovativeness and quality products/services developed in this region, these companies represent potential opportunities for M&A deals in the life science Industry.

Note: This is an analysis of selected M&A or asset acquisition deals with publicly disclosed deal values. Deals with undisclosed values have not been included.

Sweden

Sweden is Scandinavia’s largest country in terms of landmass, population and number of life science companies. Only in 2018, Swedish companies spent about $492.4 million (see Table 1) on the acquisition of other companies or assets, where 96% was spent in international companies or assets and 4% remained within national boundaries. In terms of inbound deals, only two Swedish companies were acquired. The total sum of these acquisitions amounted to $860.6 million, where the majority stems from the American company Alexion Pharmaceuticals’ acquisition of Wilson Therapeutics for $855 million.

Swedish M&A in 2018

Acquirer Acquired Assets/services involved Total deal value
Biotage (Sweden)* Horizon Technology (US) Provider of systems and consumables for separation in water purification, food safety, petrochemical industry, biofuels, agriculture and the pharma industry $17.9 million
AddLife (Sweden) Wellspect HealthCare (Sweden) Business in surgery and respiration $20 million (€18 million)
Biotage (Sweden) PhyNexus (US) Dual flow chromatography and patented tip technology for higher throughoutput purification $21.5 million
Recipharm (Sweden) Sanofi (France) Manufacturing center and business in respiratory diseases $58 million (GPB 45 million)
Recipharm (Sweden) Nitin Lifesciences (India) Pharma company with strong presence in injectable manufacturing $86 million (824 million SEK)
Karo Pharma (Sweden) Leo Pharma (Denmark) Product portfolio in infection, cardiovascular and dermatology $289 million (€260 million)
Ultimovacs (Norway) Immuneed (Sweden) Immunotherapy technology business $5.8 million (50.4 million NOK)
Alexion Pharmaceuticals (U.S.) Wilson Therapeutics (Sweden) Novel therapies in rare copper-mediated disorders, including WTX101 product $855 million (7.1 billion SEK)

 

Denmark

Denmark (Greenland exempted) is a small country with a high density of life science companies. From the selected deals in 2018, Danish companies spent about $1.8 billion in the acquisition of other European companies or assets. In terms of inbound deals, three Danish companies were acquired for a combined value of a hefty $8.6 billion. The deal between Widex and Sivantos alone was valued at $8.3 billion and is considered the largest M&A deal in Scandinavia during 2018.

Danish M&A in 2018

Acquirer Acquired Assets/services involved Deal value
Novo Nordisk (Denmark) Ziylo (UK) Science incubator (including glucose binding molecule platform) $800 million
Lundbeck (Denmark) Prexton Therapeutics (Netherlands) Foliglurax in the treatment of Parkinson’s disease $1 billion (€905 million):
Virtus (Australia) Triangeln Fertility Clinic/ Fertilitetsklinikken Trianglen (Denmark) Treatment of fertility $30 million (202 million DKK)
Karo Pharma (Sweden) Leo Pharma (Denmark) Product portfolio in infection, cardiovascular and dermatology $289 million (€260 million)
Sivantos Group (Germany)* Widex (Denmark) Hearing aids $8.3 billion (€7 billion)

Norway

Norway has the highest GDP per capita and is known for its innovativeness and openness to new technologies. As an example, Norway was the first Scandinavian country to approve a CAR T-cell therapy (gene therapy): Luxturna. In 2018, only one acquisition deal with disclosed values was identified. This deal was Ultimovacs’ acquisition of the immunotherapy technology business Immuneed for $5.8 million.

Norwegian M&A in 2018

Acquirer Acquired Assets/services involved Deal value
Ultimovacs (Norway) Immuneed (Sweden) Immunotherapy technology business $5.8 million (50.4 million NOK)

Concluding thoughts on an increasingly stronger life science field

The M&A and asset acquisition scene of Scandinavian life science companies is on fire with several large cross-border deals taking place in 2018. Acquisitions performed by American, Australian and European companies strongly signal Scandinavian companies’ international reach. Nevertheless, there were more outbound than inbound deals involving Swedish companies suggesting that Swedish companies may often both be financially healthy, and business savvy, to expand their operations and presence internationally. Denmark, on the other hand, is home to the big and internationally established companies such as Novo Nordisk and Lundbeck. Therefore, it is not surprising that these companies performed high-value deals with other European countries. Furthermore, a major oncology cluster is located in Norway and this means that over the next couple of years, we may continue to see inbound and outbound oncology-related M&A deals in this country.

Companies in Sweden are often both financially healthy, and business savvy, enough to expand their operations and presence internationally.

Based on the high concentration of life science companies located in Scandinavia, we may continue to see an increasing number of M&A deals in these sectors. Although the majority of acquisition deals belonged to biotech companies, especially those developing therapeutics, the highest valued M&A deal in 2018 took place between the two medtech companies Sivanto and Widex. Medtech companies have a shorter time to market and when these companies reach the market and become established in the market, the acquisition value increases. Thus, this is a perfect example of how more mature innovative companies are valued higher in an M&A, whereas high risk early stage companies, such as those developing therapeutics, are valued slightly lower in upfront payments, and oftentimes include milestone payments and/or potential royalties to leverage risk and compensate for their high valuation.

Finally, the healthtech sector is still in an embryonic stage and it is just starting to blossom. For example, the company Tunstall Healthcare acquired Danish company EWii Telecare for connected healthcare products and tele-medical solutions for various patient groups. This sector should not be underestimated since the whole field is moving more towards personalized and connected healthcare. Therefore, it will not be a surprise if the number of deals in this sector increases in the upcoming years.

By: Paola Jo, Management Consultant