The Business of Biotech Highlights Bonum CEO John Mulligan & CBO Neela Patel
Bonum Therapeutics CEO and founder John Mulligan, Ph.D. , and Chief Business Officer Neela Patel , PhD, talk about their experiences as professionals at the top of their game with Matt Pillar, host of The Business of Biotech in this engaging podcast which aired December 17, 2023. Here are some takeaways.
The acquisition of Good Therapeutics by Roche in 2022 and the subsequent launch of Bonum Therapeutics as an operational company was an enormous and complex undertaking. It came together smoothly and successfully due largely to the scientific and strategic competencies, camaraderie and management styles of Good’s senior leadership team.
Much has been written on the Roche-Good deal, but the essential basics are that Roche acquired Good’s lead asset, a conditionally active PD-1-regulated IL-2 pre-clinical program, and a license to Good’s core platform technology for the PD-1 regulated IL-2 program through the acquisition of Good. Before the acquisition, Good spun out the platform technology and its IP to Bonum, and as a result Bonum already has a robust portfolio of pre-clinical assets based on a validated platform for developing allosterically regulated cytokines that are more potent and less toxic. The deal couldn’t have happened without John and Neela’s decades of scientific and business experience and their agreement on goals. They share strong desires to deliver life-changing therapies to market, while also producing returns to investors and career opportunities for employees. John points to Bonum’s rich R&D pipeline, and clear strategy for achieving value. Bonum was able to hit the ground running because it had the financing, staff, and technology in place from the start. The transition of the company’s employees from Good to Bonum was seamless—everyone was “fired on Monday night by Good and rehired on Tuesday morning by Bonum,” he says.
Platform companies have faced a dilemma- the first drug they produce is worth more than the platform to their pharma company partners. Effectively, the value of the whole company is the value of the lead program. Good’s solution was to sell the first program but spin out and retain rest in Bonum. By selling the PD1-IL2 program to Roche they were able to accelerate the drug’s path to patients, to provide a return for investors and employees, and to retain the value of all the other, earlier-stage programs. Bonum hit the ground running with a new lead program, a LAG-3 regulated IL-2, and other programs including interferon alpha, IL-12, IL-21, IL-10 and TGF beta.
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John started his career in academia before pivoting to industry. As a successful serial entrepreneur who has founded four scientifically diverse companies, he believes that the creativity, intellect, and problem-solving skills he needs as a scientist apply to business as well.
Neela began her career in industry, working at a mix of large and small biopharma companies, before being recruited to what she calls her dream job at Good. While Bonum has yet to deliver much in the way of public updates on its progress, Neela points out that complex deal negotiations require a lot of time to be productive. “Many conversations need to be had to find out who is serious and where values align, financials align, and the science aligns. This past year has been laying the groundwork for what’s going to come next for us.”
Listen to the full podcast (1 hr 8 min 43 secs) on the following platforms: