The document discusses Davis Farmer's experience with technology transfer and commercialization efforts at universities in the UK and elsewhere. It provides three key lessons learned: 1) Successful commercialization relies on strong relationships and shared goals between inventors, investors, technology transfer offices, and their management. 2) Initiatives need adequate long-term funding and committed resources to enable inventions to succeed, rather than pursuing quick returns. 3) Technology transfer offices should focus on supporting startups and protecting intellectual property, not short-term profits which can discourage deals.

1. University Success Stories – the UK Davis Farmer
Davis Farmer

2. The Ulysses Advisory Group
Innovation in the life sciences
• Technology transfer
• Company formation, funding & governance
• Transactions and strategic partnerships
• Venture capital
• Past Experience
• MRC
• Harvard Medical School, Case Western
• Universities of Oxford & Cambridge
• Universities of Otago and Auckland
• University of Massachusetts Medical School

3. The MRC Collaborative Centre
1986 - Formed to facilitate the transfer of academic science to industry
through working relationships
Projects included antibody humanizations using technology developed by
Sir Gregory Winter – gave rise to CAT
Over 400 commercial licenses signed
Helped launch 12 drugs on the market
Helped form 18 start ups
Generated over £600 million in revenues for the MRC
Humanized four antibodies now on the market
Humanized six antibodies currently in clinical trials

4. The MRC Collaborative Centre
What worked – what didn’t
Industry collaborations were very fruitful:
• Products to market
• Ongoing use of technology
• Revenue to MRC
In-house start-up efforts were problematic:
• Overheads may have killed at least one venture
• Micro-management stifled flexibility
• Shifting priorities also left management confused

5. MVM Venture Partners
1997 – Seed fund to bridge development gap funding for MRC science
First round - ₤46M raised from traditional venture sources
“Hook” was access to MRC science
Fund was not dedicated but had priority – free to invest as managers saw fit
To date four rounds have raised in excess of US$700M in UK/US
Investments at all stages in the life sciences
24 Exits to date

6. MVM Venture Partners
What worked – what didn’t (for the MRC)
First fund was directed to MRC science
Lots of “looks” provided fresh perspective & rigor
Forced a close working relationship with the MRC TTO
ROI to MRC from investments
MVM had first right of refusal – may have inhibited competition
Subsequent funds had no formal tie – invest anywhere
Fund – TTO relationship was not optimal

7. Lessons learned
The key is people … experience, attitude, tolerance of other “cultures” -
inventors, investors, TTO staff & management all have different goals, history
and drivers
Provide adequate incentives to inventors & be consistent – all parties need to
rely on policies & commitment of licensing entity
Critical mass – commit enough resource to each investment to make success
possible & have enough good science to justify your fund

8. Lessons learned
Greed and impatience do not work – enable and nurture rather than press
for quick returns, especially up-front when over-pricing will kill deals
Incubators should not be driven by real estate operating principles or high
overheads
TTO’s should be well enough funded to protect IP, support start-ups and not
forced to seek quick returns
Management of IP is critical in the global market

9. Turkey – Specific Thoughts
Access to funding from private sector needs a boost: consider university
consortia to access sufficient technology to “feed” a fund
Nurture international partnerships to broaden the appeal and access to
capital and markets – e.g. Drexel, offsets, foreign companies in Turkey
Tap into the Turkish scientific and entrepreneurial diaspora – many of
Turkey’s best are overseas and doing well