Introduction
Beginning with the end in mind is always good practice, but it doesn’t have to be slavish; building exit options, including the option not to exit (and to continue operating the business) is good business. Careful planning and execution are required to maximize value capture. Even with a successful therapeutic development in process (or over the finish line), the difference between a base hit and a home run here can be measured in orders of magnitude. We specifically exclude IPOs here as while they do produce liquidity, we believe they should primarily be viewed as a fundraising tactic, not an exit per se.
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