The universe of public biotech companies has been growing for a decade, and increasingly so in the past few years as the IPO market has flourished. Hundreds of young aspiring biotechs have tapped into the public equity markets, swelling the ranks of small- and mid-cap players.
The biotech job market is a bit like the suburban housing market—red hot. It’s a buyer’s market, don’t waive your inspection rights!
It is possibly the tightest biotech labor market of my twenty-year career. I have not seen any recent statistics, but it seems the inflow of capital into our sector, documented by Bruce in several of his recent blogs, is trickling down. Companies are proliferating, and far more jobs are being created than there are warm bodies to fill. In any given week, I get up to five inquiries from recruiters; companies of all stages and sizes are looking for people to fill strategy and business development roles. In this environment, most candidates will have several options; I’d like to opine specifically on how best to choose a CBO job, but this advice can apply to any executive position.
By Pamela L. Esposito, CBO of Replimune as part of the From The Trenches feature of LifeSciVC.
Over the last 5 years, biotech executives have been increasingly focused on the importance of greater diversity in our companies. As two women who have served as both CEOs and board chairs, our own paths to these positions drive our passion for this topic. And while gender barriers in the workplace are not the same as racial barriers, there are some parallels in the roadblocks and challenges faced. The broad issue of diversity and inclusion demands urgent attention and plays a critical role in the successful growth in our companies and in the industry at large in the years to come.
Co-authored by Jodie Morrison and René Russo, former CEO of Cadent Therapeutics and CEO of Xilio Therapeutics, respectively.
In September, the Swiss drug giant Novartis paid $150 million for a Cambridge startup that had developed a pair of potential gene therapies to restore vision to people with blindness stemming from genetic diseases. It was a sizable return for the biotech, which had used roughly half of the $21 million in venture capital it had raised after its founding about 17 months earlier by Atlas Venture.
Atlas Venture, a leading early stage venture capital firm, announced today that Samantha (Sam) Truex is joining the firm as a venture partner. Sam will work with the Atlas team to start and build new biotech companies aimed at bringing therapeutic innovations to patients.