Challenge
A division of a life sciences company planning an initial public offering on London’s Alternative Investment Market (AIM) required a non-executive board chair who would bring instant credibility with investors and was well-regarded among the life sciences community.
Our client wanted an executive who had an extensive network of contacts within the pharmaceutical industry and a track record striking business development and licensing deals, which was a key element of the company’s long-term growth strategy. The successful candidate also needed to have board experience and familiarity with platform technology and research and development.
The client had been in discussions with one executive, but called in Spencer Stuart, which had successfully completed several searches for its parent company, to conduct a more comprehensive search for this position. But, with the clock ticking on the planned IPO, the client needed to act fast to get the new chair in place quickly and proceed with the IPO investor road show.
Actions
Tapping our thorough knowledge of the life sciences community, we were able to present our client with a list of 20 highly qualified executives who met the company’s criteria within 24 hours of our initial conversation.
During the follow-up discussion with the client, two well-regarded life sciences executives were considered to be most suitable. One of these executives was already known to the client but hadn’t been pursued under the assumption he wasn’t available. Because of our long-standing relationships with these executives, we were confident not only that they had the necessary skills and experience for the position, but also that they would be interested and willing to serve as chair.
Result
With the support of the client’s investment bank and parent, we quickly focused on one of the two outstanding candidates, an executive who was well-regarded for his experience building a life sciences company through aggressive acquisitions and licensing deals. During a nine-year period under his direction, this privately held life sciences company had grown one hundred-fold to become a public company with a market capitalization of more than $3 billion through a series of mergers and acquisitions. As we had anticipated, the executive was interested in the chairmanship, and accepted the position. Our client was very pleased to have attracted the world-class talent it needed at this crucial period in its development without delaying the IPO process.