If you’ve never been in a licensing negotiation, you might think big pharma always has the upper hand over startups desperate to get a deal done to secure licensing fees and milestone payments. Actually, these are two parties that share the same goal, and sometimes, a startup has a product so good it holds all the cards.

But is it always straightforward?

Deal negotiations between pharma companies and biotechs are the bread and butter of Winsome Cheung, a partner in the life sciences transaction group at global law firm Covington where she’s represented clients on both sides of the table.

Winsome — who, during her PhD in medicine, explored commercialising her research with Cambridge Enterprise — ponders how that experience went on to shape her thinking as a lawyer on today’s episode of The Next Leap podcast.

We also talk about industry trends she’s observed in recent years, provisions in licensing contracts that could scupper M&A deals years down the line like exclusivity or reach-throughs, and why universities should have standardised templates in place for things like material transfer agreements.

Let’s nerd out over contract law!