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01 The mission: For Science

Great science deserves
a great partner.

02 The Advisors

We craft and execute your partnering process as your part-time CBO.

STA has supported biotech companies with business development since 2015. We stay with you through the entire partnering process, from preparation to signing and beyond.

Anthony A. Hörning

Founder & CEO

Anthony A. Hörning

Anthony founded STA after more than 20 years at Novartis, most recently as Head of Alliance Management, General Medicines. He brings established pharma relationships and a deep understanding of how pharma partners assess an opportunity.

Previous Work Experience

  • Novartis10 years

    Head of Alliance Management, General Medicines, Pharmaceuticals

  • Novartis4 years

    Head of BD&L, Established Medicines

  • Novartis3 years

    CFO Brazil

  • Novartis5 years

    Head of Capital Markets & IR

  • J.P. Morgan10 years

    Senior Account Manager, European Desk, investment banking services

Adrien N. Hörning

Associate Partner

Adrien N. Hörning

Adrien joined the family business in 2023 after two years in investment banking and private equity, contributing deal analysis and valuation skills.

Education

Master’s in Accounting and Finance and Bachelor’s in Business Administration, University of St. Gallen (HSG).

  • Columbia University, (exchange semester)
  • Copenhagen Business School, (exchange semester)
  • WU Vienna, (exchange semester)

Previous Work Experience

  • J.P. Morgan, Zürich · Investment Banking Team
  • Verium AG, Zürich · Private Equity · Direct Investments Team
  • Capvis AG, Zug · Private Equity · Direct Investments Team
Publications & industry contributions
Good Partnering PracticesSwiss HLG · Framework & resourcesOrchestrating PartneringStrategic Alliance Magazine · InterviewWorkshop excerpt (video)

More publications & talks

Industry links
ASAPBasel Area Business & InnovationPLCDSwiss HLGVantage Partners

02 The software

The engine behind the team.

We purpose-built our own in-house software that guides the latest frontier models through the required BD groundwork, while we retain full ownership of the process.

Deal flow01 / 05
01

Preparation

Understand what you have and what you want.

We capture your company strategy, and BD objectives, assess your asset the way a pharma partner will and build a transparent valuation based on your key assumptions.

  • Company and BD strategy
  • Asset assessment
  • Partnering narrative
  • Valuation
  • Deal terms
Asset valuationIllustrative example
USD MILLION−Live rNPV
−MoM
−Annualized uplift
USD 600m
USD 100mUSD 10bn
Development timeline
202620282030203220342036
Phase 1
Phase 2
Phase 3
Drag to move · drag an edge to resizeLaunch 2033
Example assumptions
  • Scope: Illustrative asset value only; no financing or dilution
  • Discount rate: 10% per year
  • Operating margin: 70%; tax 20% on positive operating income
  • Probability of success: Phase 1 70% · Phase 2 40% · Phase 3 65% · Approval 90%
  • Development spend per year: Phase 1 USD 4m · Phase 2 USD 8m · Phase 3 USD 18m (risk-adjusted at phase entry)
  • Launch: One year after Phase 3
  • Sales: Four-year ramp to peak, decline after 2043, end in 2046
  • MoM and annualized uplift: Against the starting valuation, over a fixed three-year period
02

Partner search

A clear overview of your partnering pipeline.

Create and prioritize your long and short list of potential partners. Plan conferences and control your partnering activities and history.

  • Long and short list builder
  • Conference planning and outreach
  • Live discussion tracker
Territory overviewIllustrative example
Illustrative partnering territoriesIndonesia , Open · Exploratory priorityMalaysia , Open · Exploratory priorityChile , Open · Medium priorityBolivia , Open · Exploratory priorityPeru , Open · Exploratory priorityArgentina , Open · Medium priorityCyprus , Open · Exploratory priorityIndia , Open · Exploratory priorityChina , Open · Medium priorityIsrael , Open · Exploratory priorityPalestine , Open · Exploratory priorityLebanon , Open · Exploratory priorityEthiopia , Open · Exploratory prioritySouth Sudan , Open · Exploratory prioritySomalia , Open · Exploratory priorityKenya , Open · Exploratory priorityMalawi , Open · Exploratory priorityUnited Republic of Tanzania , Open · Exploratory prioritySyria , Open · Exploratory priorityFrance , Open · High prioritySuriname , Open · Exploratory priorityGuyana , Open · Exploratory prioritySouth Korea , Open · Medium priorityNorth Korea , Open · Exploratory priorityMorocco , Open · Exploratory priorityWestern Sahara , Open · Exploratory priorityCosta Rica , Open · Exploratory priorityNicaragua , Open · Exploratory priorityRepublic of the Congo , Open · Exploratory priorityDemocratic Republic of the Congo , Open · Exploratory priorityBhutan , Open · Exploratory priorityUkraine , Open · Exploratory priorityBelarus , Open · Exploratory priorityNamibia , Open · Exploratory prioritySouth Africa , Open · Exploratory priorityOman , Open · Exploratory priorityUzbekistan , Open · Exploratory priorityKazakhstan , Open · Exploratory priorityTajikistan , Open · Exploratory priorityLithuania , Open · Exploratory priorityBrazil , Open · Medium priorityUruguay , Open · Exploratory priorityMongolia , Open · Exploratory priorityRussia , Open · Exploratory priorityCzechia , Open · Exploratory priorityGermany , Open · High priorityEstonia , Open · Exploratory priorityLatvia , Open · Exploratory priorityNorway , Open · Exploratory prioritySweden , Open · Exploratory priorityFinland , Open · Exploratory priorityVietnam , Open · Exploratory priorityCambodia , Open · Exploratory priorityLuxembourg , Open · Exploratory priorityUnited Arab Emirates , Not open for partneringBelgium , Open · Exploratory priorityGeorgia , Open · Exploratory priorityNorth Macedonia , Open · Exploratory priorityAlbania , Open · Exploratory priorityAzerbaijan , Open · Exploratory priorityTurkey , Open · Exploratory prioritySpain , Open · High priorityLaos , Open · Exploratory priorityKyrgyzstan , Open · Exploratory priorityArmenia , Open · Exploratory priorityDenmark , Open · Exploratory priorityLibya , Open · Exploratory priorityTunisia , Open · Exploratory priorityRomania , Open · Exploratory priorityHungary , Open · Exploratory prioritySlovakia , Open · Exploratory priorityPoland , Open · Exploratory priorityIreland , Open · Exploratory priorityUnited Kingdom , Open · High priorityGreece , Open · Exploratory priorityZambia , Open · Exploratory prioritySierra Leone , Open · Exploratory priorityGuinea , Open · Exploratory priorityLiberia , Open · Exploratory priorityCentral African Republic , Open · Exploratory prioritySudan , Open · Exploratory priorityDjibouti , Open · Exploratory priorityEritrea , Open · Exploratory priorityAustria , Open · Exploratory priorityIraq , Open · Exploratory priorityItaly , Open · High prioritySwitzerland , Open · Exploratory priorityIran , Open · Exploratory priorityNetherlands , Open · Exploratory priorityIvory Coast , Open · Exploratory priorityRepublic of Serbia , Open · Exploratory priorityMali , Open · Exploratory prioritySenegal , Open · Exploratory priorityNigeria , Open · Exploratory priorityBenin , Open · Exploratory priorityAngola , Open · Exploratory priorityCroatia , Open · Exploratory prioritySlovenia , Open · Exploratory priorityQatar , Open · Exploratory prioritySaudi Arabia , Open · Exploratory priorityBotswana , Open · Exploratory priorityZimbabwe , Open · Exploratory priorityPakistan , Open · Exploratory priorityBulgaria , Open · Exploratory priorityThailand , Open · Exploratory priorityHaiti , Open · Exploratory priorityDominican Republic , Open · Exploratory priorityChad , Open · Exploratory priorityKuwait , Open · Exploratory priorityEl Salvador , Open · Exploratory priorityGuatemala , Open · Exploratory priorityEast Timor , Open · Exploratory priorityBrunei , Open · Exploratory priorityAlgeria , Open · Exploratory priorityMozambique , Open · Exploratory priorityeSwatini , Open · Exploratory priorityBurundi , Open · Exploratory priorityRwanda , Open · Exploratory priorityMyanmar , Open · Exploratory priorityBangladesh , Open · Exploratory priorityAfghanistan , Open · Exploratory priorityMontenegro , Open · Exploratory priorityBosnia and Herzegovina , Open · Exploratory priorityUganda , Open · Exploratory priorityCuba , Open · Exploratory priorityHonduras , Open · Exploratory priorityEcuador , Open · Exploratory priorityColombia , Open · Medium priorityParaguay , Open · Exploratory priorityPortugal , Open · Exploratory priorityMoldova , Open · Exploratory priorityTurkmenistan , Open · Exploratory priorityJordan , Open · Exploratory priorityNepal , Open · Exploratory priorityLesotho , Open · Exploratory priorityCameroon , Open · Exploratory priorityGabon , Open · Exploratory priorityNiger , Open · Exploratory priorityBurkina Faso , Open · Exploratory priorityTogo , Open · Exploratory priorityGhana , Open · Exploratory priorityGuinea-Bissau , Open · Exploratory priorityUnited States of America , Already partneredCanada , Open · Exploratory priorityMexico , Open · Medium priorityBelize , Open · Exploratory priorityPanama , Open · Exploratory priorityVenezuela , Open · Exploratory priorityPapua New Guinea , Open · Exploratory priorityEgypt , Open · Exploratory priorityYemen , Open · Exploratory priorityMauritania , Open · Exploratory priorityEquatorial Guinea , Open · Exploratory priorityGambia , Open · Exploratory priorityHong Kong S.A.R. , Open · Exploratory priorityAustralia , Open · Exploratory priorityGreenland , Open · Exploratory priorityFiji , Open · Exploratory priorityNew Zealand , Open · Exploratory priorityNew Caledonia , Open · Exploratory priorityMadagascar , Open · Exploratory priorityPhilippines , Open · Exploratory prioritySri Lanka , Open · Exploratory priorityThe Bahamas , Open · Exploratory priorityTaiwan , Open · Exploratory priorityJapan , Open · High priorityIceland , Open · Exploratory priorityFrench Southern and Antarctic Lands , Open · Exploratory priorityTrinidad and Tobago , Open · Exploratory priorityPuerto Rico , Open · Exploratory priorityJamaica , Open · Exploratory priorityMauritius , Open · Exploratory priorityComoros , Open · Exploratory priorityCabo Verde , Open · Exploratory prioritySamoa , Open · Exploratory prioritySolomon Islands , Open · Exploratory prioritySouth Georgia and the Islands , Open · Exploratory priorityFalkland Islands , Open · Exploratory priorityVanuatu , Open · Exploratory priority

Click a country to cycle its status: blue, red, green.

Open for partneringNot openAlready partnered

Map boundaries: Natural Earth · Open priority runs from light to dark blue

Partnering universe
03

Negotiation

Deal Term Assessment

Compare different offers with each other and with your own expectations.

  • Term sheet assessment
  • Term sheet comparison
  • Negotiation history
Offer comparisonIllustrative example
● Offer A● Offer B
Same asset and licensed scope · USD million, except royalties
04

Partnership setup

Setting up your partnership

This is the time to think through how you and your partner will collaborate in practice.

  • Closing workstream overview
  • Decision rights and escalation paths
  • Governance structure builder
Governance structureIllustrative example
Executive escalationSenior executives
Strategic oversightJoint Steering Committee

Drag ⠿ left or right · Reporting relationships stay fixed

Closing checklist2 / 4 done
05

Alliance Management

A signed deal is only the start.

Keep agreements, commitments, governance meetings and decisions together. Retain the history and rationale behind the partnership.

  • Alliance decision log
  • Commitment and governance tracking
  • Agreement documents and meeting records
Agreement documentsIllustrative example
↳
Licensing agreementExecuted · 14 September 2026
Signed
↳
Amendment 01Updated development schedule
Signed
Upcoming commitments
Development plan updateBiotech · 15 October
In progress
Quarterly development reportPartner · 31 October
Open
Latest governance decisionJSC · 22 September
Next development milestone agreed.

Both parties confirmed the Phase 2 review schedule and the leads responsible for the next update.

Our retainer structure

We keep your costs low until we gain real traction.

We start with preparation and move to execution once a term sheet is received.

Phase 1 / Preparation retainer

Prepare the asset and the approach

Preparatory Rate / month

Scope

  • BD strategy
  • Asset assessment
  • Valuation
  • Partnering long and short list

For the first asset and up to three indications.

3693–9months
  • First partner contacts
2–3conferences/ year
  • CDAs signed
  • First due diligence

Key Milestone: Term sheet received

Execution retainer starts here.

Phase 2 / Execution retainer

Lead advanced partner discussions

Execution Rate / month

+ success fee

Scope

  • Term sheet negotiation
  • Licensing agreement negotiation
  • Deal structure
  • Alliance management (if needed)

The success fee applies to cumulative transaction cash flows received over time, such as upfronts, milestones and royalties. Terms are defined in the consulting agreement.

3693–6months
  • First negotiation round
  • Term sheet agreed

Signing & closing

Indicative timing; varies by asset and partnering discussions.

Contact us

Discuss your asset

Our retainer model

Let’s talk

Set up a conversation with us to discuss your needs and learn about our retainer model

Contact us