When it comes to Cognate, my opinion differs greatly on what transpired from what I see happening with regards to Advent. What I see happening in the industry all of the time is that companies frequently deal with uncertainty by outsourcing components of the business. If a company starts a new division but isn’t certain it will be a success or don’t think it will be a long term play, they often hire contract Sales and Medical Affairs for example. Even the big guys do this.
Right now and for the past several years, they have been starved for cash. Where the blame lies is irrelevant moving forward. Yet, they needed stable European manufacturing as well as leverage with CRL/Cognate and potential bidders. They could hire a company like Franhouffer or an Advent. So long as we are not overpaying for that service, I do not have a problem with the conflict of interest. I get it if transparency is your concern here regarding details of contracts, but I am not certain that I should be privy to all of those details. I also understand why LP would prefer to put additional investment into another business rather than give those profits to a thrid party entity. Again, so long as the fees paid are reasonable, I am okay with this. I assume that FH and Cognate at a minimum were used as reference. They may have even approached Merk…who knows. I don’t expect to know the details of an RFP. By cash burn rate over the past few years, at bird’s eye view, it looks to me like the Advent partnership has been far more economical than Cognate and reasonably low overall. I am not in finance, so this is not my area of expertise.
I do know that NWBO did not and could not at reasonable rates build enough capital to go it alone and hire the resources needed to get UK manufacturing off of the ground…not without severe dilution once again. So, I am ok with the route taken
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