August 2023
Case
HBS Case Collection

Constellation Pharmaceuticals: Corporate Development at a Novel Therapeutic Company

Format:Print
| Language:English
| Pages:19

Abstract

Constellation Pharmaceuticals was a company focused on epigenetic therapies for cancer patients. Despite a promising start and an early deal with a leading biopharma company, the company weathered twin setbacks in the end of a major research collaboration and the decision by the same company to let an option to acquire the company lapse. In a difficult capital market, the company had begun a reboot, but needed to figure out how to weave together key corporate development threads. New CEO and returning Constellation team member Jigar Raythatha wondered if Constellation could capitalize on the current portfolio and make the run to be a fully-integrated biopharmaceutical company selling its own products in the United States. He realized it would take a combination of clear goal setting, capital markets, and potentially partnering to balance this goal and returns for longtime shareholders. His background and training provide a playbook that might not apply—Constellation might not be able to secure another big pharma partnership and might instead need to put together a series of deals to secure needed capital and capabilities without trading away too much of the company’s future.