If I'm reading Linda's Pharma Deal article right,t
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Posted On: 09/13/2018 9:29:08 AM
If I'm reading Linda's Pharma Deal article right,the discussion of $ has been addressed and both parties understand $wise where each is coming from.
See page 10.
"Moving Forward with Negotiations
When you start talking numbers, start higher than where you want to end up, but don’t be unreasonable. A partner will not appreciate unjustifiable numbers and you’ll risk losing credibility. ð Remember, you’ve done your homework, so you can present your position in the framework of its value and how it benefits both parties.
Most negotiations start (perhaps before it is recognized as a negotiation) with a discussion about what the goals of the negotiation will be. Now is the time to state your general “needs and wants”. Start with big items as concepts and avoid getting too specific. At this point in the negotiation you’re merely exploring whether the partnership will be a good fit for both of you.
Okay, you’ve prepared your team for negotiations, and you’ve done your best to understand your partner’s position. How do you begin negotiations? "
That leads to the drafting of Term Sheets
"Term Sheets
the participants in the negotiation understand more and more about what the deal will look like. At some point, the term sheet becomes detailed enough that it becomes time to draft the full agreement. "
" However, as negotiations progress, term sheets can evolve and become more comprehensive. Often there are multiple drafts of term sheets, each one adding more detail as
Negotiations are typically started with a high-level discussion of the goals and purposes of the deal, and who’s going to be responsible for what. Once those conceptual items are agreed on, it’s time for someone to draft a term sheet"
So if I am correct,no one is starting from scratch as far as introducing $ is concerned.It's more a matter of "fine tuning".
Remember that the Term Sheet has been signed now.
Kelt
See page 10.
"Moving Forward with Negotiations
When you start talking numbers, start higher than where you want to end up, but don’t be unreasonable. A partner will not appreciate unjustifiable numbers and you’ll risk losing credibility. ð Remember, you’ve done your homework, so you can present your position in the framework of its value and how it benefits both parties.
Most negotiations start (perhaps before it is recognized as a negotiation) with a discussion about what the goals of the negotiation will be. Now is the time to state your general “needs and wants”. Start with big items as concepts and avoid getting too specific. At this point in the negotiation you’re merely exploring whether the partnership will be a good fit for both of you.
Okay, you’ve prepared your team for negotiations, and you’ve done your best to understand your partner’s position. How do you begin negotiations? "
That leads to the drafting of Term Sheets
"Term Sheets
the participants in the negotiation understand more and more about what the deal will look like. At some point, the term sheet becomes detailed enough that it becomes time to draft the full agreement. "
" However, as negotiations progress, term sheets can evolve and become more comprehensive. Often there are multiple drafts of term sheets, each one adding more detail as
Negotiations are typically started with a high-level discussion of the goals and purposes of the deal, and who’s going to be responsible for what. Once those conceptual items are agreed on, it’s time for someone to draft a term sheet"
So if I am correct,no one is starting from scratch as far as introducing $ is concerned.It's more a matter of "fine tuning".
Remember that the Term Sheet has been signed now.
Kelt
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