Sparrow therapeutics exit strategy

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Kamuriwo, D. S. ; Baden-Fuller, C. (2014)

The case focuses on Ken Powers, cofounder and chief executive officer of Sparrow Therapeutics, whose young biotechnology company has reached a critical stage where he has to decide whether or not to sell. The company's three main sets of investors have different priorities: (1) a quick cash sale now, (2) delay sale for about a year if returns are greater, and (3) delay sale for 2 years, build company value, and retain autonomy. What choice would be best for the company, for its investors-and for Ken himself? And when would be the best time to implement the exit strategy?
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    8 Unibio Angel backed company Ventures

    9 Biotech Biotech Services Services company Management Team Stuart Cocks Research Director (Joined 2000 ) Sue Gaither Clinical Development Director (Joined May 2001) Ian Phelps CFO (Joined in June 2001) Barbra Commercial Director Domain (Joined 2003) Exhibit 9: Potential suitors list as at June 2006 HQ and size (employees) in 2005 Revenues in 2005 $52 billion Net Profits in 2005 $11 billion Antiviral Capabilities and markets? Yes, well represented $23 billion

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