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Healthcare at Kellogg

Adjunct Lecturer in Healthcare at Kellogg

Adam M. Koppel rejoined Bain Capital in 2016 as Managing Director of Bain Capital Life
Sciences. He initially joined Bain Capital Public Equity in 2003 where he worked as a leader
within the healthcare sector until 2014. From 2014 to 2016, Dr. Koppel was EVP of Corporate
Development and Chief Strategy Officer at Biogen. He sits on the Board of Directors of
AavantiBio, Aptinyx (NASD: APTX), Cerevel Therapeutics (NASD: CERE), Dicerna
Pharmaceuticals (NASD: DRNA), Foghorn Therapeutics (NASD: FHTX), Solid Biosciences
(NASD: SLDB) and ViaCyte.

Prior to initially joining Bain Capital in 2003, Dr. Koppel was an Associate Principal at McKinsey
& Co in New Jersey where he served a variety of healthcare companies.

Dr. Koppel sits on the Newton-Wellesley Hospital Board of Trustees, the Boston Museum of
Science Board of Trustees, the Partners Healthcare Innovation Advisory Board, and the Society
for Neuroscience Investment Committee. In addition, he sits on the Gann Academy Board of
Trustees and CJP’s Budget and Administration Committee. He previously sat on the Board of
Temple Beth Elohim in Wellesley MA, from 2014-2017.

Dr. Koppel received an MD and PhD in Neuroscience from the University of Pennsylvania
School of Medicine. He also received an MBA from The Wharton School at the University of
Pennsylvania, where he was a Palmer Scholar. He graduated magna cum laude from Harvard
University with an AB and AM in History and Science.


Value Creation and Capture in Biopharmaceuticals (HCAKX-960-0)

Biopharmaceutical innovation results from the interaction of a complex set of firms that both generate and finance early stage products. As potential scientific innovations move through the research and development process, the various firms require both the involvement of increasingly sophisticated managers and infusions of additional capital from the private and the public market. This can often involve acquisitions or licensing with existing players - many of which have effectively outsourced large portions of drug discovery to these early stage firms. As a result, determining how value is created and captured in this area requires understanding the incentives and motivations of all of the players in the system, including but not limited to small biotechs, large pharmaceutical firms, venture capitalists, pubic investors, and private equity firms. This is true whether one is interested in operating an early stage firm, undertaking business development activities at larger firms, or being an investor in the public or private market. This course combines elements of your previous strategy, finance, and healthcare curriculum with new concepts and techniques specific to biopharmaceutical that will allow you to better understand this market. Students will apply tools of valuation and strategic decision making to both large and small firms that are attempting to develop and market new biopharmaceutical innovations. This will include both individual and group coursework requiring the use of concepts from previous finance, strategy, and economics courses - where groups will include a mixture of students with more and less backgrounds in each of these areas. After this course students will have a thorough understanding of the early stage biopharmaceutical market from both the point of view of an investor and a manager.