Anthony Walker

Anthony is a Managing Partner of Alacrita and also a Venture Partner with biopharma VC SBI-JI. He specializes in strategy and due diligence.

Prior to co-founding Alacrita, Anthony was CEO of Onyvax, an immune-oncology company he co-founded, raising finance from blue chip life science investors including 3i and S.R. One.

Before Onyvax, he worked as a management consultant at Arthur D Little (where he was appointed a European Director and led the London-based pharmaceutical practice) and at The Wilkerson Group in London where he consulted to big pharma, diagnostics companies and biotech, and also produced expert reports for IPOs.

Anthony holds a PhD in Biochemistry from the University of Cambridge. He is a Fellow of the Royal Society of Biology.

Recent projects he has conducted or directed include:

CAR-T company foundation (Leucid Bio Ltd)

• Identified technology assets within a client organization and developed a spin-out concept; the technology was based on a unique CAR T concept with the promise of substantially enhanced potency and longevity compared with the then state-of-the-art
• Led the technology licensing process and raised seed funding from leading European VCs and served as CEO for the initial 15 months of operations. Recruited and managed the research team, established laboratory operations and all associated infrastructure and systems

Due diligence

• For a VC investor, conducted due diligence on two biopharmaceuticals with an emphasis on key opinion leader (KOL) research to assess the degree to which the products would meet real-world clinical needs. As a result of this analysis, the VC was able to make the informed decision to decline the investment
• Assessment of an AAV gene therapy for an ophthalmic indication, focusing on market potential, technical and regulatory issues and identification of key risks on behalf of a potential licensee
• Commercial and technical due diligence of a development-stage product for the treatment of opioid-induced constipation (OIC) on behalf of a specialty pharma company seeking acquisition opportunities
• Clinical and regulatory due diligence of novel treatments for asthma and other respiratory conditions
• Clinical and regulatory due diligence of a vaccine development project, identifying key risks and assessing the probability of securing product approval
• On behalf of a major industrial investor, conducted a reality check on a potentially revolutionary medical sensor with applications ranging from specialized intensive care equipment through to home care devices
• Reality check on a clinical stage cellular therapy project for a venture capital investor prior to a proposed $10m investment. The analysis included a review of a comprehensive data room encompassing preclinical, clinical, regulatory, manufacturing and IP

Payer research and pricing analysis

• USA-based KOL and payer research into the prospects for a cell therapy to treat critical limb ischemia (CLI), identifying the minimum level of clinical performance that would be considered clinically viable and assessing the likely reimbursement level for the product
• EU and USA-based payer research for a Phase III product treating anemia. The core of the study was to identify approaches to avoid the risk of reference pricing vs. generic iron supplements and to establish the payer value elements that would underpin a premium pricing strategy
• Payer Advisory Board for a urology product seeking to understand on which basis payers will evaluate the new product; assess payer’s reactions to the proposed data package; define a realistic price range and gain initial input on price sensitivity; and assess how payers may try to select, influence or restrict the target population for the product

Valuations

• Designed Alacrita’s valuations model based on risk-adjusted Net Present Value (rNPV) overlaid with Monte Carlo simulations. This model expresses valuations as a range and associate probability distribution rather than a single number, and via Tornado Chart analysis, identifies which of the input assumptions contribute most to the uncertainty in the calculated rNPV
• On behalf of a private investor, provided an objective, expert appraisal of a valuation model for a novel therapeutic in development
• Developed rNPV valuations for three different programs, incorporating Monte Carlo simulations into the financial model to account for real-world uncertainty
• Developed an rNPV model for a portfolio of cell therapy projects based on a platform technology, modelled potential deal terms and provided negotiation support and lines of argument for the client in a major partnering deal
• rNPV valuation for two biosimilar mAb products
• Valuation of the residual interest in a portfolio of royalty-bearing service contracts established by a contract development house being acquired by Alacrita’s client
• Hear Anthony discussing Alacrita’s valuation methodology with Mike Ward

Product development support

• Feasibility analysis for a new biomanufacturing plant for the production of clinical batches of AAV gene therapy vectors
• Regulatory gap analysis for an iron deficiency anemia project about to enter Phase III clinical trials
• Scientific Advice at MHRA and CTA preparation for an Israeli biotechnology company seeking to initiate clinical trials in Europe
• Development of a targeted regulatory approach for a novel platform technology and Scientific Advice at the MHRA for a US-based biotechnology company
• Market demand and pricing analysis for a stem cell technology in the USA and Europe
• Supported King’s College London in evaluating and prioritizing life science research projects to help promising intellectual property attract and secure investor and partner interest
• Developed a business plan for two cell therapy immuno-oncology assets, one of which is clinical-stage