Biotech start-ups: Which resources do you need to manage your partnership with pharma?

Managing a partnership is perhaps one of the greatest challenges aspiring biotech entrepreneurs will face, and dedicating resources specifically to the partnership can be instrumental in its success.

What are the key challenges faced by biotech start-ups in managing partnerships with pharma? How to manage multiple (forms of) partnerships when you are a developing company? How should you decide whether to partner or retain your lead asset? What strategies can be employed to mitigate risks? From a pharma standpoint, what makes some potential start-ups more appealing than others to partner with?