????? 無論聘請(qǐng)多少律師和會(huì)計(jì)，醫(yī)藥行業(yè)的結(jié)構(gòu)性投資都會(huì)有較長的醞釀時(shí)間。不要認(rèn)為你能大大加快這一過程。如果一家大型醫(yī)藥公司告訴你他們正在剝離一部分資產(chǎn)，而且讓你看了初步清單，你可以認(rèn)為，這項(xiàng)工作需要10-20個(gè)月左右才能完成，特別是在資產(chǎn)剝離涉及整合細(xì)節(jié)復(fù)雜的結(jié)構(gòu)性回購的情況下。在醞釀過程中還需要和手續(xù)繁雜的大型政府機(jī)構(gòu)打交道，同時(shí)建立復(fù)雜的交易結(jié)構(gòu)。

????雖然在回顧以往教訓(xùn)時(shí)我們沒有出現(xiàn)如夢(mèng)方醒的感受（希望實(shí)際情況就是如此），但我們發(fā)現(xiàn)，每隔幾年就回顧一下這些教訓(xùn)，同時(shí)加以補(bǔ)充對(duì)我們確有幫助。而且在開展新的投資，迎接相應(yīng)挑戰(zhàn)的過程中，我們確實(shí)會(huì)把這些教訓(xùn)拿出來，時(shí)不時(shí)地互相輕輕敲打一下，以便彼此提醒。

????作者布魯斯?布斯是信息科技和生命科學(xué)投資公司Atlas Venture合伙人。他的博客地址是www.lifescivc.com。

????譯者：濤

????? Structured deals with Pharma have a long gestation time, no matter how many lawyers and accountants are in the room. Don't assume you can speed them up too much. When Big Pharma XYZ tells you they are spinning out some assets and they show you the initial list, assume it's going to take something in between a human and a pachyderm pregnancy to get to the closing, especially if there's a structured buyback with complex consolidation details included. This gestation just comes with the territory of large bureaucratic organizations and complicated deal structures.

????While we've had no major "Ah-ha" moments in reviewing our Lessons Learned (wish it were that easy), we do find that revisiting and updating them every few years is helpful. And during our champion and challenge process for new deals, we do bring up these lessons to gently bludgeon each other once in a while.

????Bruce Booth is a partner with Atlas Venture. He blogs at www.lifescivc.com