“There is no set path to starting a company”

Dr. Ittig, T3 Pharma has been part of German pharmaceutical company Boehringer Ingelheim since November 2023. What has changed for the company since then?

Boehringer Ingelheim is present at a strategic level and we are in regular dialog. But not much has changed in terms of day-to-day processes. Our work, the technical challenges, and the people at the company have remained the same.

What do you consider to be the greatest benefits of this cooperation?

In addition to easing the burden on our financial planning, the sale has also provided many opportunities to expand research into innovative products and their development. There are many points of contact from the early stages of research and development and, more generally, more opportunities brought about through exchange. Looking far into the future, we will gain broader access to the market.  Aside from the R&D aspects, there are many building blocks that a small company would otherwise have to take care of on its own. For example, our partnership with Boehringer Ingelheim now also brings us benefits in the field of IT, where we can access their infrastructure. All in all, it is safe to say that we are in dialog with Boehringer Ingelheim in our field and in everything beyond that will bring us forward. After all, we have a common objective: to advance the T3 technology.

How did the sale to Boehringer Ingelheim come about?

Boehringer Ingelheim had already invested in two funding rounds for T3 Pharma via its Venture Fund in 2019 and 2020 and has been actively represented on the Board of Directors ever since. For several years, we have also collaborated directly with Boehringer Ingelheim as part of research partnerships. A successful partnership is all about mutual trust, and this is what we have been able to build. A lot needs to match up from a technological, scientific, and personal perspective. Timing also plays a role, because the world needs to be ready for a particular technology. While the preparations for the sale last year were intensive, it paid off, and also represented a significant step forward for our technology. As a team, we are able to continuously develop the technology further, but with greater leverage in the event of success.

How did the preparations for the sale go?

As is customary in the industry, we underwent a “due diligence” review, during which our company was carefully analyzed regarding our scientific, patent-related, legal, tax and financial situation. This involved answering a lot of questions and the company being examined from all sides. At the same time, our day-to-day business had to continue functioning seamlessly, something that was quite demanding, and nearly saw us reaching our limits in terms of workload. But it was also important to us to see how potential buyers dealt with us and whether they understood our concerns. For me, even during the stressful phases, it became clear that the relationship with Boehringer Ingelheim worked well. They also have a realistic understanding of our technology. It was important to me that they did not “dream too small,” but also were able to assess the risks correctly. Throughout the process, it became clear that our cooperation was transparent and respectful. Thus, you can see that the precise assessment process obviously runs in both directions – we also looked at the buyer from as many sides as possible. We were and are convinced that Boehringer Ingelheim is the perfect partner for our technology and our team. And so, the effort was worth it.

T3 Pharma is a spin-off of the University of Basel. How supportive was the university environment when it was founded?

I first had the idea [A1] to assess the application of this technology in 2012 when I completed my PhD at the University of Basel’s Biozentrum. Christoph Kasper, my business partner, and I worked on our project as postdocs until the company was founded in 2015. In the early days, we needed a lot of support because coming from basic research, there is no set path to starting a company. The support of the University of Basel was crucial. Without the premises at the Biozentrum and the support of the director at the time, Erich Nigg, we would not have been able to enjoy such a successful start. Nor would we have received the necessary academic funding. The interplay of infrastructure and financial support are what took us further, and we felt welcome with our spin-off at the University of Basel. A handful of representatives from the university played a very active role early on and continued to support us – I am incredibly grateful to these individuals.

Are there other factors that are important for start-ups to succeed in the life sciences sector?

I am so thankful that we were given the time we needed at the Biozentrum to allow the technology and expertise to mature. In the life sciences sector, long-term start-up support is needed to help young companies find the right investors and eventually succeed.

Is proximity to the University of Basel still important to you today?

Yes, definitely. After our long history together, we’ve established a solid foundation of trust and we regularly cooperate with the Biozentrum and the Department of Biomedicine. We also keep in touch with the Innovation Office of the University of Basel. Since we ourselves have benefited greatly from the university, I am happy to give back whenever possible and share my advice to help others.