Business Of Biotech A Royalty Model For Value Creation With Zymeworks' Kenneth Galbraith
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Jan 12, 2026 Kenneth Galbraith, CEO of Zymeworks, brings decades of biotech leadership to the conversation. He discusses Zymeworks' strategic pivot to a royalty model for funding and value creation, emphasizing the benefits of backloaded milestone payments. Galbraith shares insights on negotiating partnerships, managing long drug development timelines, and the importance of scientific primacy in business decisions. He also forecasts an accelerating pace of scientific innovation and discusses his dual roles as operator and investor, showcasing his unique perspective on the industry.
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Starting Biotech From Scratch
- Ken joined Canada's first biotech in 1987 and built it through IPO and two approved products.
- He learned to invent unprecedented business processes because there were no precedents to follow.
No Path Becomes Strategic Advantage
- Lack of existing paths forces novel strategic thinking and can become an advantage.
- Ken uses that early experience lens today to consider nontraditional business models like royalties.
Long Timelines Create Persistent Risks
- Biotech timelines (~10 years) create misalignment with investor horizons and talent retention.
- Companies must manage capital, talent, and partner attention across long development cycles.