CEO Conversations XL: Ben Chien, Ph.D., Founder, Chairman & CEO of Foresee Pharmaceuticals (6576 TT)
Source: Wealth Magazine
Ben: The biggest enthusiasm to a scientist is to develop new drug
In CEO Conversations XXVII, we introduced the development platform of Foresee Pharmaceuticals: stabilized injectable formulation (SIF) and innovative drug discovery. The lead product of the SIF platform, CAMCEVI® (leuprolide) 42 mg 6-months injection emulsion, has been successfully licensed out and launched in the US, and is expanding to different dosage forms and the second indication of central precocious puberty (CPP). For new drug FP-025, the analysis of primary and secondary endpoints data of Phase IIa in allergic asthma patients, have been completed with positive outcome; Foresee plans to present the data at the ERS (Europe Respiratory Society) International Congress, Milan, Italy, in Sept. 2023.
In the article, we also mentioned that Foresee Pharmaceuticals is a spin-off of the R&D department of Quest Pharmaceutical Services (QPS). Today, we are bringing our readers back to the days when Dr. Chien founded QPS, his philosophy, and the observation on the trend of innovative drug development nowadays.
Chairman Chien founded QPS back in 1996, expanding the company from 3 staff to over 1,200 across three continents. QPS is an important player in the global contract research organization (CRO) and has successfully assisted big pharma in developing their innovative drugs. From a scientist to an entrepreneur, Ben expressed himself very straightforwardly: “To develop an innovative drug is the greatest enthusiasm of a scientist!”
Persistence, never give up
“Actually, there are some common things about operating a business and sports. One needs to devote themselves wholeheartedly, as well as actively consider the next step.” Ben’s strong has shown in college. Although he was an undergrad student in the Department of Chemistry, he spent a great deal of time playing sports. Ben is good at baseball, table tennis, volley ball and baseball. He recalled, “I played all kinds of sports when I was young. As a rookie, I am not as good as others. Because of that, I need a better strategy.”
“There was a schoolmate who is very good at badminton, and I was not. His drop shot drove me all over the court like a dog, and he just stood still, no sweat. So I kept thinking, how can I respond to the shuttlecocks flying in all directions? What's the most efficient grip? How should I improve? A while later, I became the champion in my department, and now it's my turn to drive him all over the court” Ben said with a smile.
Developed the new generation mass spectrometer and being awarded the best thesis
After Ben got his bachelor degree from NCKU and master degree from NTNU, he started pursue the doctorate in analytical chemistry. His thesis was discussing about a new generation of mass spectrometer, and was selected by the International Journal of Mass Spectrometry and Ion Physics to be the Best Student Paper in 1994. Right after that, he got the offer from DuPont Merck Pharmaceuticals, in charge of setting up a chemical analysis lab in the innovative drug department.
In 1996, because of his contribution to the development of an anti-AIDS drug, Dr. Chien received the 'Summit' award. It is awarded to outstanding employees and is the highest achievement in DuPont Merck. In the same year, Ben left DuPont Merck and founded QPS with friends to provide services in pre-clinical study and biochemical analysis.
Contrarian M&A, no Goblin Mode allowed
The financial crisis hit the market in 2008; Dr. Chien took a countertrend strategy to merge or acquire seven companies/research facilities across Taiwan, the Netherlands, Austria, and India within four years. People often asked Ben about how to turn around the losing business he bought. “Firstly, trim the services that are not cost-efficient, like the generic drug business, and turn to high-value innovative drugs. I told my staff, even if we cannot do it right away, we should manage to achieve it in three years. Besides that, Goblin Mode is unacceptable in my company.”
QPS was founded with US$ 280 thousand but hardly needed to raise funds. It is already one of the top three CRO companies in microbiology analysis and early clinical trials. Later on, QPS spun off its innovative drug development and named it Foresee Pharmaceuticals.
QPS participated in the development of many innovative drugs with big pharma and has a firsthand observation of the trend in this field. Ben pointed out that gene therapy will play a very important role in the next generation of therapy. The reason is obvious: healthy genes are essential for the normal function of the human body. If a malfunctioned gene is inherited by a person, it will cause a certain illness. “Gene therapy is a breakthrough measure. For a lot of time, one treatment can correct the gene and cure the illness.”
For example, Spark Therapeutics is working on gene therapy to replace the mutated genes in the retina to cure inherited retinal diseases (IRDs). The development in this field is moving quickly and will account for a larger proportion of FDA-approved drugs.
QPS participated in six out of the nine approved gene therapies. Ben explained the reason: “The device to analyze and quantify DNA and RNA is different from an ordinary spectrometer. Not many CRO companies can master this technology. QPS started to develop the first DNA-Liposome packaging method with our client more than a decade ago. We are the first mover to develop the related testing measurement.”
The next hotspot would be RNA interference (RNAi). Back in 2002, MIT professor Phillip A. Sharp honored the technology as “The most important and exciting breakthrough of the last decade, perhaps multiple decades.” In the early 2000s, many big pharma companies swarmed in to develop new drugs based on RNAi technology but often failed in clinical trials. Until 2018, one of QPS' clients, Alnylam, successfully developed ONPATTRO® (patisiran), a US FDA-approved new drug to treat Polyneuropathy caused by hereditary transthyretin amyloidosis (hATTR). Alnylam is leveraging its RNAi technology and expanding to different indications, including diabetes and heart disease. QPS accompanied Alnylam from the very beginning, and now Alnylam's market cap is over US$ 23bn.
A qualified manager should have three key characters
Dr. Chien said: “The secret winning strategy of QPS is that we are an early mover. A lot of people want to get into this business, but it's challenging to find the right people and the right team.” In the early days when QPS was still young, Ben insisted on interviewing every new employee himself. His goal is to establish the corporate culture and pass it on to new staff.
So what characteristics should a senior manager possess? Dr. Chien mentioned three: “Firstly, one should be passionate about life and their job. Secondly, interest orientation shouldn't be their top priority. Lastly, one should feel excited about the company's future development plan and share the same values with the company. Here in QPS, we believe action speaks louder than words. If we achieve something, we celebrate shortly and move on.”
From three staff to over a thousand, from a start-up to a top three globally, Dr. Ben Chien's motto is “Think Big, Start Small”. Even the longest journey must begin where you stand. “The process is hard; multiple hurdles will lie in front of you while starting a new business. I just focus on doing the right things and persist in doing these right things. No matter how hard it could be.”
Founding Foresee Pharmaceuticals based on the same belief
Dr. Chien founded Foresee with the same principle in 2011, attracting talent to forge a rich pipeline with 505(b)(2) products and innovative drugs. Now more achievements have been reached.
Foresee licensed out the prostate cancer drug CAMCEVI® globally with a total amount of up to US$417mn plus royalty. To date, the licensing deal has already brought ForeseeNT$1bn. CAMCEVI® 42 mg is now approved in the US, Canada, and EU, and launched in the U.S. while the filing of the 21 mg dosage formulation is expected in 2024. The Phase III clinical trial of the second indication of CAMCEVI®, central precocious puberty (CPP), has already been initiated in the US, Taiwan, and China.
The primary endpoint and secondary endpoint were both positive in the Phase IIa results of the innovative drug MMP-12 inhibitor: FP-025. Foresee has initiated discussions with potential licensing partners as planned. The Phase IIa trial aims to evaluate the efficacy of twice-daily orally administered FP-025 and compare it with a placebo. Based on the results revealed from the interim analysis, the efficacy of the drug started to show a positive trend after 11-day of treatment.
Other than asthma, the overexpression of MMP-12 involves or promotes various diseases such as sarcoidosis, idiopathic pulmonary fibrosis (IPF), scleroderma and emphysema. Therefore, MMP-12 inhibitors used to be a hot topic and attracted big pharma like Pfizer to devote their resources in this area. Therefore, MMP-12 inhibitors used to be a hot topic and attracted big pharma like Pfizer to devote their resources in this area. However, the project was terminated due to safety issues. Positive outcome has shown the safety and efficacy of FP-025 in the Phase II clinical trial, it will be the first feasible drug targeting MMP-12 and could draw a lot of interest from big pharma.
Part of the content came from the Wealth Magazine published on March 2nd, 2023
If you would like to arrange a meeting with Foresee’s top executives, please contact yvonnehuang@qtumic.com.
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