Article | June 28, 2012

Best Practices For Successful Collaboration

Source: Life Science Leader

By Laurie Mims and Audrey Walton-Hadlock, Keker & Van Nest LLP

Although collaborations between companies are often necessary to bring new drugs or devices to market, many such collaborations end in unexpected acrimony and litigation. Companies can protect themselves in case a strategic alliance turns sour, however, by draftingagreements to minimize potential disputes with partners and by keeping the possibility of future disputes in mind throughout the collaboration. Any company engaging in a collaboration should consult with counsel for specific legal advice about how the following best practices can contribute to a successful collaboration relationship — or to success in litigation, if the relationship fails.