EZRA Innovations, LLC

Case Solution

Joseph R. Bell, Joan Winn
North American Case Research Association (NACRA) ()

Michael Geranen and Joe Roberts forged a relationship around a disruptive drug delivery technology developed by Dr. Cherngju Kim, a researcher and professor at the University of Arkansas School of Pharmacy for Medical Sciences. After negotiating an exclusive license agreement with the university, EZRA Innovations, LLC began the long and arduous process of capitalizing on a set of flexible and affordable technologies that enabled EZRA to compete in the international pharmaceutical industry. EZRA has reformulated drugs that were currently on the market with little or no competition, using EZRA licensed drug administration patents. The goal was to be one of the first generic competitors to enter the market, and although competitive entry into the market pushed drug prices down, so-called high-priced generics remained. While many drugs cost more than $ 100 million to develop and took 10 years or more to develop, EZRA’s business model offered an accelerated path to market through the FDA and the potential for exponential returns for investors in 45 years. EZRA first had to decide how much money it would raise and then how to write an effective message to get that money. The challenge was to properly allay investor fears about a complex business model knowing that every drug they developed had to negotiate the complex world of FDA applications and approvals. If their proforma came into play, huge returns would be possible for investors and EZRA.

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