Pfizer's VP of Business Development, Douglas Leonard, rushed into Pearson Hardman law firm, leading a negotiation team of eleven. This was already their sixth visit in recent times, and the place felt incredibly familiar to them.
Stepping out of the elevator, they saw Fowler Marcos bidding farewell to a few sharply dressed individuals. Douglas immediately recognized one of them as Willmott Murphy, the CEO of Novartis' US branch. Watching them chat and laugh made Douglas grind his teeth in envy.
Damn Fowler! Douglas refused to believe their meeting was a mere coincidence. Fowler had clearly orchestrated this to ensure both companies would run into each other. He couldn't believe Fowler had the audacity to use such a blatant tactic. Yet, he begrudgingly admitted that, despite being cliché, the strategy was effective, especially at this crucial moment. After all, the success of the new drug "Vilda" seemed inevitable. The stern words and gritted teeth of the Chairman and CEO, Ian Reid, flashed in his mind. The assertive boss had even issued a directive to spare no cost if necessary.
With such conditions, where was the negotiating advantage? Douglas thought grimly, upset that pharmaceutical giant Pfizer was in a position to humble itself to buy a patent. Still, his professional experience told him that from a logical standpoint, CEO Ian's assessment was accurate. They had to secure the new drug at any cost, as it promised significant profits for Pfizer.
These thoughts were fleeting. By the time Fowler turned around, Douglas wore a friendly smile, acting as if he hadn't seen the Novartis group leave. "Fowler, it's a pleasure to see you."
"Likewise, Mr. Leonard. The conference room is ready for us," Fowler replied with a mischievous smile hidden behind a warm expression, gracefully guiding the Pfizer group inside.
Once settled in the conference room, Fowler's demeanor became serious. "Mr. Leonard, I trust you've come with genuine intentions this time?"
Douglas signaled his assistant to hand over a folder. "Of course. After a thorough discussion in our company, we've decided to offer $560 million for the full patent rights of your new drug 'Vilda'. We believe this price will satisfy your client."
Douglas knew all too well how cunning his opponent was. In initial negotiations, Fowler had even demanded over 2.5% of Pfizer's shares! Considering Pfizer was valued at over 200 billion dollars, it was quite audacious. Even if Douglas knew Fowler was trying to rile him up with an outrageous demand, resisting the urge to slam the table and storm out showcased his composure.
Fowler browsed through the folder, his brow furrowing. After a brief moment, he shook his head, "This hardly reflects your sincerity, especially for a company like Pfizer. We both know the value of 'Vilda'. My client will never accept this offer." Although the offer met his and Bruce's initial expectations, Fowler, hoping to make a substantial profit and score a significant victory, wasn't going to settle. He also didn't believe this was Pfizer's final offer.
After all, this was the world of capital. Who wouldn't want more?
"But don't forget, the patent for 'Vilda' hasn't even been approved yet!" Douglas, sitting at the negotiation table, seemed much calmer. He didn't seem surprised, just raising an eyebrow to point it out.
"You think so? Mr. Leonard, we all know the game. You should understand that getting approval is hardly a concern for us." Fowler raised an eyebrow in surprise, as if he'd heard something ludicrous.
"Hmph!" Douglas sneered but didn't argue.
Patent approval for a new drug might be an uphill battle for regular pharmaceutical companies. But for the big corporations, it's practically a non-issue. Their substantial capital and intricate connections give them ample confidence.
Douglas wasn't sure if the other party could pull it off, but any competitor keen to buy would undoubtedly manage. It wasn't a risk worth taking. His line of questioning was merely a tactic to reduce the other side's momentum.
Negotiating a significant project requires thorough preparation and weighing of many aspects. A savvy negotiator would use every trick to undermine the other side's psychological advantage. Such details might not be essential, and they might not even need to be factual.
The two teams resumed their verbal sparring around the new drug's prospects and patent issues. Fowler's team now seemed more sincere and consistently behaved with gravitas. However, Douglas still felt uneasy. As a veteran of many business deals, his instincts warned him that the other side still had an ace up their sleeve, so he patiently waited.
"Mr. Marcos, I believe both sides are fully aware of the situation. I don't think there's any doubt left. Why not tell us at what price your client is willing to let go of 'Vilda'? After all, we came in good faith." Douglas, sensing the time was ripe, finally spoke. They were in a passive position, with numerous competitors eagerly watching.
Fowler appeared contemplative but remained silent.
"730 million dollars, in cash!" Douglas, with both hands on the table, stared intently at Fowler. The latter's ability to maintain composure in the face of such a staggering offer surprised him.
Fowler was thrilled inside but merely responded with a slight smile. A knock interrupted them. An assistant-looking individual swiftly walked in, handed over a document, and whispered in Fowler's ear.
Douglas observed Fowler and his team converse in hushed tones for a while. He waited patiently, curious about the source of the other side's confidence.
"My apologies, Mr. Leonard. After careful discussion, we believe 1.2 billion dollars in cash plus 12% of the net profit from the new drug would be a fair and acceptable price for both parties." Fowler gently tapped the folder in his hand, exuding confidence on the outside but trembling inside. This price was way beyond the initial figure. It was a shot in the dark. But Fowler sensed Douglas was here with a firm directive. He remembered an old friend's comment about the head of Pfizer.
"What?! Is this your idea of sincerity? You think we can accept this? I don't believe any company would take this offer." Douglas scoffed, nearly spitting out his words. He was frantically trying to decipher why the other side had given such an outlandish figure. What did that folder contain? The latest bid from other companies? Was this a bluff? Wasn't Fowler concerned that he might walk away, breaking off negotiations?
"According to the latest test results from Ochsner Laboratory, out of the 512 patients participating in the large-scale clinical trials, after more than two months of comprehensive testing, there have been no apparent harms caused by the new drug. All cases of erectile dysfunction have shown improvement," Fowler paused, emphasizing each word. "Additionally, each time the new drug is used, it alleviates fatigue to varying degrees, enhancing the patient's overall condition. All indications suggest that 'Vilda' is a revolutionary breakthrough. Here are the latest experimental data, please keep them confidential."
Douglas almost lost his composure as he accepted the folder. The efficacy of the drug far exceeded Pfizer's expectations. If this drug went to market, all existing erectile dysfunction medications would likely become obsolete, left to scavenge for the remnants left behind by this new product. It would be a devastating blow.
"Give me five minutes," having skimmed the data in hand, Douglas was immediately certain of its authenticity. Without any delay, he rushed out of the meeting room, practically running, to make a call next door.
Two minutes later, Douglas returned, his demeanor calm again. "Mr. Leonard, $1.08 billion plus 8% of the drug's patent-period profits after its release. This is the result of my urgent consultation and will be Pfizer's final offer." Fearing Fowler might not be satisfied, he emphasized. The negotiation had reached a level neither side had anticipated, and outcomes were becoming unpredictable.
Fowler's team exchanged glances, whispered among themselves, and finally seemed to reach a consensus. Fowler took a moment, then stood and extended his right hand. "Congratulations, Mr. Leonard. I can already envision a bright future for Pfizer."
"Don't you need to consult with Mr. Lee?" Douglas was slightly surprised, still processing the unexpected turn.
"Mr. Lee granted me the final say," Fowler replied, a confident and relaxed expression from a special young man flashing in his mind. Fowler extended his hand further with a smile, "What are we waiting for, Mr. Leonard?"
Regaining his composure, Douglas firmly shook hands with him. "You've been a worthy opponent, Mr. Marcos."
Fowler's racing heart finally settled. An 8% profit during the patent period was an unexpected boon. While he knew this represented a staggering sum, extracting it from Pfizer was no small feat.
"Yes!"
"Incredible!"
"Looking forward to our collaboration!"
Both teams let out a collective sigh of relief. They jumped from their seats, shaking hands, celebrating, with claps, cheers, and whistles filling the room. Though it wasn't a long negotiation, it was an extraordinarily challenging one, and the current outcome seemed agreeable to both parties.
"Isn't Mr. Lee planning to show himself? Mr. Reed sincerely invites him to the final signing ceremony. After all, from this point on, we are partners," Douglas was very curious about the legendary young man who had entrusted such a significant deal to an agent.
"I'll surely convey the message to Mr. Lee. In fact, he's eager to meet all of you," Fowler replied with a nod and a smile.