The annual J.P. Morgan Healthcare Conference (“JPM”) held each January in San Francisco, California, stands as a cornerstone event on the biotechnology calendar, setting the tone for expected industry developments and sentiment for the year ahead. Because the event attracts the broadest, global group of attendees of any such conference in the sector, including fund managers, sell-side analysts, investment bankers and business development teams, for many life science companies, the possibility of taking advantage of so many constituents in one place means attendance in San Francisco is a ‘must.’ Below we outline several key steps to take in order to maximize your team’s time and participation.
You Are Going. Now What?
Secure Your Space
Decide on Priorities and Begin Outreach for Meetings
Next, management and its investor relations team should agree on top priorities. For those anticipating an IPO, or the need for a follow-on or other capital raise over the coming 12 to 18 months, arranging meetings with investment bankers, current and/or new potential investors, will be top priority. For others, the goal may be to connect with current investors and arrange as many introductions to new sell-side analysts and fund managers as possible in order to increase visibility for the company’s story. JPM week can also provide a unique opportunity to meet with potential partners.
Once the goals are set, the investor relations team should prepare highly targeted lists, leveraging all existing tools at its disposal (proprietary lists, databases) and begin email and phone outreach to secure meetings, understanding that schedules fill quickly and investors attending the actual JPM presentations will often need to wait for those schedules to be released before filling in open slots. A brief, yet compelling pitch is key, because your company will be competing with hundreds of others. Be realistic in terms of expectations; demand for meetings during JPM week is fierce. Perhaps attendance for two or three days, versus the entire week, makes the most sense for your team. Remember, in-person or virtual meetings can always be held ‘outside’ of the conference week, if needed.
As the schedule begins to take shape, backgrounders should be prepared so that management knows not only the time and place of each meeting, but, more importantly, who they are meeting and why (what each attendee’s interest or motivation is, in meeting with you).
Presenting at Parallel Conferences
JPM week offers the opportunity for some companies to present at smaller, offshoot, paid-for conferences, further expanding visibility and providing the chance to make additional investor (or other) connections. Be sure to take a look at available investor-focused conference calendars and to determine other offerings which are available during the time management will be in San Francisco. For example, Biotech Showcase, held during JPM week, at a hotel in Union Square, is appropriate for smaller, emerging companies, schedules 30-minute webcast presentations and allows for the scheduling of 1×1 meetings with investors and potential partners.
Issue Relevant News Ahead of the Conference
Many companies will strategize to determine whether it is possible to issue news ahead of JPM, whether it is clinical trial data, M&A activity or a year-end recap including upcoming, expected milestones. If appropriate, issuing news helps to heighten visibility and offers a chance for the company to stand out against the many other life science companies attending the conference. It also gives management the opportunity to discuss the recent news during its meetings with investors and/or partners.
Update the Presentation
A company’s corporate presentation is its calling card, and an updated version is a must-have during JPM. Given that your team may be meeting with groups of varied depth of focus and knowledge, be prepared to have several appendix slides which will be invaluable for meetings that get into the ‘weeds’ of the business and market opportunity, for example. Alternatively, prepare a non-confidential deck not exceeding 20 slides, if possible, and have a separate file to refer to, containing more detailed information, as needed.
Since these meetings will not exceed 30 minutes, email a PDF copy of the slides to each attendee ahead of time, allowing them to review the material and gather their thoughts, freeing up valuable meeting time for questions. Additionally, remain flexible, as some attendees will prefer to skip the slides (for now) and move right into a Q&A.
Navigating the Conference
To ensure management is at their best during this busy week filled with meetings, evening receptions and dinners, it is important to schedule daily downtime at midday, so that they can regroup, attend to any business matters and have lunch. Build 30-minute breaks between meetings, allowing adequate travel time to the next meeting (if not in your own suite) or for attendees to reach your location.
Leaving time in between meetings also allows for the inevitable, impromptu hallway conversations. That said, make sure management has their ‘elevator pitch’ ready for these brief but sometimes important interactions.
Be prepared to document all discussions, planned and unplanned, during JPM, so that post-conference follow-up can be conducted, strategically. Have business cards on hand, which will allow an easy exchange of contact information (even if just via screenshot on a cellphone).
Plan to Follow-Up
As important as each meeting during JPM is, so too are the company’s post-conference activities. Management and its investor relations team should be prepared to take thorough notes during each meeting, with the intention to use them during follow-up initiatives. After JPM, it will be important to review notes from each meeting, discuss highlights from the week, ideas for next year and align on next steps. This can include scheduling follow-up calls or in-person meetings, sending additional requested materials and updating the company’s blast email list and internal database.
JP Morgan Healthcare Conference with Rx Communications
Rx Communications, as your partner in life science investor relations and communications, understands the complexities of representing a company’s story at high-stakes events like JPM. Our team can provide meeting rooms, help to prepare compelling materials, schedule meetings, provide critical background information and conduct follow-up to help ensure a successful week.
