IU Life Sciences Day at Kelley

Written by Rex Rumsey, MBA Candidate Class of ’25

At Kelley, we had the opportunity to hear directly from industry leaders about M&A strategy in the life sciences sector. Bernard Zovighian, CEO of Edwards Lifesciences, joined Mark Nicholson, Brad Robling, and Blayne Roeder—corporate development leaders from across the industry—to share how their organizations approach capital allocation, innovation, and risk.

A common theme across all firms was how growth opportunity, risk tolerance, and execution speed shape decisions around whether to invest in internal R&D or pursue external opportunities. These choices are closely tied to each company’s capabilities, strategic priorities, and stakeholder expectations.

 

Bernard opened the event with a compelling keynote, emphasizing that Edwards’ credo—to provide innovative solutions for people fighting cardiovascular disease—is deeply embedded in the company’s DNA. As a growth-oriented firm with a patient-focused innovation strategy, Edwards takes a differentiated approach to M&A by looking for complementary investments in pre-revenue companies with significant upside potential and then iteratively developing those technologies over time. With thousands of engineers, the company stays focused on addressing the unmet needs of patients with structural heart disease through this combination of early-stage external investments and significant internal investments. The company allocates a higher percentage of revenue to R&D and focuses with a long-term view on creating entirely new markets, with transcatheter aortic valve replacement (TAVR) standing out as a flagship example.

 

In the panel discussion that followed, Brad shared that Lilly, while open to a variety of partnering and acquisition strategies, is especially keen to pursue licensing agreements and minority equity investments. Lilly Ventures places multiple, lower-stakes bets on early-stage biotech firms that may eventually progress into its pipeline as the science matures, and deal terms evolve—striking a balance between autonomy and strategic guidance. Mark explained how Medline’s operating model supports both top-down and bottom-up value-driven approaches to M&A. Rather than acquiring for convenience or defaulting to a single transaction type, in his role, Mark looks for opportunities that can create new value and provide access to synergies. Blayne highlighted Cook Medical’s disciplined, portfolio-complementary strategy, focusing on acquisitions that fill specific capability gaps and align with its core strengths—while intentionally passing on opportunities that fall outside its strategic scope.

 

As the panelists emphasized, balancing risk and reward takes many forms—whether through creative deal structures, placing multiple bets in search of breakout success, or having the discipline to walk away when the fit isn’t right. Throughout the discussion, a consistent message stood out: effective corporate development requires strategic clarity, internal alignment, and strong teams capable of stress-testing ideas to improve decision-making.

 

A heartfelt thank you to our incredible speakers, and to George, Kelli, and Sarah Huoh—for organizing what was my favorite life sciences discussion during my time at Kelley. The insights shared, paired with grounded, experience-driven conversations with industry professionals, offered invaluable perspectives that will shape how my peers and I think about growth opportunities in the years ahead.