Partnering with innovative companies at all stages of development is core to how we discover and develop new groundbreaking medicines. Establishing those deep and successful partnerships presents numerous opportunities but also a number of challenges that can hinder the delivery of new therapies. This panel will explore how the current state of the biotech and pharma industries, as well as macroeconomic factors, are affecting collaborations, and what it takes to develop a long-term and sustainable partnership to translate pioneering science into breakthroughs for patients. The panel will also discuss how to set yourself up for success during the contract negotiation process, how to establish a governance model that enables both parties to bring in their expertise and be a collaboration of equals, how to manage expectations after a merger or acquisition, and how to navigate complicated and sometimes contentious issues when they arise.