Co-discovery and co-development partnerships have become a cornerstone of the biopharma industry. These partnerships can unlock the potential for groundbreaking medicines, yet their scientific complexity and multifaceted nature present unique challenges. This panel explores the intricacies of these collaborations, delving into the business structures, motivations, and decision-making processes that are crucial for success and optimal performance. From aligning research objectives and intellectual property strategies to establishing clear governance structures and communication channels, partners must navigate a myriad of considerations to foster a productive and sustainable collaboration. Attendees will gain valuable insights into fostering alignment, maximizing partnership value, and ultimately delivering transformative therapies to patients.