Donald Drakeman
Medarex
TITLE: CEO
RESIDENCE: Montgomery
FIRST JOB: lawyer with the firm Milbank, Tweed, Hadley and McCloy in New York City
EDUCATION: degree from Darmouth College; J.D. degree from Columbia Law School; and a Ph.D. in religion from Princeton University.
THUMBNAIL SKETCH: Recently appointed chairman of the New Jersey Commission on Science and Technology, Mr. Drakeman is co-founder, president and CEO of Medarex, a biotechnology company in Princeton Township with 20 products in human clinical testing. Previously he served as vice president of Essex Chemical Corporation. He also taught in the areas of constitutional law and civil liberties at Princeton University.
What are your goals as chairman of the Commission on Science and Technology?
My goal is to promote economic and job growth in the state through science and technology. I’m excited about being involved in that.
How will science and technology lead to economic and job growth?
I think it’s all about the combination of strength in our universities and the strength of the research-based industry here my part in that being bio-pharmaceutical but it extends well beyond that.
How will your experience at Medarex help at your new post?
We have had considerable success building our company, including our own innovative technology technology that has been derived from university-based research and actively collaborating with large pharmaceutical companies. We’ve tried to find ways to nurture good ideas in the lab and then make those ideas possible for practical use, along the way creating value for investors and jobs. If the commission can actively promote that same kind of technology development and transfer to entrepreneurial companies, they will grow and become successful.
What role does science and technology play in keeping New Jersey’s economy strong?
My perspective is through biotech, but what happens is, if you have good ideas, then they attract good people to work on them and bring investment dollars to the state, which then brings high-paying jobs to the state. If New Jersey is able to be a fertile ground for innovation and technology transfer, it will be able to create a growing economy.
How big a competitor is Pennsylvania for drawing science and technology-based businesses?
There are plenty of opportunities both in New Jersey and other states interested in promoting local biotech-based economies. Pennsylvania has created some innovative programs, but states all over the country still look to New Jersey and try to emulate some of its programs. New Jersey has created tax programs and legislative programs to support biotech growth and job creation. I think the Garden State is the best place for biotech companies, but it’s not the only place.
Medarex recently announced a partnership with Bristol-Myers Squibb. Can you tell me more about that?
The partnership is for a product, developed by Medarex that taken from the lab has shown great promise in clinical trials for treating different kinds of cancer. We needed to partner with someone to complete development, obtain U.S. Food and Drug Administration approval and then launch our product, market and sell it to physicians who will prescribe the drug. We’ve never launched a product before and Bristol-Myers is a world-leading cancer company. They are highly regarded and will be an expert partner that ensures success of the product. They will pay us $50 million up front and give us nearly a half billion in milestone payments if we reach those goals.
