- Before
- “I can't call a product clean if half its correspondence folder is unread.” Samples the data room and writes the red-flag report against the clock.
- Now
- Opens each finding with the seller's statement beside the agency's own words, then confirms, downgrades or asks the seller.
One data room, from the last upload to the transfer plan
Project Larch: Northwind is bidding for Orvelle Pharmaceuticals — five products, 14 registrations in seven markets, $1.90 bn of 2027 forecast sales in the seller's model. It is October 7, Day 16 of the data room. The red-flag report is due on October 9 and the binding bid on October 16. Here is what happens next, screen by screen, in the working solution.
- 01Oct 7 · 07:20
The footprint, and what is still unread
Lena Ortiz · Regulatory due-diligence leadLena opens Orvelle's registration footprint: one tile per product and market, sized by the 2027 forecast and coloured by regulatory risk. $960M — 50% of the forecast — sits on red or amber tiles, and 6,173 of 6,214 regulatory files are read and cited. Overnight the seller uploaded batch 14: 312 files, 41 of them regulatory. Tavirel US, Tavirel EU and Pelandra US are striped, their colour provisional.
“41 files unread in batch 14. Tavirel US, Tavirel EU and Pelandra US cannot be called clean until they are read.”
- 02Replay the reading
How the map took its colours, day by day
Lena Ortiz · Regulatory due-diligence leadReplay runs the data room again from Day 1. Every tile starts grey and fills as the agents read. On Day 8 Pelandra US turns red: post-marketing requirement 4102-1, the pediatric assessment, is overdue and FDA has sent a non-compliance letter. On Day 15 ORV-214 US turns red: the complete response letter asks for a thorough QT study the seller did not mention.
“Day 8 · Sep 29 — Pelandra US turned red — post-marketing requirement 4102-1 is overdue and FDA has sent a non-compliance letter.”
- 03One click
“Read new upload” — batch 14 in 5.8 seconds
The agentsThe Data Room Reader receives the 312 files, with checksums and access logged, and classifies them: 41 regulatory — 23 agency correspondence, 18 labeling. The Inventory Extractor pulls 64 facts with page citations and one new agency clock, a response due October 21. The Public Record Checker compares 186 agency records; the safety labeling change is not yet public. The Risk Scorer raises one new finding.
“R-06 · Major. FDA asks for a liver-injury warning on Tavirel; the seller's forecast assumes no label change.”
- 04Batch 14 read
Tavirel US turns amber in front of her
Lena Ortiz · Regulatory due-diligence leadEvery regulatory file in the data room is now read. Tavirel US — NDA 900417, $520M of 2027 forecast — turns amber. Its tile shows why: R-06, the FDA clock on the safety labeling change with 14 days left, the closed untitled letter R-09 and PMC 3302-2 on track. Reading coverage 1,148 of 1,148 files. Forecast on red or amber registrations rises from $960M to $1,480M, 78% of the total.
- 05R-06
What the seller says, beside what the record says
Risk ScorerSlide 22 of the management presentation reads “Label stable — no safety labeling changes assumed in the 2027–2031 forecast.” The safety labeling change notification asks for a new Warning and Precaution, section 5.4 Hepatotoxicity, with liver tests at baseline and monthly for the first three months, and a response within 30 days. Likelihood 4 × impact 4 = 16, Major. Effect on the deal: Tavirel forecast −4% to −7% from 2027.
Proposed protection: “Price: reduce the Tavirel forecast by 4–7% from 2027.”
- 06The findings
Ten findings, ranked by likelihood × impact
Lena Ortiz · Regulatory due-diligence leadOne Critical, told to the deal team within 24 hours. Four Major, for the weekly deal meeting. Five Minor, for the final report only. Each row shows its area, score, effect on the deal and status — R-02 on Pelandra and R-07 on three missing Quorvia eCTD sequences are with the seller as questions Q-046 and Q-045.
- 07R-01 · Critical 25
The response letter the deck summarised
Risk Scorer and Public Record CheckerSlide 14 says the ORV-214 complete response was “limited to observations at our third-party manufacturer” and plans a Class 1 resubmission, approval mid-2027. The published letter, page 3, also asks for a thorough QT study. In the Type A meeting FDA did not accept modelling instead. A resubmission with new clinical data is Class 2, a six-month review, so the record supports approval mid-2028 at the earliest. Nine citations; a seller question and a protection are drafted.
Proposed protection: “Contingent value right tied to ORV-214 approval; specific indemnity for Meridale remediation costs.”
- 08Confirmed · signed
Lena confirms; a named signer releases it
Lena Ortiz and Dana OkaforLena confirms R-01 as Critical and it goes to Dana Okafor, head of global regulatory strategy, for sign-off. Dana signs with the meaning “Approved — release to the deal team”. Only then does the finding reach the deal team.
“It is released to the deal team and the audit trail records your name, the time and the meaning.”
- 09Oct 9
The red-flag report, a citation on every sentence
Report WriterThe Report Writer drafts six sections: summary, Critical findings, Major findings, registrations and commitments, recommended protections and integration. The summary opens with the reading behind it — all 6,214 regulatory files and 186 public agency records. Dana Okafor signs before it reaches the deal committee.
“Every sentence above is cited · Dana Okafor signs before it reaches the committee.”
- 10At signing
The same inventory becomes the transfer plan
Integration Planner · Sam PatelThe Integration Planner reads the 14 registrations, 6 commitments and open findings, picks each market's route and schedules it from close on December 1, 2026: in the US, letters from both holders under 21 CFR 314.72 and a licence transfer for the Quorvia BLA; the EU under Regulation (EC) 2141/96, national transfers elsewhere. 13 registrations move; Japan stays with the licensee. 1,842 eCTD sequences migrate, and the last transfer lands on Day 118. Sam Patel approves the plan.