Ramer’s departure came just a few days prior to an announcement that the economic crisis has forced the firm to make a series of changes. However, Ocean Tomo chief executive, Jim Malackowski, told Managing IP the timing was merely “coincidental”:
“It should surprise no one that corporations are very likely to have reduced budgets for patent acquisition, especially overseas”, said Malackowski. For this reason, the team has decided to cancel its June auction in Hong Kong, which was part of the IP Markets 2009 auctions along with a spring auction in San Francisco and an autumn event in Paris. The Hong Kong auction was set to be the firm’s first in Asia.
Malackowski also predicted “some impact to pricing” for the San Francisco auction on March 27, and said the results of that event “will be a barometer for where the marketplace is in terms of IP transactions”. A second auction to replace the Hong Kong event may be held in Chicago later this year.
To further adjust to the shifting IP environment, the firm will reduce the number of auctions it produces from 3 to 2 a year and will expand its focus on life sciences, since the pharmaceutical and biotech sectors have been less affected by the credit crunch so far.
Dean Becker, Ocean Tomo vice chairman, said in a statement: “The past two years were focused almost exclusively on high technology and telecommunications deals. Our public auction was our busiest platform. Today, the market is clearly signalling a significantly growing focus on private transactions in the areas of life sciences – our biotech/pharma and medical device pipeline is robust.”
To this end, the company has promoted life sciences specialists Dipanjan Nag and Michael Anglin to co-head the Transactions Business Unit, replacing Ramer. Nag developed the firm’s Patent/Bid-Ask platform, while Anglin previously served as chief operation officer of auctions.
Ramer’s next move is still unknown. Ocean Tomo has also fired several members of its auction team as part of its restructuring. .
Malackowski seemed confident the firm will continue to thrive, saying: “Ocean Tomo's success has been due in large part to our ability to anticipate the market in periods of economic growth, as well as recession”.
