Eliot Forster, CEO at Levicept on 30 Years in Pharma, Running a Six-Person Biotech, and the Future of European Drug Development

In this episode, I talked with Eliot Forster, CEO of Levicept, a neurophysiologist-turned biotech veteran with 30+ years of experience across Big Pharma and a series of CEO roles. We get into clinical failures, the realities of running a six-person company through a Phase 2 trial, and what it really takes to lead when the outcome is binary. Eliot also shares his honest take on the state of European biotech, what he wishes he'd known before his first CEO role, and why he still rolls out of bed excited every single morning. And yes, he also runs a brewery, hosts his own podcast, and still finds time for cricket, golf, and the wildlife of Africa. Here's What You're In For Why getting your first break in pharma through atypical, non-linear routes can be more valuable than a straight path What Big Pharma truly gives you, and what you need to unlearn before it stifles you The emotional reality of closing a company after a drug failure, and what it means for the people who trusted you Why biotech employees take existential career risks while Big Pharma employees with nothing to lose are paradoxically more risk-averse How a six-person team took a novel OA drug successfully through a 520-patient Phase 2 study The lean biotech model: when it works, when it breaks down, and how to decide what stays in-house What Eliot looks for in a recruiter, and why understanding the business is the bare minimum Why EU biotech is not as broken as people think, but what three structural gaps are still holding it back How CEOs of early-stage companies should think about commercial positioning from day one Why forming trust with investors early - rather than treating them as adversaries - is one of the most important lessons in the CEO toolkit Timestamps 05:08 – How Eliot got his first job: neuroscience PhD, sabbaticals at Merck and Parke-Davis, and landing at Glaxo in 1992 07:55 – What Big Pharma at Pfizer and GSK taught him — leadership, trusting teams, and what "good" looks like 11:18 – Career low point: closing Solace Pharmaceuticals after a failed Phase 2 trial and the personal weight of that moment 15:02 – Why biotech employees take bigger career risks than Big Pharma employees who have nothing to lose 16:46 – Levicept: the company, Leve-04, and the successful Phase 2 outcome in osteoarthritis 18:11 – How Eliot joined Levicept and Simon Westbrook's transition from CEO to CSO 24:19 – Running a six-person company through CROs and consultants — and why most investors are surprised it works 28:06 – How to decide what to keep in-house versus outsource 30:40 – What Eliot expects from recruiters and how trust-based relationships are built in small biotech hiring 33:21 – What's coming next for Levicept: IND in the US, long-term dosing studies, and joint replacement deferral 35:48 – The state of European biotech: where it's improving and the three structural gaps still holding it back 40:39 – Advice for seed-stage CEOs: start with the end in mind and live three to five years ahead 42:23 – What Eliot wishes he'd known before his first CEO role About Eliot Eliot Forster is the CEO of Levicept, a UK-based clinical-stage biotech developing Leve-04, a neurotrophin 3 inhibitor for the treatment of osteoarthritis. A neurophysiologist by training, Eliot spent the first half of his 30+ year career at Big Pharma - including Pfizer and GSK - before transitioning into a series of biotech CEO roles. He also serves on multiple boards, including at Ematics, and splits his time between the UK and South Africa. Outside work, Eliot runs a brewery, hosts the LifeSci Fantastic podcast, and still makes time for cricket, golf, and the wildlife of Africa. Connect with Eliot: LinkedIn: https://www.linkedin.com/in/eliot-forster-5a6ba63/ Levicept: https://levicept.com/ The Life Sci Fantastic: https://podcasts.apple.com/gb/podcast/the-life-sci-fantastic/id1846575448 About Charles My name is Charles Spence and I lead Discera. After many years working in the life-science recruitment world, I decided to work for myself. Before doing recruitment I graduated with a biomedical degree, have worked in hospitals (including translation work in Seoul, South Korea), and also spent a year working in diabetes research in Stockholm. After doing research and travel, a career in business and science felt the most appropriate. In 2023, I decided to launch my firm - Discera Search. A firm committed to solving the biggest talent needs of early clinical stage SME biotechs on the East Coast and DACH. Connect with me: LinkedIn: https://www.linkedin.com/in/charles-spence-clinical/ Website: https://www.discera-search.com/ Opinions and comments expressed by the guest do not represent the company and are fully their own.