The case describes the challenges faced by Immunovaccine (IMV), a small biotechnology company founded in Halifax, Canada. The company has seen early success in the effectiveness of its technology in animal health and is looking for ways to exploit the potential of its technology more broadly, particularly in human health. The company's challenges are presented in the context of the evolving relationship between the pharmaceutical and biotechnology industries. The case describes the various issues the company faces around 2008, shortly after the new president and CEO has taken over. It then provides details on strategy formulation and execution under the new CEO.