🧬 How to Build Your Circle When You're Starting From Zero | Sandra Shpilberg (Part 4/4)
October 9, 2025
"If the door's not open, it's not open. I should only be walking through doors that are open. Why am I going to knock on doors that are closed?"
Sandra Shpilberg, Co-founder and COO at Adnexi, revisits her founder’s journey, sharing how setbacks and her son’s curiosity during the COVID-19 pandemic led to the launch of Adnexi, a mission-driven platform for biopharma.
She reveals lessons on navigating non-competes, collaborating with market forces, and building resilient teams, while highlighting the rewards and challenges of creating a lasting family business and intentionally cultivating a supportive circle for growth.
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"If the door's not open, it's not open. I should only be walking through doors that are open. Why am I going to knock on doors that are closed?"
Sandra Shpilberg, Co-founder and COO at Adnexi, revisits her founder’s journey, sharing how setbacks and her son’s curiosity during the COVID-19 pandemic led to the launch of Adnexi, a mission-driven platform for biopharma.
She reveals lessons on navigating non-competes, collaborating with market forces, and building resilient teams, while highlighting the rewards and challenges of creating a lasting family business and intentionally cultivating a supportive circle for growth.
Key topics covered:
- Founding Adnexi as a family: Turning pandemic downtime into a bold biotech launch
- Navigating non-competes and reimagining business models: Pivoting fast after acquisition hurdles
- Adapting to market forces, learning from failure, and the myth of founder omnipotence: Riding market waves and owning mistakes
- Long-term, mission-driven company building and defining a sustainable legacy: Building for impact, not just the exit
- The importance of support systems, mentors, and intentional relationship building for startup success: Leveraging strong connections for growth
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Subscribe to the Podcast:
Find our guest, Sandra Shpilberg, at these links:
Website: https://adnexi.com/
Find our host, Jon Chee, at these links:
LinkedIn: https://www.linkedin.com/in/jonchee
Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/
Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin
Resources & Articles:
ClinicalTrials.gov: https://clinicaltrials.gov/
Open Payments Data: https://openpaymentsdata.cms.gov/
Horizon (Case Study: Acquired by Amgen): https://www.amgen.com/newsroom/press-releases/2023/10/amgen-completes-acquisition-of-horizon-therapeutics-plc
Daiichi Sankyo (Case Study): https://www.daiichisankyo.com/files/investors/library/annual_report/index/pdf/16.pdf
Companies, Universities, & People mentioned:
Adnexi: https://adnexi.com/
Seeker Health (by EVERSANA): https://www.eversana.com/teams/seeker-health/
BioMarin Pharmaceutical: https://www.biomarin.com/
Horizon (now part of Amgen): https://www.amgen.com/
Daiichi Sankyo: https://www.daiichisankyo.com/
Timestamps:
00:00 Intro
01:47 Pandemic Pause and Family Curiosity Spark Adnexi
02:53 Identifying the Market Gap: Building a Platform for Biopharma Stakeholders
05:02 Reflecting on Post-Acquisition Challenges and Market Lessons
06:45 Learning from Failure: The Value of ‘Ashes’ and New Beginnings
10:42 Bootstrapping Adnexi: Early Growth and Pivots
13:20 The SPAC Detour: Risks, Regrets, and Realizations
17:59 Understanding Market Forces and Founder Humility
20:56 Deciding to Go ‘Full-Time’ on Adnexi
23:53 Today’s Adnexi: Platform Evolution and Ambitions
27:48 Gratitude and Advice: The Importance of People and Energy
38:59 Closing Advice for Younger Self: Intentional Relationship Building
41:39 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.