Craig Belcher: Science, strategy and landmark deals

For more than 2 decades, Craig Belcher has worked at the intersection of science and business. As a senior leader at UniQuest, The University of Queensland’s commercialisation company, Craig has helped shepherd breakthrough research from the laboratory into the real world, often navigating complex pathways involving intellectual property, investors, industry partners and global pharmaceutical companies.

Craig joined UniQuest in 2004, returning from the UK to support what were then emerging institutes at UQ, specifically the Australian Institute for Bioengineering and Nanotechnology (AIBN) and the Queensland Brain Institute (QBI). Since then, Craig has played a central role in business development across the UniQuest portfolio and, in 2019, became the Head of Life Sciences. He has led or supported numerous major commercialisation deals, most notably the molecular clamp vaccine technology that led to the creation of Vicebio Limited, the start-up company that would later be Australia’s largest university biotech spin-out acquisition.

The molecular clamp first crossed UniQuest’s radar in 2013, following the return of researcher Professor Keith Chappell to UQ. Craig became deeply involved in 2016, helping shape the commercial pathway for the technology and, in 2018, travelled with 2 of the 3 inventors to the UK to support a UQ grant application to CEPI (Coalition for Epidemic Preparedness Innovation) for pandemic use of the molecular clamp. He used the same trip to reach out to his industry network. That trip led to 2 deals for the one technology: the UQ-CEPI pandemic partnership and a commercial partnership with a venture investment from a UK-based investor. Founded early 2019 before the COVID pandemic, Vicebio focused on non-seasonal respiratory vaccines, operating in stealth mode for some years while the science and strategy matured.

The company eventually came out of stealth mode and in mid-2024 raised US$100 million from US investors, a milestone that validated both the science and the team. A year later, in July 2025, Sanofi announced its intent to acquire Vicebio for an upfront cash payment of US$1.15 billion, with potential future milestone payments of up to US$450 million.

Building pathways, not just companies

For Craig, the molecular clamp story is a clear example of what successful commercialisation looks like: strong science, the right team, creative deal structuring and, crucially, securing sufficient funding for product development. But it is far from the only project he is proud of. Another standout was commercialising a platform technology for rheumatoid arthritis and potentially other autoimmune diseases. Referred to as ASITI (Antigen Specific Immune Tolerance Induction) technology, developed by Professor Ranjeny Thomas at the Frazer Institute, Craig was instrumental in securing a multi-year partnership with Janssen, the pharmaceutical arm of Johnson & Johnson, which funded the program through to a Phase 1 clinical trial. Lessons learned — particularly around lipid nanoparticle delivery systems before the pandemic — fed back into ongoing research and the next generation of the technology for commercialisation. “It’s a combination of great research, a great team, and a convergence of factors,” Craig says. “But it’s also the tenacity to stay the course and bring those elements together that gives ASITI such an exciting future.”

Asked what else, Craig reflects that The University of Queensland is a comprehensive university and, as a consequence, he has been fortunate to be involved in the commercialisation of UQ technologies that are adjacent — or very different — to his technical training and the therapeutics industry. The most unusual royalty rate he ever negotiated was for a strong but flexible nanomaterial which could be thin coated onto golf balls to improve their performance; the royalty rate was a US dollar value per dozen golf balls sold with the UQ nanocoating.

Commercialisation means an exchange of intellectual property (IP) rights for value — often for money, but always impact value.

“UniQuest is about achieving impact for UQ through contracts that deal with commercial terms,” Craig says. “Sometimes that is contracting for low or no financial return but straight-up public good.”

Of note in life sciences, is a proprietary method to isolate a pheromone from the toxic glands of adult cane toads to be used as a 'scent plume’ to attract and capture cane toad tadpoles. It was developed by Professor Rob Capon at the Institute for Molecular Bioscience and was a licence ‘light’ to a not-for-profit Queensland organisation for impact. The licensee, Watergum Community, use the pheromone in their specially designed funnel trap, allowing for humane, large-scale removal of cane toads before they mature.

At UniQuest, Craig’s work spans the full commercialisation continuum: engaging researchers, identifying innovations that can address unmet market needs, protecting IP, testing commercialisation pathways to market, business development and deal-making plus post-deal relationship management. Sometimes that leads to raising venture capital to form a start-up company and sometimes finding an existing company to license the technology. “We often can’t be certain of the best pathway at the start,” he explains. “It’s for the market to decide so we often pursue both pathways in parallel and see where the market traction takes us.”

A career shaped by applied science

Craig’s interest in applied science was sparked early. He began a Bachelor of Applied Science in biotechnology at UQ in 1990, later completing a commercially focused PhD in molecular biology in the Faculty of Science. A standout moment from his undergraduate studies was the product development proposal – a group-based, business-style project that broke away from traditional lectures and labs. “That was game-changing for me,” he recalls. “It showed me how science could translate into real products and real impact.”

After his PhD, Craig moved to the UK, initially working as a scientist in a small molecule drug discovery start-up company before transitioning into a business development role at Cambridge Antibody Technology, where he learned firsthand how to negotiate international cross-border biotech business development and licensing deals. Those experiences laid the foundation for his return to Australia and his long and rewarding career at UniQuest.

Impact measured in patients and people

When Craig reflects on commercialisation, it always comes back to impact and patients. Much of his work has focused on human health — vaccines, therapeutics and technologies that can change lives. Therapeutic antibodies, RNA-based medicines and next-generation vaccines rank among the most exciting biotech developments he has witnessed over the past 25 years, with enormous potential still ahead.

But there is another layer of impact Craig values deeply: people. UniQuest has become a training ground for commercialisation professionals who go on to lead start-ups, shape innovation policy or join industry or other technology transfer offices.

“There’s a ripple effect,” he says. “I had a wonderful learning environment thanks to my first boss in business development in the UK. I similarly want to pay it forward. People come through UniQuest, learn by doing and make a difference here, and then amplify that impact elsewhere.”

Advice for the next generation

For students considering a future in biotech, Craig’s advice is practical and clear: network early, understand the market, and don’t be afraid to take risks. “You can’t commercialise science on your own,” he says. “You need partners, investors and people who are motivated to move it forward.”

He is also keen to challenge the stigma around failure. “If a start-up doesn’t succeed, that doesn’t make you a failed person. You’ve gained experience that’s incredibly valuable.”

After more than 20 years at UniQuest, Craig remains optimistic about the future of biotech at UQ and in Australia more broadly. “The high-quality science keeps coming,” he says, “and our job is to work with our UQ researchers and turn innovations into products to benefit the world.”