ISBN-10:
3642425844
ISBN-13:
9783642425844
Pub. Date:
10/30/2014
Publisher:
Springer Berlin Heidelberg
Valuation in Life Sciences: A Practical Guide / Edition 3

Valuation in Life Sciences: A Practical Guide / Edition 3

by Boris Bogdan, Ralph Villiger
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Product Details

ISBN-13: 9783642425844
Publisher: Springer Berlin Heidelberg
Publication date: 10/30/2014
Edition description: 3rd ed. 2010
Pages: 370
Product dimensions: 6.10(w) x 9.25(h) x (d)

Table of Contents

Introduction 1

The Life Sciences Industry 2

Academia 2

Biotech 3

Pharma 4

Valuation 5

The Role of Valuation 5

Current Problems in Valuation 6

Basics of Valuation 11

Introduction 11

Fundamentals 11

Cash Flows 11

Discounting 13

Valuation Methods 29

Discounted Cash Flows Valuation 29

Decision Tree 32

Real Options 36

Difference Between Real Options and Financial Options 59

Valuation of Financial Options 60

Valuation in Life Sciences 67

Fundamentals 67

Drug Development 67

Medical Device Development and Approval 70

Cost 72

Success Rates 74

Time 76

Peak Sales 77

Discounting 96

Volatility 100

Project Valuation 103

Project Valuation: DCF 105

Project Valuation: Decision Tree 113

Project Valuation: Real Options 121

Simulations of Projects 134

Sensitivity Analysis and Sensitivity-Simulations 143

License Contract Valuation 146

Fundaments of Licensing 146

Valuation of License Contracts: DCF 152

Valuation of License Contracts: Real Options 160

Advanced Topics in Project and License Contract Valuation 169

Early-Stage Licensing with Possible Sublicensing 169

Simulation of License Contracts 194

Discovery and Preclinical License Deals: What's Realistic? 195

How to Read a Deal 197

The Virtual Company Model 201

Negotiating License Deals 208

Valuation License Contracts with Multiple Indications 218

Valuation Projects with Multiple Markets 232

Technology Valuation and Feed Rate 233

IP Valuation 235

Pipeline Valuation 243

Portfolio Management 245

Introduction 245

Qualitative Approaches 247

Qualitative Approaches 248

Optimal Portfolio Structure 250

Company and Stock Valuation 255

Introduction to Company Valuation 255

Theory 258

Interpretation of Valuation Results 273

Simulation on Company Level 275

Case Company Valuation 275

Stock Valuation 278

Advanced Company Valuation 284

Mergers and Acquisitions 290

Other, Less Serious Approaches 293

Exercises 305

Introduction 305

Exercises 305

Solutions 311

Case Studies 331

Introduction 331

Case Study 1 331

Case Study 2 338

Case Study 3 346

Case Study 4 354

References 363

Index 365

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