Dr. Patrik Frei
Register before 5 September 2014 and save € 200 on the October session.
Special offer for biotech executives:
If you are a Biotech Executive,
you are eligible for a 500 Euros discount on the registration fee.
|Know what determines the value of life science biotechs and emerging pharma companies.|
|Gain a thorough understanding of key valuation terms, concepts, tools & techniques.|
|Learn and practice how to:|
|Gain expert insight and advice from Patrik Frei who has assessed and valued numerous products and companies in the life sciences industry.|
The expert: Patrik Frei wrote the first book on the valuation of high-growth companies, including biotech and other life science companies. Patrik is a reputable specialist in the valuation of life science companies, with in-depth insight into the Venture Capital, Pharma and Biotech sectors.
The content: The expert's methodology taught at this course goes beyond the number-crunching approaches of most consultants, to also include qualitative factors that are hard to define. This course demonstrates the practical application of state-of-the-art valuation methods specifically targeted towards high-risk and high-growth projects in the life science industry.
This is an introductory course and therefore very valuable for pharma and biotech executives who are not familiar with compound and company valuations but need a thorough understanding of the valuation concepts and techniques that are commonly applied in the pharma and biotech industries.
Below is a non-exhaustive list of executives who participated in the Pharma-Biotech Product & Company Valuation course:
Investment Manager Accelerator Sweden testimonial F&A Manager arGEN-X Belgium testimonial Executive Evaluation Director, CVGI AstraZeneca Sweden testimonial Portfolio & Business Development Manager AstraZeneca Japan CEO Avexxin Norway testimonial Head of BD Avexxin Norway testimonial Independent Consultant Beckmann Bio Belgium Senior Director Business Development Celonic Switzerland testimonial Corporate Development & Licensing Manager Chiesi Italy testimonial Swiss National Contact Point for FP7 Health Euresearch Switzerland testimonial Technology Transfer Specialist Genoma Espana Spain testimonial Manager Helsinn Healthcare Switzerland testimonial Investments Director Highgrowth Spain Director Corporate Development Immune Pharma USA testimonial New Business Development Manager Janssen UK testimonial Director, Life Sciences Licentia Finland Associate Director - Corporate Business Development Lundbeck Denmark Managing Director Maxia Strategies Switzerland testimonial Business Development Director Medical Futures Canada testimonial CEO NewLab Life Sciences Canada testimonial Financing Director Novosom Germany testimonial Portfolio Manager Nycomed Germany testimonial CEO Pharmaneuroboost Belgium testimonial Managing Director - Dermatology & Cosmetics Pierre Fabre Germany Owner Planta-Solutions Switzerland testimonial CEO PRECLIN Biosystems Switzerland testimonial Business Development Manager Roche Switzerland VP Finance & Business Development Siena Biotech Italy testimonial Technical Director Tecnifar Portugal testimonial Director Business Development Therabel France CEO TxCell France testimonial CEO Vantia UK testimonial Director, Business Development Vifor Pharma UK testimonial Investment Executive WDC Investment Fund Ireland testimonial
You are welcome to join us for the welcome coffee at 09:30h. The actual programme starts at 10:00h and closing will be no later than 17:00h.
Welcome & Introduction to Valuation: What - Why - When
- Scope of this course.
- Basics about valuation.
- The main drivers of valuation: measuring risk vs. return.
How to Assess a Company Prior to Valuation
- Why is it important to assess a company before doing a valuation.
- The three key assessment areas: management - technology - market.
- The 20 factors required to assess a company.
- Interactive lecture:
- An overview of approaches for valuing life science companies (e.g. option pricing) and why simple approaches work best.
- Focus on the most used company valuation methods:
- Discount Cash Flows.
- Venture Capital method.
- Market / Deal comparable.
- Valuation in practice - discussion of a historical case.
- Group work on a case study:
The audience will be broken up in groups of 4. After reading the case (which will be sent to you prior to the course), each group has the opportunity to calculate the value of a life science company. The groups will then present and discuss their results in a plenary discussion.
Product Valuation & Deal Structuring
- Interactive lecture:
- Difference between company and product valuation.
- What information do you need? - How to gather the information?
- Overview of product valuation methods.
- In-depth explanation of the most frequently used technique in Pharma & Biotech: the Risk-adjusted Net Present Value (rNPV).
- How to calculate the value of a company from several product valuations.
- Given an rNPV, how to decide on the best deal structure (upfront payment?...milestone payments?...royalties?).
- How to use product valuation to determine a suitable deal structure?
- Group work on a case study:
The audience will again be broken up in groups of 4. After reading the case (which will be sent to you prior to the course), each group has the opportunity to calculate the value of a pharmaceutical product in development. The groups will then present and discuss their results in a plenary discussion.
Final Discussion & Wrap-up
This course optimally balances interactive lectures and group work on case studies that illustrate the theory and enable delegates to practice the fundamental valuation tools & techniques.
Definitely of great value in this course is the product valuation session, as it is applicable to any licensing deal, including the pharma-pharma situation. Following an explanation of the product valuation methods used in pharma/biotech, you will be able to practise the commonly used rNPV or eNPV method (risk-adjusted Net Present Value or expected Net Present Value) with an Excel tool developed uniquely for this course (and that you can take home on CD-ROM!). This tool will also enable you to practise how to best structure a licensing deal between companies.
Dr. Patrik Frei is founder and CEO of Venture Valuation AG, Switzerland. Venture Valuation specializes in independent, third party assessment and valuation of emerging high growth companies in biotechnology and life sciences. Services are provided in the form of proprietary Valuation Reports™ to companies and investors. Furthermore, Venture Valuation runs the Biotech and Life Sciences Databases Biotechgate and other country databases in Austria, Canada, France, Germany, India, Italy and Switzerland.
Patrik started the company over 10 years ago when he noticed a need for independent valuation services in high growth industries during a collaboration with Novartis Venture Fund, which became his first client. Since then he has been involved in over 250 valuations for investors as well as biotech, Pharma and medtech companies.
Patrik graduated from the Business University of St. Gall and wrote his doctoral thesis “Assessment and valuation of high growth companies” at the Swiss Federal Institute of Technology, EPFL Lausanne. Patrik was a board member and one of the original founders of Ineo, a holding company of the Swiss dental implant VC-backed firm Thommen Medical. He is also the Chairman of Ophthalmopharma, a Swiss based biotech ophthalmology company, where he successfully out-licensed a portfolio of 4 products.
Furthermore, Patrik is member of the board of Kleinkraftwerk Birseck AG (KKBN:Berne) a publicly quoted cleantech company. Patrik’s articles have been published in a number of scientific journals including “Nature Biotechnology”, “Chimia” and other business publications (“Starting a Business in the Life Sciences: From Idea to Market” and “Building Biotechnology: Starting, Managing, and Understanding Biotechnology Companies”). He has also lectured at Seoul National University, South Korea, EPFL Lausanne, University of St. Gallen and gives regular workshops on valuation.
This course takes place at the Hilton Zurich Airport Hotel which is located just five minutes from Zurich Kloten Airport with the complimentary shuttle. Zurich’s vibrant city center is located only a fifteen minutes drive away.
Hilton Zurich Airport Hotel
Tel: +41 44 828 50 50
Fax: +41 44 828 51 51
We have secured preferential room rates at this hotel for our delegates. Registering three weeks or more prior to the course will secure your room at a preferential rate. Upon your registration, C.E.L.forpharma will send you a Hotel Accommodation Sheet to complete and send back.
Do not hesitate to contact Marie Stricklesse, Senior Programme Coordinator, if you need assistance in this matter. (firstname.lastname@example.org; tel +32(0)27090143)
Special offer for biotech executives
Biotech executives are eligible for a considerable discount on the registration fee. Please provide us with your e-mail address and company name so that we can check whether you qualify for this discount:
22 Oct. 2014 Course, Zurich (VAL-17) Price(*) Registration before 5 September 2014 €1.270 Registration after 5 September 2014 €1.470* (VAT excl.)
To register, please go to our online registration form.
"Excellent summary of the principles of valuation. Great course overall!"
Ahmed Mohamed, New Business Development Manager, Janssen - UK (March 2014)
"Very practical course for someone who has little experience in the area."
Telma Faria Lapa Rodrigues Costa, Technical Director, Tecnifar - Portugal (March 2014)
"Patrik Frei demonstrated a lot of competence, even though the time was limited and the topic demanding."
Roland Meisel, Senior Director Business Development, Celonic - Switzerland (March 2014)
"This course was recommended to me by my colleague and this was indeed perfect on all dimensions: expert, course content, organization and audience. I rated this course top level on all parameters - congratulations!"
Scott Woodward, Head of BD, Avexxin – Norway (October 2013)
"This course was to the point as an entry point to valuation methods. Perfect content."
Mikael Orum, CEO, Avexxin – Norway (March 2013)
"This was an excellent, very well-explained introductory course. I learned a lot! Good way of presenting complex info, congratulations!"
Sascha Hugentobler, Swiss National Contact Point for FP7 Health, Euresearch – Switzerland (October 2012)
"Very impressive course which gives, in short time, deep insightful information about the topic."
Andreas von Planta, Owner, Planta-Solutions – Switzerland (October 2012)
"I enjoyed the workshop very much and appreciate the professional performance of the expert. This seminar helped me to understand better the valuation process."
Anna Baran, Director Corporate Development, Immune Pharma – USA (March 2012)
"I found it very useful to participate and interact. I was already familiar with company valuation from the past, but seeing it in practice in a pharma-biotech setting, where the assumptions are so much more numerous and complex, was really an eye-opener. The material provided is also very helpful in my current role as a F&A Manager in Biotech."
Marc Moens, F&A Manager, arGEN-X – Belgium (October 2011)
"A very good course that explains the complex process of valuation in a way that is easy to understand."
Maria Fors, CEO, Accelerator - Sweden (October 2011)
“As a service provider to small and medium sized companies, this valuation course has provided me with an ideal perspective of the financial link between biotech and pharma.”
Karl Burgin, Managing Director, Maxia Strategies – Switzerland
“This is an excellent course to bring more structure to valuation. It is easy to follow and well worth the small investment of one day and the course fee: the valuation of this investment is worth more than the price paid!”
Par Nijhawan, Business Development Director, Medical Futures - Canada
“Very up to the point and focussed programme. I recommend to anybody willing to better understand the basics of the biotech company/products valuation process”
Vicenç Tur, CEO, Lipopharma Therapeutics SL – Spain
“As a new CEO, this was exactly what I needed in a course. Good lecturers, a chance to do practical case studies and the right topics. I am very pleased that I attended. The lecturers were spot on!”
Rajesh Gupta, CEO, NewLab Life Sciences – Canada
“A very interesting agenda with successful speakers.”
Emanuela Lovati, Manager, Helsinn Healthcare – Switzerland
“Very clear and no non-sense presentations which are of immediate practical application for biotech business professionals.”
Gianluca Breghi, VP Finance & Business Development, Siena Biotech - Italy
“Very good introduction of valuation. Good for everyone involved in biotech.”
Erik Buntinx, CEO, Pharmaneuroboost - Belgium
“An excellent beginners course in valuation methods suited to those starting in business development in pharma/biotech.”
Jim Phillips, CEO, Vantia - UK
“Thanks a lot – the Pharma-Biotech Product & Company Valuation workshop was very helpful and a great setting.”
Bettina Ernst, CEO, PRECLIN Biosystems AG - Switzerland
"The course gives you the key to the tricky work of biotech valuation. For us, as a public foundation, it’s fundamental to know an objective value of our portfolio companies to have a solid base to negotiate with investors."
Diego Velasco Escribano, Technology Transfer Specialist, Genoma Espana - Spain
"It´s been a very useful tool to gain insight on both product and company valuation. The one-day course is very well organized including first-class lectures and practical excercises that provide attendees with a superb approach on how to perform valuations. It synthesizes the main methods used in valuation currently in an excellent way, ensuring you get the fullest benefit from this day."
Juan Pedro Rodriguez Serrate, Technology Transfer Specialist, Genoma Espana - Spain
"I found the Pharma-Biotech Product and Company Valuation course to be highly informative and useful. The course was a good mix of theory and practice through use of presentations by experienced practitioners and case studies participation by course attendees. I can recommend this course highly to anyone involved in or with the Pharma-Biotech industry that needs to learn more about valuation techniques and practice."
Conor McNamara, Investment Executive, WDC Investment Fund – Ireland
"I definitely recommend the Pharma-Biotech Valuation Course to pharma-biotech professionals who look for a best practise in valuating companies and licensing deals. Here you learn from the experts, who have hands-on experience with valuation, and who patiently explain the logic behind the assumptions of valuation."
Jacob Glenting, Business Development Manager, ALK-Abello - Denmark
"This course is very effective because of its bottom-up approach, i.e. moving progressively from basics to models. I also enjoyed the good interaction during the course as well as the group work on cases."
Frédéric Hammel, CEO, TxCell - France
"I can highly recommend this seminar, especially for participants that have not yet taken a look into the matter. It’s great to get a basic understanding and also serves as a perfect starting point for more in-depth work regarding company and product valuations in the biotech/pharma field."
Sebastian Kehres, Financing Director, Novosom - Germany
"The skills and generosity of the lecturers and the organisers made this day highly appreciated and I left with all my expectations met (which doesn't happen very often). I highly recommend this as a good and comprehensive introduction to the fundamentals of financial valuation of companies, as well as of individual research programmes."
Magnus Björsne, Executive Evaluation Director, AstraZeneca - Sweden
"This course is very helpful for people new in this area. It provides a good overview of all state-of-the-art processes and tools of deal making. All speakers are (very) experienced in this business, having executed significant and successful deals. Presentations and coaching sections are comprehensive, easy to follow and especially Patrik's insights are not only teaching but also entertaining."
Eberhard Rämisch, Portfolio Manager, Nycomed Pharma AG - Germany
"The course had an immediate practical impact on my professional life with useful tips and a workable evaluation model."
Loredana Ablondi, Corporate Development & Licensing Manager, Chiesi - Italy