Pharma-Biotech Product & Company Valuation
An Introductory Course
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Patrik Frei, PhD
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Combine this course with Bio-Europe Spring! |
- Know what determines the value of pharma & biotech companies.
- Gain a thorough understanding of key valuation terms, concepts, tools & techniques.
- Learn and practice how to assess and calculate the value of biotech companies.
- Learn and practice how to calculate the value of a development compound with an excel tool you can take home and use for any other pharmaceutical product in development.
- Gain expert insight and advice from Patrik Frei, who assessed and valued over one hundred products and companies in the life sciences industry.
What sets this course apart?
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: Patrik'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.
Who should attend?
Anyone who needs a thorough understanding of the valuation concepts and techniques commonly applied in the pharma and biotech industries.
Past participants
Following is a non-exhaustive list of delegate profiles that participated in this course:
Executive Evaluation Director, CVGI AstraZeneca Sweden testimonial Portfolio & Business Development Manager AstraZeneca Japan Corporate Development & Licensing Manager Chiesi Italy testimonial Associate Director - Corporate Business Development Lundbeck Denmark Portfolio Manager Nycomed Germany testimonial Director, Life Sciences Licentia Finland Technology Transfer Specialist Genoma Espana Spain testimonial Investments Director Highgrowth Spain CEO TxCell France testimonial Independent Consultant Beckmann Bio Belgium Managing Director - Dermatology & Cosmetics Pierre Fabre Germany Financing Director Novosom Germany testimonial Business Development Manager Roche Switzerland Director Business Development Therabel France Investment Executive WDC Investment Fund Ireland testimonial
Programme outline
You are welcome to join us for the welcome coffee at 9:30. The actual programme starts at 10:00 and closing will be no later than 17:00.
Welcome & Introduction to Valuation
- Scope of this course
- Basics about valuation: why, when & what.
- 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.
Company Valuation
- 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, 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
- Interactive lecture:
- Difference between company and product valuation.
- How to gather the information?
- Basics to decision tree valuation.
- How is decision tree valuation applied in practice.
- Given an NPV, how to decide on the best deal structure (upfront payment?...milestone payments?...royalties?). How to use the 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, 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
Learning methodology
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 a CD-ROM!). This tool will also enable you to practise how to best structure a licensing deal between companies.
Meet the expert: Dr. Patrick Frei
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 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. His previous occupations include CFO of a trucking company; training at several international corporations: LeCroy (Geneva, New York), Hans Merensky Holding (South Africa), Swatch Group - EM Microelectronic (Marin).
Dates
15 March 2009, Milan
13 May 2009, Brussels
23 October 2009, Brussels
Venue & Accommodation
15 March 2009
This course takes place at the Meliã Milano Hotel which is situated next to the MIC (Milano Convention Centre)
Meliã Milano
Via Masaccio 19
20149 Milano
Italia
Tel: +39 02 44406We have secured preferential room rates at this new five star hotel for our delegates. Registering three weeks or more prior to the course will secure your room at a preferential rate. Upon your registration, you will receive from C.E.L.forpharma a Meliã Milano Hotel Accommodation Sheet for you to complete and return by fax. Do not hesitate to contact Marie Stricklesse, Programme Coordinator, if you need assistance in this matter (marie.stricklesse@celforpharma.com ; tel +32(0)27092241)
13 May 2009
23 October 2009These courses take place at the Sheraton Airport Hotel & Conference Center which is situated in front of the Brussels National Airport, literally at 2 minutes walking distance from the arrival hall.
Sheraton Brussels Airport Hotel
Brussels National Airport
1930 Zaventem
Belgium
Tel: +32 (0) 2 710 80 00
Fax: +32 (0) 2 710 80 80We have secured preferential room rates at this five star hotel for our delegates. Registering three weeks or more prior to the course will secure your room at a preferential rate. Upon your registration, you will receive from C.E.L.forpharma a Sheraton Brussels Airport Hotel Accommodation Sheet for you to complete and return by fax. Do not hesitate to contact Marie Stricklesse, Programme Coordinator, if you need assistance in this matter (marie.stricklesse@celforpharma.com ; tel +32(0)27092241)
Registration fee
Discount Price(*) -20% 1.175€ 1.470€
Discount Price(*) -20% 1.175€ 1.470€
Discount Price(*) -20% 1.175€ 1.470€ * (excl. VAT)
To register, please go to our online registration form.
Testimonials
"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, 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 course, 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