A 1-Day Training Course Delivered by
Michelle I Olufeso

Michelle I Olufeso

  • Founder and CEO of MIO Consult GmbH, an accounting consultancy specialising in International Financial Reporting Standards (IFRS) accounting for licence deals in the pharma-biotech-medtech world.
  • Formerly with Roche (2004-2016) as Head of Accounting and External Relations, Michelle managed the accounting for all R&D alliances within the Roche Group globally.
  • Highly respected for her contribution to IFRS standard setting and EU adoption of the standards.

Learn

  1. The types of financial statements and their components relevant for deal accounting.
  2. To understand the accounting terminology and implications of licensing contracts.
  3. How the classification of the IP transferred in a deal impacts on deal accounting.
  4. How to mitigate the risk of having income fluctuations in financial statements as a result of uncertainty around R&D deals.
  5. How to determine the accounting implications of in-licensing deals before deal signing.
  6. How to determine the accounting implications of out-licensing deals before deal signing.
  7. The accounting implications of equity transfers before deal signing.

Additional Benefits

  • You will be able to use a decision tree that shows in advance how any licensing deal will be accounted for.
  • You will have the opportunity to ask questions to a finance expert about the deals you are working on.

 

Why You Should Attend

The Content: Most BusDev & Licensing executives in pharma, biotech or medtech companies have little understanding of accounting implications of the deals they are working on. As a result, when the deals are signed, the accounting treatment is often contrary to what was expected by the executives. By attending this course, you will be well equipped to pre-determine the accounting treatment to ensure there are no surprises post-deal signing.

The Expert: As Roche’s former Head of Accounting, managing the accounting for all R&D alliances within the Roche Group globally, Michelle experienced firsthand the implications of a lack of understanding of accounting principles across functions involved in deal making. Her passion for inspiring others towards excellence led her to head the Roche Diploma in Accounting (RDA) trainings (Basic and Advanced), to develop training materials and to actively facilitate workshops worldwide. Her roles have enhanced her ability to have in-depth discussions with various stakeholders and high-profile professionals, from different countries, having very different backgrounds, across very different accounting and non-accounting topics.

The Financial Acumen for Executives in Pharma-Biotech-Medtech Licensing course is the only available public training course delivered by Michelle I Olufeso on this topic.

Agenda of Financial Acumen for Executives in Pharma-Biotech-Medtech Licensing

The below agenda is for the face-to-face format. The online version of this course will cover the same modules, but the format and timing will be adapted to suit the online training setting. 

Timing of the online course will be: 

  • AM: 10-12 CET
  • PM: 13-17 CET

 

10:00

Welcome & Audience Expectations

10:30

Financial Statements: Accounting Considerations for License Deals

 
  • What are Financial Statements?
    • What is a Balance Sheet and what are its components?
    • What is an Income Statement and what are its components?
  • What parts of a licensing deal could be categorised under Financial Statement headings (group activity)?
    • Fixed assets and intangible assets
    • Goodwill
    • Investments
    • Liabilities and equity
    • Income: Revenue, milestone, royalties, commissions, profit sharing
    • Expenses: Depreciation, amortisation, milestones, royalties, commission, option and option maintenance fees, cost sharing

11:15

Coffee Break

11:30

Elements of Licensing Deals With Accounting Implications

 

  • Research costs
  • Development costs, including jointly incurred costs
  • Upfront fees, milestones
  • Option fees, option maintenance fees and opt-in fees
  • Commercial milestones and royalties
  • Costs already incurred by license partner and reimbursements
  • Equity
  • Exchange of assets

12:30

Lunch

13:30

Accounting for In-Licensing Deals

 
  • What is the accounting treatment for in-licensing deals?
    • What are Materiality thresholds?
  • What qualifies as an asset?
  • What types of assets exist in license deals?
  • What is the difference between acquired assets and single assets?
  • What happens when a deal goes bad after signing?

15:00

Transfer of Equity: Accounting Considerations and Implications

 
  • What happens when shares are transferred as part of the deal?

15:30

Coffee Break

15:45

Accounting for Out-Licensing Deals

 
  • How should amounts received be accounted for?
  • Factors to be considered in order to recognise amounts received
    • Contract Identification
    • Performance Obligations
    • Purchase Price
    • Allocation
  • Practical example

17:15

Summary

17:30

Close

>> Click here if you wish to receive the PDF brochure of this course

Learning Methodology

Michelle uses real-life cases to illustrate the theory. Interactive sessions, including a decision tree exercise, are embedded in this programme to ensure you leave equipped with actionable knowledge.

One of the most valuable aspects of attending any CELforPharma course is not only being able to have your specific questions answered by a leading expert, but also having the opportunity to share experiences and have in-depth discussions with your international peers.

infoThe typical audience size of our courses ranges from 6 to 24 (max) participants.

Who Should Attend?

  • Business Development Executives who scout and negotiate deals.
  • Legal Executives who draft term sheets and the actual contracts.
  • Finance Executives who need to understand deal structures, legal terminology and the accounting implications.
  • Pharma, Biotech and Medtech Partnering Executives who source deals to complement existing portfolio.
  • R&D or Disease Biology Area (DBA) Executives who want to better inform their finance colleagues about the nature of the science behind the IP transferred in deals.
  • Executives in Marketing and Distribution who want to better inform their finance colleagues about the marketing elements to be transferred in deals.

As this course is delivered by Michelle I Olufeso from MIO Consult GmbH, a leading pharma consultancy company, executives from other professional service agencies should request approval prior to registering for this course. Please contact Inge Cornelis, Director Commercial Communications, for more information (inge.cornelis@celforpharma.com, tel +32 (0)2 709 01 43).

 

Past Participants

As this is the first session of the Financial Acumen for Executives in Pharma-Biotech-Medtech Licensing course, there is no past participants list available.

 

Testimonials

As this is the first session of the Financial Acumen for Executives in Pharma-Biotech-Medtech Licensing course, there are no testimonials available.

Dates & Locations

All CELforPharma courses are held live online (hosted in Zoom) or in top-class four or five star hotels situated in easily accessible locations, either close to an international airport or near public transportation links in city centre locations. ​​​​
 

  • 25 November 2020, live online

 

Hotel Booking Assistance

Having built a strong relationship with each hotel, CELforPharma has secured preferential room rates for our delegates who book their accommodation three weeks or more prior to the course. Upon your registration, we will help you make your hotel booking. For any assistance in this matter please do not hesitate to contact Sarah Nissen, Senior Programme Coordinator (sarah.nissen@celforpharma.com, tel +32 (0)2 709 01 46).

Included in the Registration Fee​

  • Access to an expert led course in real-time, using an interactive platform for break-out rooms, whiteboard exercises, polling, plenary discussions and chats
  • Course material, which will be provided to you in both digital format (by email) and in hard copy (by post, so you can make notes during the course)
  • Certificate of attendance signed by the expert and CELforPharma
  • Flexible transfer option

 

Group Discounts

Team discounts can be offered to 3 or more delegates from the same company.
Contact Inge Cornelis, Director Commercial Communications, (inge.cornelis@celforpharma.com) for more details.

 

How to Register

  1. Click the "Register Here" button on this page.
  2. Choose a course date, then fill out your personal details and company / invoicing details.
  3. Choose to pay via bank transfer or by credit card.
  4. Click "Confirm Registration". You will be sent an automatic email confirming your registration followed by a personal email containing an invoice and further payment instructions.

For assistance in registering, raising a PO or invoicing, please do not hesitate to contact Kealeigh Steel.
(email: kealeigh.steel@celforpharma.com or call: +32 2 709 01 45)

 

Transfer & Cancellation Policy

Flexible Transfer

  • If a registrant cannot attend the scheduled course, he/she can avoid any cancellation charge by sending a suitable replacement participant.
  • Alternatively, the registrant can transfer once at no extra cost, until 3 weeks prior to the event, to another course held before 31 December 2021.

Participant Cancellation

  • Up to 6 weeks prior to the course: cancellation fee of € 400 per participant.
  • Up to 5 weeks prior to the course: 25% of the invoiced registration fee.
  • Up to 4 weeks prior to the course: 50% of the invoiced registration fee.
  • Up to 3 weeks prior to the course: 75% of the invoiced registration fee.
  • Fewer than 3 weeks or if no notification received: registrant liable to pay invoiced registration fee.
  • If a registrant postpones his/her participation to a future course, and cancels again, no refund can be claimed for registration fees.