A 1-Day Training Course Delivered By
Dr Patrik Frei

Dr. Patrik Frei

  • Dr. Patrik Frei is Founder & CEO of Venture Valuation, specialists in independent assessments and valuation of emerging high-growth companies in biotechnology and life sciences, and owner of Biotechgate, the global business development database for the life science industry.
  • Europe’s top valuation expert of high-growth life science companies and author of Assessment and Valuation of High Growth Companies.
  • Patrik and his team carried out valuations for the Novartis Venture Fund.
  • Owner of Biotechgate, the global business development database for the life science industry. Leave your details here for more information.


  1. The main valuation approaches, tools & techniques currently used in the pharma-biotech world.
  2. Methodology for assessing the risk profile of a company prior to valuation.
  3. An overview of different valuation methods used for life science companies and products.
  4. How to calculate the value of a life sciences company with the Discounted Cash Flow method, comparables and exit valuation.
  5. How to calculate the value of a compound in development, using the most commonly used tool, i.e. the risk-adjusted Net Present Value (rNPV).
  6. How to structure the licensing deal between companies, covering issues such as milestone and royalty payments.

Additional Benefits

  • Gain practice in calculating the value of a phase II compound with an Excel-based valuation tool, which you can use when back in the office.
  • The audience of this course is always an interesting mix of executives from pharma, biotech and related (e.g. tech transfer) companies.


Why You Should Attend

Valuation is an inherently subjective task which is made even more difficult in the life science industry due its unique challenges: high attrition rates in R&D, long investment cycle, complex technologies and IP situations, etc. Therefore, traditional valuation methods are not suitable.

The Content: This course is designed to teach you a systematic approach to producing a valuation which can be used in investment rounds, mergers/acquisitions, licensing deals or strategic development decisions in the pharma-biotech world. It goes beyond the number-crunching techniques of most consultants and includes difficult to define qualitative factors which shape the risk profile of the company in question.

The Expert: Patrik Frei is leading expert in the valuation of life science companies, with vast sector-specific knowledge and experience, which allows him to speak with authority on the subject. Patrik wrote the first book on the valuation of high-growth companies and holds a Ph.D in the field. He founded Venture Valuation in 1999, which has remained true to its mission since then: the independent assessment and valuation of companies, products and patents in fast growing markets and industries including pharmaceuticals, Biotechnology and Medical Technology.

The Pharma-Biotech Product & Company Valuation  - An Introductory Course is the only available public training course delivered by Patrik Frei on the topic of Valuation.

Agenda of the Pharma-Biotech Product & Company Valuation course

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




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


Coffee Break


Company Valuation

  • 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. 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 & Deal Structuring

  • 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 the product valuation to determine a suitable deal structure?

Group work on a case study:

  • The audience will be broken up in groups. 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
  • Coffee will be served during the case study workshop


Final Discussion & Wrap-up



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

Learning Methodology

This course optimally balances interactive lectures with practical group work exercises which are designed to help you practice the fundamental valuation tools & techniques taught throughout the day.

Of particular value in this course is the Product Valuation and Deal Structuring module where you will learn the commonly used rNPV (risk-adjusted Net Present Value) method for calculating the value of a drug in development. Subsequently, you will practice how to structure a licensing deal between companies. You will use an Excel-based tool designed specifically for this module (which can be taken home).

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?

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.


Past Participants

Below is a non-exhaustive list of past participants who have benefited from attending this course.


Job Title



Investment ManagerAcceleratorSweden
CEOAkceso AdvisorsSwitzerland
CFOAlgiax PharmaceuticalsGermany
Corp. Business Development ManagerALKDenmark
F&A ManagerarGEN-XBelgium
Executive Evaluation Director, CVGIAstraZenecaSweden
Portfolio & Business Development ManagerAstraZenecaJapan
Head of BDAvexxinNorway
CFOAxon NeuroscienceSlovakia
Technical Assessment AnalystBaxterAustria
Director, Business Development & Alliance ManagementCamurusSweden
Vice President Business DevelopmentCellectar BiosciencesUSA
Senior Director Business DevelopmentCelonicSwitzerland
Corporate Development & Licensing ManagerChiesiItaly
Senior Manager Business Development & LicensingDaiichi SankyoGermany
Head of OperationsEATRISNetherlands
Technology Transfer SpecialistGenoma EspanaSpain
ManagerHelsinn HealthcareSwitzerland
Director Corporate DevelopmentImmune PharmaUSA
New Business Development ManagerJanssenUK
Business Development ManagerJSC FarmakUkraine
Director, Life SciencesLicentiaFinland
Associate Director - Corporate Business DevelopmentLundbeckDenmark
Business Development DirectorMedical FuturesCanada
Director, Strategy and Business OperationsMerck SeronoGermany
ControllerMerck SeronoSwitzerland
CEOMinoryx TherapeuticsSpain
CEOMitotechUnited Kingdom
Managing DirectorMonitus ResearchUnited Kingdom
Senior Manager Business DevelopmentMorphosysGermany
CEONewLab Life SciencesCanada
Financing DirectorNovosomGermany
Marketing and Business DevelopmentPharmabio-MBDFrance
Managing Director - Dermatology & CosmeticsPierre FabreGermany
General ManagerPnn MedicalSwitzerland
CEOPRECLIN BiosystemsSwitzerland
General ManagerProStrakanGermany
Business DeveloperPROVAXSBelgium
Director of Business DevelopmentRocheUSA
CEOSagetis BiotechSpain
VP Finance & Business DevelopmentSiena BiotechItaly
Head of International Marketing IntelligenceSigma-TauItaly
Strategy AnalystSotioCzech Republic
Managing PartnerSourciaNetherlands
Valuation and Compliance OfficerSterling IPUK
Technical DirectorTecnifarPortugal
Business DevelopmentTevaIsrael
Director Business DevelopmentTherabelFrance
Attorney at LawVentac PartnersUSA
Senior Business Development ManagerVIBBelgium
Director, Business DevelopmentVifor PharmaUK
Business Development ManagerVU Medical CenterNetherlands
Investment ExecutiveWDC Investment FundIreland
Pipeline Development & Science IntelligenceZambonItaly



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.
  • 2 December 2020, live online

  • 19 May 2021, Zurich

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 centre is located only a fifteen minutes’ drive away.


Address: Hohenbuehlstrasse 10, Opfikon-Glattbrugg 8152, Switzerland
Tel: +41 44 828 50 50

  • 8 December 2021, in Brussels or Zurich, or 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 for the online course​

  • 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


Included in the Registration Fee​ for the face-to-face course

  • Course Material (Digital & Print Versions)
  • Coffee, Tea & Refreshments During the Course
  • Lunch During the Course
  • Certificate of Attendance Signed by the Expert
  • Flexible Transfer Option
  • Optimal Safety: Small Groups (16 max) and Spacious Seating


Special Offer for Biotech Executives

Executives from biotech start-ups (companies that do not have products on the market yet) and academia are eligible for a discount on the full registration fee of this course. Please contact Inge Cornelis, Director Commercial Communications (inge.cornelis@celforpharma.com) for more details.


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.

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