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.
  • 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 the 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

For start and end times, please check Dates & Locations below.

Welcome (~30 min)

Introduction to Valuation: What – Why – When (~45 min)

  • Scope of this course
  • Basics about valuation
  • The main drivers of valuation: measuring risk vs. return

How to Assess a Company Prior to Valuation (~30 min)

  • 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 (~1 h 45 min)

  • 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.
Lunch Break

Product Valuation & Deal Structuring (~2 h 30 min)

  • 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

Final Discussion & Wrap-up (30 min)


>> 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 20 (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 live online CELforPharma courses are hosted in Zoom.

Our face-to-face courses take place at the Crowne Plaza Brussels Airport (Da Vincilaan 4, 1831 Brussels), a four-star hotel located 5 minutes from Brussels National Airport and 30 minutes by taxi from Brussels South train station (Thalys, TGV, Eurostar).

  • 26 September 2023, face-to-face in Brussels

    09:30 - 17:15 CET (Brussels/Amsterdam/Paris)
  • 5 December 2023, live online

    09:30 - 17:00 CET (Brussels/Amsterdam/Paris)


Hotel Booking Assistance

As part of our strong relationship with the Crowne Plaza Brussels Airport, CELforPharma has secured a discount on the daily room rate for our delegates who book their accommodation via us. Upon your registration, we will assist you to make your hotel booking. For any assistance in this matter please do not hesitate to contact Kealeigh Steel, Senior Programme Coordinator (kealeigh.steel@celforpharma.com, tel +32 (0)2 709 01 45).

Included in the Registration Fee - for the live online course​

  • Access to a small-class (max 20 participants), 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.


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

  • Participation in a small-class (max 20 participants), expert led face-to-face course with interactive group exercises and plenary discussions. You will have the opportunity to meet the expert(s) and discuss your own projects/issues during the breaks.
  • Course material, which will be provided to you in both digital format (by email) and in hard copy (so you can make notes during the course).
  • Coffee, tea & refreshments during the course.
  • Informal networking lunch.
  • Certificate of attendance signed by the expert and CELforPharma.


Special Offer for Biotech Executives

Executives from biotech start-ups (companies that do not have products on the market yet) and academia can apply for a € 200 discount. Please contact Annelies Swaan, Director, Business Operations, aswaan@celforpharma.com) for more details.


Group Discounts

Team discounts can be offered to 3 or more delegates from the same company.
Contact Annelies Swaan, Director Business Operations, (aswaan@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 (through a secure payment link, which you will receive together with the invoice).
  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 on a “space available” basis at no extra cost, until 3 weeks prior to the event, to another course of the same value held within one year of the original course date.

Registration Cancellation

  • Less than 14 days prior to the course date: registrant liable to pay the full invoiced registration fee.
  • Between 15 and 30 days prior to the course date: registrant liable to pay 50% of the invoiced registration fee.
  • More than 30 days prior to the course date: registrant liable to pay a cancellation fee of € 450 per registrant.
  • 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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