INDICE: Contents Acknowledgements 1 Introduction Biotechnology Background 2Traditional Valuation Methods The Value of a Company Accounts Providing the Data for Valuation Analysis The Income Statement Balance Sheet Cash Flow Statement Income Statement Multiples Balance Sheet Multiples Summary Discounted CashFlow Analysis Net Present Value Constructing the DCF Projecting the Cash FlowStream Choosing a Discount Rate Other Thoughts 3 The Drug Development ProcessThe Drug Development Process Drug Discovery and Research Pre-Clinical Development Clinical Trials What Investors Should Look For When Analysing Clinical Trials Conclusion The Regulatory Process Regulation in the US Regulation in Europe The Label Timelines for Approval Post Approval Investment Lessons Case Study #1 4 Biotechnology Company Valuation Data Collation NPV of the Pipeline Calculations Sensitivity Analyses DCF of Whole Company EBIT DCF of Products Comparables Valuation NPVs are Additive Using all the Tools Available to Reach a Valuation Conclusion Market Models Conclusion Appendix 1 Example 1 Example 2 Example 3 Appendix 2 Biosimilar Update 5 Decision Trees and Real Options Decision Trees Discount Rate Deriving Scenarios Conclusion Decision Tree Example Real Options Valuing Options Estimation of the Input Variables Conclusions 6 Biotechnology Investing Types of Healthcare Investment Biotechnology Sector EvolutionBiotechnology Investment Cycles Biotechnology Business Models Focus on PeopleCash Product Pipeline Commercial Risks Newsflow Lessons from Biotech Investing 7 Early-stage Valuation Private Valuation Discounted Cash Flow Method Comparable Valuation Venture Capital Method Discount Rates Conclusion Glossary References Index
- ISBN: 978-0-470-51178-7
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 224
- Fecha Publicación: 21/11/2008
- Nº Volúmenes: 1
- Idioma: Inglés