Biotechnology Valuation / Wiley Finance Series (PDF)
An Introductory Guide
(Sprache: Englisch)
* The first book to provide a simple and practical means of
valuing biotech companies
* The book begins with a short history of the biotechnology
industry; this is important as although it is about 30 years old,
the first company went public only in...
valuing biotech companies
* The book begins with a short history of the biotechnology
industry; this is important as although it is about 30 years old,
the first company went public only in...
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* The first book to provide a simple and practical means of
valuing biotech companies
* The book begins with a short history of the biotechnology
industry; this is important as although it is about 30 years old,
the first company went public only in 1996, so it is possible to
plot the course of investment waves and dips
* It examines the European industry and its evolvement, and draws
parallels between the similarities and differences between that and
the US
* Looks at the various companies which make up the biotech
industry (therapeutic; life sciences; and the medical technology
company) and gives tools for the investor to properly evaluate
them
Praise for Biotechnology Valuation
"Keegan states that the valuation of Biotech companies is as
much an art as a science. This brief but comprehensive review of
the skills and knowledge required, not of just the financial market
and sentiment, but also of the technical attributes of a company
and the drug development and regulatory hurdles that must be
overcome, highlights the importance of the breadth of understanding
required. Biotech investing is not for the timid, but it can bring
substantial returns. Keegan's book, punctuated with his personal
experience and opinions, is a good place to start."
--Chris Blackwell, Chief Executive, Vectura Group
plc
"A user-friendly, yet thorough discussion of a notoriously
difficult topic. Dr Keegan's book is a fine resource for both
business types and academicians."
--Steve Winokur, Managing Director, CanaccordAdams
"A highly readable and comprehensive explanation of the
technical and commercial parameters that influence biotechnology
companies at all stages of development, providing clear context for
selection from the toolkit of valuation methodologies the author
recommends to assess company and product performance, or ascribe
value."
--Dr L.M. Allan, Director, Bioscience Enterprise
Programme, University of Cambridge
"A fabulous approach to a difficult topic."
--Deirdre Y. Gillespie, MD, President & CEO, La
Jolla Pharmaceutical Company
valuing biotech companies
* The book begins with a short history of the biotechnology
industry; this is important as although it is about 30 years old,
the first company went public only in 1996, so it is possible to
plot the course of investment waves and dips
* It examines the European industry and its evolvement, and draws
parallels between the similarities and differences between that and
the US
* Looks at the various companies which make up the biotech
industry (therapeutic; life sciences; and the medical technology
company) and gives tools for the investor to properly evaluate
them
Praise for Biotechnology Valuation
"Keegan states that the valuation of Biotech companies is as
much an art as a science. This brief but comprehensive review of
the skills and knowledge required, not of just the financial market
and sentiment, but also of the technical attributes of a company
and the drug development and regulatory hurdles that must be
overcome, highlights the importance of the breadth of understanding
required. Biotech investing is not for the timid, but it can bring
substantial returns. Keegan's book, punctuated with his personal
experience and opinions, is a good place to start."
--Chris Blackwell, Chief Executive, Vectura Group
plc
"A user-friendly, yet thorough discussion of a notoriously
difficult topic. Dr Keegan's book is a fine resource for both
business types and academicians."
--Steve Winokur, Managing Director, CanaccordAdams
"A highly readable and comprehensive explanation of the
technical and commercial parameters that influence biotechnology
companies at all stages of development, providing clear context for
selection from the toolkit of valuation methodologies the author
recommends to assess company and product performance, or ascribe
value."
--Dr L.M. Allan, Director, Bioscience Enterprise
Programme, University of Cambridge
"A fabulous approach to a difficult topic."
--Deirdre Y. Gillespie, MD, President & CEO, La
Jolla Pharmaceutical Company
Inhaltsverzeichnis zu „Biotechnology Valuation / Wiley Finance Series (PDF)“
Contents Acknowledgements 1 Introduction Biotechnology Background 2 Traditional 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 Cash Flow Analysis Net Present Value Constructing the DCF Projecting the Cash Flow Stream Choosing a Discount Rate Other Thoughts 3 The Drug Development Process The 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 Evolution Biotechnology Investment Cycles Biotechnology Business Models Focus on People Cash 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
Autoren-Porträt von Karl Keegan
KARL KEEGAN is currently a managing director and global head of life sciences equity research at CanaccordAdams, a global investment bank focussing on small to mid cap companies. Karl has been a financial analyst covering the biotechnology sector for over eleven years and has previously worked at Dresdner Kleinwort Benson, UBS and Banc of America. Karl and his team have been consistently highly ranked in institutional surveys throughout his career. Prior to embarking on his finance career, Karl completed postdoctoral assignments in the US and UK and worked in the pharmaceutical industry both as a bench scientist and in strategic planning. Dr. Keegan holds a BSc in Pharmacology from University College Dublin, Ireland, MPhil and PhD degrees in Pharmacology from University of Cambridge, UK and MSc in Finance from London Business School, UK. A native of Dublin, Ireland, he now lives in Kent, UK.
Bibliographische Angaben
- Autor: Karl Keegan
- 2009, 1. Auflage, 216 Seiten, Englisch
- Verlag: John Wiley & Sons
- ISBN-10: 0470741341
- ISBN-13: 9780470741344
- Erscheinungsdatum: 15.01.2009
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