Karl Keegan

Biotechnology Valuation (eBook, PDF)

An Introductory Guide

• Format: PDF

Produktbeschreibung

* 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

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 216
• Erscheinungstermin: 15. Januar 2009
• Englisch
• ISBN-13: 9780470741344
• Artikelnr.: 37299048

Autorenporträt

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.

Inhaltsangabe

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