What is included with this book?
Acknowledgements | p. xi |
Introduction | p. 1 |
Biotechnology Background | p. 5 |
Traditional Valuation Methods | p. 11 |
The Value of a Company | p. 11 |
Accounts - Providing the Data for Valuation Analysis | p. 12 |
The Income Statement | p. 13 |
Balance Sheet | p. 17 |
Cash Flow Statement | p. 20 |
Income Statement Multiples | p. 22 |
Balance Sheet Multiples | p. 26 |
Summary | p. 27 |
Discounted Cash Flow Analysis | p. 27 |
Net Present Value | p. 27 |
Constructing the DCF | p. 28 |
Projecting the Cash Flow Stream | p. 29 |
Choosing a Discount Rate | p. 30 |
Other Thoughts | p. 37 |
The Drug Development Process | p. 39 |
The Drug Development Process | p. 40 |
Drug Discovery and Research | p. 44 |
Pre-Clinical Development | p. 44 |
Clinical Trials | p. 48 |
What Investors Should Look For When Analysing Clinical Trials | p. 56 |
Conclusion | p. 59 |
The Regulatory Process | p. 59 |
Regulation in the US | p. 60 |
Regulation in Europe | p. 63 |
The Label | p. 64 |
Timelines for Approval | p. 65 |
Post Approval | p. 65 |
Investment Lessons | p. 66 |
Case Study #1 | p. 66 |
Biotechnology Company Valuation | p. 69 |
Data Collation | p. 71 |
NPV of the Pipeline | p. 75 |
Calculations | p. 80 |
Sensitivity Analyses | p. 86 |
DCF of Whole Company | p. 92 |
EBIT DCF of Products | p. 97 |
Comparables Valuation | p. 99 |
NPVs are Additive | p. 101 |
Using all the Tools Available to Reach a Valuation Conclusion | p. 101 |
Market Models | p. 104 |
Conclusion | p. 105 |
Appendix 1 | p. 106 |
Example 1 | p. 106 |
Example 2 | p. 108 |
Example 3 | p. 108 |
Appendix 2 | p. 116 |
Biosimilar Update | p. 116 |
Decision Trees and Real Options | p. 119 |
Decision Trees | p. 120 |
Discount Rate | p. 124 |
Deriving Scenarios | p. 125 |
Conclusion | p. 125 |
Decision Tree Example | p. 126 |
Real Options | p. 126 |
Valuing Options | p. 129 |
Estimation of the Input Variables | p. 138 |
Conclusions | p. 139 |
Biotechnology Investing | p. 141 |
Types of Healthcare Investment | p. 141 |
Biotechnology Sector Evolution | p. 143 |
Biotechnology Investment Cycles | p. 145 |
Biotechnology Business Models | p. 152 |
Focus on People | p. 154 |
Cash | p. 155 |
Product Pipeline | p. 155 |
Commercial Risks | p. 156 |
Newsflow | p. 158 |
Lessons from Biotech Investing | p. 160 |
Early-stage Valuation | p. 161 |
Private Valuation | p. 162 |
Discounted Cash Flow Method | p. 166 |
Comparable Valuation | p. 168 |
Venture Capital Method | p. 170 |
Discount Rates | p. 173 |
Conclusion | p. 173 |
Glossary | p. 175 |
References | p. 189 |
Index | p. 193 |
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