Biotechnology Valuation

• 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

"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

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.

Written by experienced financial analyst, Karl Keegan, Biotechnology Valuation: An Introductory Guide is a hands-on guide to the valuation of biotechnology companies both from a private and public market perspective for industry professionals, investors and students. Focused on product based biotechnology investments and drawing on the author's extensive experience the book begins by valuing healthcare focussed biotechnology companies which are trying to develop new therapeutics using traditional valuation metrics for those readers unfamiliar with finance. The book then takes these principles and applies them to the unique aspects of biotechnology valuation. A background guide to the intricacies of drug development is provided including descriptions of the different clinical phases, relevant regulatory pathways and the attributes that contribute to make a successful drug. The financial analysis and the technical assessment are then combined to take the reader through multiple investment techniques that can applied for biotechnology company valuation including product NPVs, DCF valuation and real options analysis. Real world examples are used throughout the book to illuminate some of the softer aspects of valuation. The book also reviews the different methodologies used for valuing private companies in order to reduce risk and increase returns. By highlighting some of the most common pitfalls of biotechnology valuation and providing a toolkit to establishing the value of a biotechnology company, Biotechnology Valuation: An Introductory Guide will enable the reader to develop a consistent approach and have a useful toolkit to tackle the valuation of a biotechnology company or individual drug, with confidence.

Written by experienced financial analyst, Karl Keegan, Biotechnology Valuation: An Introductory Guide is a hands-on guide to the valuation of biotechnology companies both from a private and public market perspective for industry professionals, investors and students. Focused on product based biotechnology investments and drawing on the author's extensive experience the book begins by valuing healthcare focussed biotechnology companies which are trying to develop new therapeutics using traditional valuation metrics for those readers unfamiliar with finance. The book then takes these principles and applies them to the unique aspects of biotechnology valuation. A background guide to the intricacies of drug development is provided including descriptions of the different clinical phases, relevant regulatory pathways and the attributes that contribute to make a successful drug. The financial analysis and the technical assessment are then combined to take the reader through multiple investment techniques that can applied for biotechnology company valuation including product NPVs, DCF valuation and real options analysis. Real world examples are used throughout the book to illuminate some of the softer aspects of valuation. The book also reviews the different methodologies used for valuing private companies in order to reduce risk and increase returns. By highlighting some of the most common pitfalls of biotechnology valuation and providing a toolkit to establishing the value of a biotechnology company, Biotechnology Valuation: An Introductory Guide will enable the reader to develop a consistent approach and have a useful toolkit to tackle the valuation of a biotechnology company or individual drug, with confidence.

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