Valuation and Investment in Biotech companies an independent view
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1 Valuation and Investment in Biotech companies an independent view Patrik Frei LIFEsparks: Johannesburg, October 2005 Venture Valuation VV AG Badenerstr Zurich Switzerland Phone +41 (43) Fax + 41 (43) info@venturevaluation.ch 1
2 Agenda I. Introduction II. Valuation Framework III. Current market trends in Europe 2
3 I. Venture Valuation Independent, third party Valuations Experts Finance / Industry Not a venture capitalist International experience (North America, Europe and Israel) Systematic / Validated Approach Track record of over 90 valued companies 3
4 I. Why Valuations? Buy or sale (acquisition) or merger Extraction of key value drivers Needed for investment Basis for investment negotiations Out-licensing deals 4
5 I. Why Valuations? Equity: Value before investment (pre-money value): EUR 1,5 m Investment: EUR 0,5 m Value after investment (post-money value): EUR 2,0 m 0.5 m 25% 1.5 m 75% Share Investor: 0,5 m / 2 m = 25% Pre-money value Investment 5
6 I. Price # Value Value: implies the inherent worth of a specific thing Price: depending on the market (supply / demand); whatever somebody is prepared to pay Price is what you pay. Value is what you get. By Warren Buffett 6
7 I. Valuation Issues Complex technology and IP situations Illiquidity of unquoted companies Long investment cycle Traditional valuation methods unsuited Industry lacks transparency Risk / Return 7
8 systematic risk premium risk free base rate II. Factors to influence value Soft factors are essential... Management Market Science & Technology Qualitative Analysis (Softfactors) Management Market Science & Technology discount rate Cash Flow Adjustment Value Added Liquidity Premium Company Stage Risk Analysis Seed Start-up First Stage Expansion Stage IPO Valuation Quantitative Analysis... and the company/product stage to define the risk profile of company 8
9 II. Management Composition / Complementary skills Track record / Experience Ability to reach set goals Motivation / Incentive structure Composition and involvement of Board of Directors and Advisory Board Organization / Capacity to run a structure Emotional intelligence / social competence 9
10 II. Market Substitutes Rivalry among existing competitors Barriers of entry Bargaining power of suppliers / buyers Current and future market potential Customers Political / legal dependency Cost and Sales estimations 10
11 II. Science & Technology Intellectual Property (IP) protection Unique selling proposition (USP) Alliances / partnerships Management of future discoveries Time to market 11
12 II. Optimizing the value Reduce the risk: Apply for the necessary patents Have appropriate team in place Know and watch competitors Find alliances / partnerships 12
13 III. Valuation approaches Operations-based methods: business plan, fundamentals Market-based methods: price, trends, comparison difficulties 5 methods: - Discounted Cash Flows (DCF) - Real Options - Venture Capital method - Market Comparables - Comparable Transactions Operations meth. Mixed meth. Market meth. use several methods 13
14 II. Conclusion Valuation as a process Use several methods Valuation can help to check deal-terms Risk and potential as main components Value spectrum as a result Value price 14
15 III. Market trends Financial support through European Investment Fund (EIF) and European Investment Bank (EIB) Different countries have different investment policies (Germany, France, Switzerland, etc.) Consolidation taking place Financing gap (Seed and later stage) => Challenge is to create big European Biotech companies 15
16 III. Market trends Source: E&Y Global Biotech Report
17 III. Market trends Some IPOs in 2005 Company Country Ardana UK Arpida Switzerland Intercell Austria Paion Germany Plethora UK Proximagen Neuroscience UK Speedel Switzerland raised EUR 45.5 in convertible loan preceding IPO Exchange London LSE SWX Vienna Frankfurt London AIM London AIM SWX Raised (m EUR) / 45.5* European companies / public in the US: Gentium and IDM 17
18 III. Market trends A Selection of Venture Capital Funds: Adamant Biomedical Aravis Aventic AG BB Biotech Ventures Global Life Science Nextech Venture Ltd. New Venturetec Novartis Venture Fund 18
19 III. Market trends 19
20 III. Market trends Sale of Glycard to Roche (EUR 160 m) IPO of Speedel (market cap. EUR 600 m) IPO of Ypsomed (market cap. EUR m) 20
21 your valuation expert Thank you...and how do you value your projects? 21
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