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Staged Take-Overs:

New deal structure on the rise

Recently several staged take-overs made headlines. What are the reasons for this structure, who profits from such a deal? And what is the implication on valuation?

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E V E N T S

01/03/2010 and 03/03/2010
License Contract Valuation in Excel
Brisbane and Melbourne - AUSTRALIA

15-16/03/2010
License Contract and Company Valuation in Excel
New York - USA

18-19/03/2010
License Contract and Company Valuation in Excel
Boulder - USA

22-23/03/2010
License Contract and Company Valuation in Excel
San Francisco - USA

Valuation Book

Valuation in Life Sciences
Become a valuation expert yourself. "Valuation in Life Sciences. A Practical Guide" has become the industry reference book and is currently in its second edition.

Click here to order.



Risk Premium:
What has changed with the crisis?

The risk premium is one of the critical inputs in the Capital Asset Pricing Model (CAPM) to determine the discount rate. Especially after a crisis as we have just gone through historical data are of no use to assess the risk premium. This article sheds light on how to determine the risk premium; and with it also the discount rate.

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ri:val: Analyse Industry Deals
Avance regularly analyses industry deals with respect to their composition, structure and terms. From most deals only fragments are disclosed such as the sum of milestones and whether the royalties are single- or double-digit. With the help of ri:val we shed more light on these deals. We present here an example of a monoclonal antibody deal in cancer, phase 1, between KyowaKirin and Amgen.

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License Contract and Company Valuation Workshops:
Prepare your own Excel sheet

Due to the large interest Avance holds a series of 2-days' workshops on company valuation in the USA. The first day will cover project and license valuation. On the second day we will touch company valuation with delicate topics like cost of capital, taxes, and Monte Carlo simulations. All topics will be put into practice with a case study in Excel. Scheduled venues include New York, Boulder, and San Francisco.

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