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An Alternative Valuation Method:

Black's risk-free discounting rule

For the summer break we offer you an analysis of a special valuation method: Fischer Black, the first half in Black-Scholes, proposed a valuation method that uses the observable risk-free rate as discount rate. Given that the discount rate is always a matter of discussion in valuations, this approach looks very tempting. We analyse this valuation approach in the context of a drug development project.



20/09/2010 and 21/09/2010
License Contract and Company Valuation in Excel
Munich - GERMANY

Valuation Book

Valuation in Life Sciences 3rd Edition
"Valuation in Life Sciences. A Practical Guide" has become the industry reference book. It has now been released already in its 3rd edition.

Click here to order.

ri:val: What deals do your peers negotiate?
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.

This example is a phase 1cancer deal between Bayer and Ardea.


 ri:val >

License Contract and Company Valuation:
2-day workshop in Munich

Avance holds a 2-days' workshops on company valuation in Munich. 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.


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