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NPV vs. rNPV

Should attrition risk be included in the discount rate or not?

Forecast-based valuation methods include attrition risk either by adjusting cash flows by their probability (rNPV) or by adding a spread to the discount rate. We take a look at the two methods and how reliable discount tables in the literature are.

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E V E N T S

03/03/2011 and 04/03/2011
License Contract and Company Valuation in Excel
Geneva - SWITZERLAND

P U B L I C A T I O N S

Survey on discount rates
Survey by Avance and Biostrat

The effect of taxes on the value of start-up companies
Journal of Business Valuation and Economic Loss Analysis

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 3 cancer deal between CellGenesys and Takeda.

 DEAL ANALYSIS>

 ri:val >


ri:val: Negotiate your deals with ri:val 4.1

ri:val has evolved from a valuation software to an important negotiation and planning tool. Clients from pharma, biotech, universities, and the investor community use ri:val to

  • Evaluate term sheets,
  • Elaborate counter-offers,
  • Read and interpret benchmark deals,
  • Value the company,
  • Run various clinical scenarios,
  • Define liquidity needs,
  • Plan resource allocation,
  • Compare different strategies.
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License Contract and Company Valuation:
2-day workshop in Geneva

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