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Success Rates in Biotech:

Going the Wrong Way
We have studied the clinical pipelines of public biotech companies going back to 2002 based on financial reports and found a striking difference of success probabilities compared to data derived from pharmaceutical companies. The success rates resulting from the analysis are discussed, especially in view of their implications to the management of biotech firms and investments in these companies.



Company Valuation in Excel
Boston - USA

BIO International Convention
Atlanta - USA

June 2009
3-Day Workshop on Legal and Financial Aspects in License Negotiations

ri:val  W E B I N A R

Sign up for the next ri:val webinar on March 12 at 3pm CET or 9am EST. Please apply via email to webinar@ri-val.com

N E W S   I N   A V A N C E

Avance opens WEBSHOP
You can now purchase industry reports and Excel models from Avance online. Visit our webshop.

Our survey on the impact of the financial crisis on the biotech industry was prominently mentioned in the January issue 2009 of Nature Biotechnology. Download the article here.

PUBLICATION in Monoclonal Antibodies
Ralph Villiger and Boris Bogdan have analysed a few recent megadeals within the monoclonal antibody space. How are they structured, what are the drivers behind the deal terms, and how could you possibly reach similar deal terms? Download the article.

PUBLICATION in Drug Discovery Today
The same authors looked at the pros and cons of licensing from teh biotech perspective. The article gives a sound overview of teh licensing business model and its financial impact. To the article.

Valuation Book

Valuation in Life Sciences
Become a valuation expert yourself. "Valuation in Life Sciences. A Practical Guide" has become the industry reference book. Click here to order.


Join our discussion group "Valuation in Life Sciences"

Early-Stage Licensing:
How to Determine Sublicensing Terms

Many biotech companies start as a spin-off from a university. The university participates in the success of the company either via an equity participation or a license contract concerning the to-be-developed IP. These early-stage contracts are a challenge for tech transfer officers and biotech entrepreneurs alike. In this article we explain how to structure these contracts.


ri:val: New ri:val v3.3 is out!
ri:val again features some stunning improvements.

  • Run a valuation allowing several parameters to take random values, according to a well-defined distribution (multivariate analysis, cf. article below).
  • Calculate the IRR as an investor over several closed and future investment rounds.


ri:val: Multivariate Analysis
Have you ever felt bothered that in a valuation you have to assume sharp input parameters (e.g. US$ 317 Mio sales), while your estimates are rather vague ranges?

ri:val now allows you to define your input parameters using a multitude of distributions. If you are not exactly sure about the costs, the sales, or the timelines of a project, then use the multivariate analysis of ri:val v3.3.

Read more in the article.


Company Valuation Workshops:
Prepare your own Excel sheet

Due to the large interest Avance holds a series of 2-days' workshops on company valuation. 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. The next course will be held in Boston on May 14/15, 2009.


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