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Optimal Portfolio Structure

When analysing or managing a portfolio of drug development projects the question arises "Is this portfolio sustainable?" The answer remains most often subjective and fuzzy. This article exhibits a quantitative approach to this question.



License Contract Valuation in Excel
Melbourne - Australia

License Contract Valuation in Excel
Stockholm - Sweden

N E W S   I N   A V A N C E

PUBLICATION in Going Public
A study of Avance exhibits low success rates of biotech companies. This has sever consequences on the profitability and attractiveness of the industry.

To the study.

To the journal.

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"

Employee Stock Option Plans

The valuation of employee stock option plans should be as low as possible, as it is directly P&L effective. But the valuation approach must have a solid foundation to resist the checks of the auditors and tax authorities. We explain in this article how to properly account for value reducing effects like early execution, dilution, or staff fluctuation.


ri:val: New ri:val v3.5 is out!
ri:val again features some stunning improvements.

  • Let ri:val propose some deal terms and structure the license contracts according to your needs in terms of value share, royalties, front- vs. back-loaded, etc.
  • Establish bottom-up sales calculations for every market and indication. Start with the number of patients and deduce step by step the sales in each year.
  • Split milestones even within a phase (e.g. start of recruiting, first patient dosed, 100 patients dosed).


ri:val: Deal Structuring with ri:val
Business developpers are often faced with the problem of realistic deal terms. In the public domain most often only the upfront payment and maybe the overall sum of milestones (the so-called bio-dollars) are available. This is of little help when you have to structure a term sheet.

Find out how to structure a term sheet with ri:val.


License Contract Valuation Workshops:
Prepare your own Excel sheet

Due to the large interest Avance holds a series of workshops on license contract valuation. The participant will learn about best practices in valuation and license contract structuring. All topics will be put into practice with a case study in Excel. The next courses will be held in Melbourne, Australia on October 27, 2009 and in Stockholm, Sweden on November 20, 2009.


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