Download Biotechnology Valuation: An Introductory Guide (The Wiley by Karl Keegan PDF

By Karl Keegan

* the 1st publication to supply an easy and sensible technique of valuing biotech businesses* The publication starts with a quick historical past of the biotechnology undefined; this is often very important as even though it is set 30 years previous, the 1st corporation went public merely in 1996, so it's attainable to plan the process funding waves and dips* It examines the eu and its evolvement, and attracts parallels among the similarities and alterations among that and the united states* seems to be on the a variety of businesses which make up the biotech (therapeutic; lifestyles sciences; and the scientific know-how corporation) and provides instruments for the investor to correctly overview them

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Extra resources for Biotechnology Valuation: An Introductory Guide (The Wiley Finance Series)

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Additional paid-in capital (APIC): lists the differences between the proceeds of the common stock issued and the par value of the common stock. Preferred stock: another kind of stock that has priority in dividends and has priority claims on assets if a company goes into liquidation. Preferred stock pays preferred dividends. Treasury stock: stock that has been issued but has been later reacquired by the company. Treasury stock can be written off. Retained earnings: is capital that increases through earnings.

Such goodwill used to be required to be amortized over a set period of years, up to 40 years, depressing the earnings figure. From a cash flow point of view, there is no effect, as the amortization is a non-cash expense. However, this rule was changed in 2001, and goodwill has to remain unamortized, subject only to a period test for impairment. Intangibles: though similar to goodwill in that its amortization is a non-cash expense, intangibles represent identifiable assets such as patents, trademarks and proprietary technology.

There are many factors that one can look at when determining comparability, including financial performance, growth stage, size and many others. However in applying this technique the investor must take care on a number of issues. First, an investor should look at the multiples of companies in the same industry, of approximately the same size of sales and with similar performance histories. Second, the ratios need to be applied consistently and one needs to be especially careful to distinguish between trailing and forward looking multiples.

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