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2021 VBA Webinar Series: Valuation in the Life Sciences Sector

August 05, 2021
3:00 PM to 4:00 PM EST

Natasha Morales
Email
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844-580-6963

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  • Summary
  • CPE Information
  • Discussion Topics
  • Speakers
Valuation impacts all life science companies. Whether negotiating a licensing deal, raising a financing round, preparing for an IPO, or negotiating the acquisition of a company or an asset, valuation influences almost all aspects of a life sciences company’s operations. Join BDO’s Valuation & Business Analytics practice to gain a better understanding of (i) how valuation impacts life sciences companies; (ii) typical valuation approaches, methods, and techniques used by investors, advisors, and life sciences executives; and (iii) the key drivers and assumptions underlying the valuation process.
 
Upon completion of this webinar, participants will be able to:
  • Identify, recognize, and distinguish between key valuation methodologies commonly used in the life sciences sector
    • Company valuation
    • Project valuation
    • Co-development, collaboration, and licensing deals
  • Discuss key trends in valuations of public and privately held life sciences companies
    • Trends in biotech indices
    • Multiples for later stage pharmaceutical companies
    • Exit values: guideline IPOs and M&A transactions
  • Identify the key drivers of valuations of public and privately held life sciences companies
    • VC funding
    • IPO and M&A markets
    • Tax considerations
      • Internal Revenue Code (IRC) Section 41, Credit for increasing research activities (i.e., Research & Development Tax Credit)
      • IRC Section 45C, Clinical testing expenses for certain drugs for rare diseases or conditions (i.e., Orphan Drug Credit)
      • IRC Section 174, Research and experimental expenditures
Delivery: This webinar will be delivered via the BDO Online CPE Network
Prerequisites: None
Advanced Prep: None
Credits: 1.0 CPE credit in the field of Specialized Knowledge​
Program Level: Basic
BDO USA, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Discussion topics include:
  • Valuation methodologies – what are common valuation approaches and methodologies used in life sciences?
    • Income approaches
      • rNPV – based on clinical success rates
      • Real options
      • VC method
    • Market approaches (comparables)
      • Guideline public companies
      • Pre-money valuations (data challenging)
      • Positive/negative announcements
  • Key trends in the valuations – are valuations increasing or decreasing, and what is the outlook going forward?
  • What are the important drivers (macroeconomic, industry, and company-specific) of life sciences company valuations?
    • Clinical results – demonstrate examples of positive/negative announcements
    • VC funding
    • Public markets
    • IPO and M&A transactions
    • Tax considerations
KEVIN WHARTON – Managing Director, Valuation & Business Analytics, BDO USA, LLP
JASON ZEMAN – Managing Director, Valuation & Business Analytics, BDO USA, LLP
MIKE LAPHAM – Senior Manager, R&D Tax Credits, BDO USA, LLP