Ralph Villiger
Boris Bogdan

DOI:https://doi.org/10.5912/jcb164


Abstract:

Biotech companies face the need for valuation at various stages: fund raising, licence contracts, initial public offerings and mergers and acquisitions. The authors explain why common discounted cash flow methods are not suitable for drug development projects, sketch how real options valuation works, and address the most important misunderstandings.

Keywords:valuation ,DCF ,real options ,Black-Scholes ,en ,