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Table Of Contents

Executive Summary
Macroeconomic trends and implications
Accelerating biopharma collaboration
Investment choices of most active firms in 2009
Recent events
Supply side factors- higher cost of capital
Demand side factors- Decreased earnings potential
Figure 1.1: Components of government healthcare expenditure in US, 2008
Provider-level constraints
Figure 1.2: Market share of generic medicines in Europe, 2007 (by volume)
Patient-level implications
Short and long term implications
Figure 1.3: IPOs have recently reappeared at a low level
Non-dilutive funding in an era of excessive dilution
Table 1.1: Non-dilutive sources of funding
Research grants and government contracts
Incentives of non-profit foundations
Figure 1.4: Grant-making focus of Bill & Melinda Gates Foundation
Government incentives and associated initiatives
Issues surrounding NDF from non-profit agencies
Figure 2.5: How biotech entrepreneurs hope to deal with the financial crisis
Figure 2.6: Reliance of big pharma on R&D externalization
Figure 2.7: Trends in biotech-pharma deals by development stage
Rapidly evolving deal structures
Table 2.2: Established and evolving deal structures
Figure 2.8: Overview of partnering issues
De-risking R&D via options-based investing
Figure 2.9: Option agreements by top 20 pharma companies (≤Phase I)
Figure 2.10: Reliance on the option model varies by company
Due diligence in biopharma alliances
Figure 2.11: Deal structures and responsibilities
Marketing agreement
Licensing arrangement/Product acquisition
Table 2.3: Incentives in a strategic licensing arrangement
Joint venture
Alliance/Corporate partnering
Outright acquisition of a company
Valuation methods and usage
Table 3.4: Overview of valuation methods
Discounted cash flow
Risk-adjusted net present value
Real options
Pricing and positioning
Figure 3.15: Pricing and positioning
Figure 3.16: Impact of incoming therapies on payor budgets
Cost of commercialization
Figure 3.17: Development and commercialization costs
Stages of investment
Table 4.5: Stages of equity investing
Figure 4.18: Company growth stages and funding sources
Investors: definition, overview
Distinction between private equity and venture capital funds
Angel investors
Venture capital funds
Mezzanine investors
Venture investors versus buyout investors
Process of getting new investment
Figure 4.19: The deal “funnel” at a typical VC firm
Term sheets
Figure 4.20: Sequence of documents
Type of security
Board representation
Figure 4.21: Board size: advantages and limitations
Capital expenditure
Single versus multiple investors
Investor priorities in the new landscape
Market attractiveness and product-market-focus
The organization
Business plan
Assessment of risks
Intellectual property protection
How to use this chapter
Definition of key terms
Venture financing
Early stage
Growth/expansion capital
Later stage
Bridge loan
Private placement
Countries attracting the most venture financing
Recent trends
Figure 5.23: Trends in geographic distribution of venture financing rounds
Distribution of venture financing rounds by investment stage
Figure 5.27: Trends in financing rounds by stage, 2004-2019
Further analysis of financing rounds by stage
Most active venture capital investors in 2009
Table 6.6: Most active venture investors in 2009
Analysis of investment preferences
Therapeutic areas of focus
Table 6.7: R&D focus of top 15 venture investors, 2009
Figure 6.31: Preferences of top 15 venture finance investors, 2009
Investment destinations by geography
Figure 6.32: Preferences of top 15 venture finance investors, 2009
Stage of investments
Two types of venture investors
Corporate Venture Capital (CVC) funds
Emerging role of CVC in Life Sciences
Strategic motivations
Figure 6.34: R&D performance scorecard
Novartis Venture Fund
Figure 6.35: Novartis Venture Fund investments in 2009
Novo A/S, Denmark
Figure 6.36: Novo A/S ownership structure
Figure 6.37: Novo A/S investments, 2000-2008
Independent venture capital funds
SV Life Sciences
Investment focus in 2009
Figure 6.39: SV Life Sciences investments in 2009
Texas Coalition for Capital
Figure 6.40: Texas Coalition for Capital investments in 2009
Chapter 7 Appendix
Research methodology
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Venture Financing

Venture Financing

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Published by: filipoka on Oct 17, 2011
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