SCRIP's introduction to financing biotechnology companies:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Richmond
PJB
1998
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 153 S. graph. Darst. |
Internformat
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Datensatz im Suchindex
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| adam_text | Table of Contents Scrip s Introduction to Financing Biotechnology Companies
TABLE OF CONTENTS
TABLE OF CONTENTS 1
LIST OF TABLES 5
LIST OF FIGURES 5
FOREWORD 7
ABOUT THE AUTHOR 9
EXECUTIVE SUMMARY 11
ABBREVIATIONS 15
ACKNOWLEDGEMENTS 17
CHAPTER 1 INTRODUCTION 19
CHAPTER 2 CRITERIA FOR SUCCESS IN FINANCING 23
2.1 Introduction 23
2.2 Criteria for investment 23
2.2.1 A mature and experienced management team 23
2.2.2 A technology platform capable of producing a number of
important products 24
2.2.3 Intellectual property rights to the technology 25
2.2.4 A credible business plan which demonstrates a focused
strategy 25
2.2.5 Achievable milestones 26
2.2.6 Impressive scientific credentials 26
CHAPTER 3 SOURCES OF FINANCE AND SUPPORT - NON-EQUITY 27
3.1 Grants and government assistance 27
3.2 The schemes available 27
3.2.1 Business Link 27
3.2.2 Small Firms Loan Guarantee Scheme 28
3.2.3 Small Firms Merit Award for Research and Technology 28
3.2.4 LINC 29
3.2.5 Regional grants 29
3.2.6 Business and Innovation Centres (BICs) 29
3.2.7 The Biotechnology and Biological Sciences Research Council 29
3.2.8 The BMB Challenge 29
3.2.9 LINK 30
3.2.10 The Teaching Company Scheme 30
3.2.11 EUREKA 30
3.2.12 European Union grants 30
3.2.13 CRADA 31
© PJB Publications Ltd, 1998 1
Table of Contents Scrip s Introduction to Financing Biotechnology Companies
CHAPTER 4 SOURCES OF PRIVATE FINANCE - EQUITY 33
4.1 Business angels 33
4.2 Specialised seed capital funds 33
4.3 Enterprise Investment Scheme 34
4.4 Venture capital funds 35
4.5 Venture capital trusts 37
CHAPTER 5 INVESTORS 39
5.1 Approaching potential investors 39
5.2 Due diligence process 41
5.3 Relations with shareholders 43
5.4 Investor relations 44
5.5 The importance of meeting milestones 44
5.6 Further rounds of finance 44
5.7 Dilution on management and existing investors 45
5.8 Cash reserves 46
5.9 Profile of shareholder base 47
CHAPTER6 PHARMACEUTICAL ALLIANCES-THE HOLY ALLIANCE 49
6.1 Reasons for entering a pharmaceutical collaboration 49
6.2 When to collaborate 50
6.3 Types of collaboration 51
6.4 Time to negotiate 51
6.5 How to make contact 51
6.6 Structure of the deal 52
6.6.1 Up-front payments 52
6.6.2 Work payments 53
6.6.3 Milestone payments 53
6.6.4 Royalties 53
6.6.5 Value Added Tax 54
6.6.6 Equity 54
6.6.7 Options 54
6.6.8 Territorial rights or rights to an indication 54
6.6.9 Intellectual property rights 55
6.6.10 Japan 55
6.6.11 Termination 56
6.7 Issues of control or dancing with the bear 56
6.8 The holy alliance 57
CHAPTER 7 ACADEMIC ALLIANCES 59
7.1 Introduction 59
7.2 Why academic alliances are important 59
7.3 The management of academic alliances 60
7.4 The university s perspective 60
7.4.1 Liabilities 60
7.4.2 Overheads 61
7.4.3 Confidentiality 61
7.4.4 Intellectual property rights 61
7.5 The virtuous circle 62
© PJB Publications Ltd, 1998 2
Table of Contents Scrip s Introduction to Financing Biotechnology Companies
CHAPTER 8 MANAGING FINANCES BEFORE PRODUCTS ARE ON THE MARKET 63
8.1 Introduction 63
8.2 Cash spending priorities 63
8.3 The financial calendar 63
8.3.1 Strategic review 63
8.3.2 Budget 65
8.3.3 Management accounts 65
8.3.4 Forecasts 66
8.4 Structure of the accounts 66
8.5 Financial controls 67
8.6 Research and development costs 68
8.7 Keeping creative juices flowing 69
CHAPTER 9 EXIT ROUTES 71
9.1 Introduction 71
9.2 The three basic exit routes 71
9.2.1 Acquisition 71
9.2.2 Merger 72
9.2.3 Public listing 72
9.3 When to go public 73
9.4 Markets 74
9.5 Description of main markets 74
9.5.1 NASDAQ 75
9.5.2 EASDAQ 75
9.5.3 London Stock Exchange 75
9.5.4 Alternative Investment Market 76
9.6 Investment windows 76
9.7 Criteria for listing 77
9.8 Which market? 77
9.9 Basic description of the process 78
9.10 How long will it take? 80
9.11 Choosing advisors 80
9.11.1 Accountants 81
9.11.2 Lawyers 81
9.11.3 Brokers 81
9.11.4 Bankers 82
9.12 What will it cost? 83
CHAPTER 10 INVESTING IN BIOTECHNOLOGY 85
10.1 Introduction 85
10.2 Fundamental analysis 87
10.3 Valuation 89
10.4 Earnings model 89
10.5 Building a portfolio 92
10.6 Trading in biotechnology stocks 92
© PJB Publications Ltd, 1998 3
Table of Contents Scrip s Introduction to Financing Biotechnology Companies
CHAPTER 11 STRATEGIC ISSUES FOR CONSIDERATION 95
11.1 Introduction 95
11.2 Strengths and weaknesses 95
11.2.1 Science 95
11.2.2 Environment 96
11.2.3 Human resources 96
11.2.4 Management team 97
11.2.4.1 Patenting strategy 97
11.2.5 Competition 97
11.2.6 Culture 98
11.3 Strategic issues in developing a business model 98
CHAPTER 12 CASE STUDIES 101
12.1 CytocellLtd 101
12.2 British Biotech pic 106
CHAPTER 13 CONCLUSION 115
APPENDIX I ACCOUNTANCY FHtMS 119
APPENDIX H EC BIOTECHNOLOGY PROGRAMME 121
APPENDIX HI GRANTS, LOANS AND AWARDS 125
APPENDIX IV USEFUL SOURCES OF INFORMATION 131
APPENDIX V EUROPEAN PRIVATE FINANCING OF BIOTECHNOLOGY
COMPANIES DURING 1997 137
APPENDIX VI A SELECTION OF EUROPEAN BIOSCffiNCE DEALS 1996/1997 139
APPENDIX VH MANAGEMENT ACCOUNTS 141
APPENDIX VHI SUMMARY LISTING REQUIREMENTS 147
APPENDIX IX PUBLIC LISTINGS OF EUROPEAN BIOTECHNOLOGY COMPANIES
1996/1997 151
REFERENCES 153
© PJB Publications Ltd, 1998 4
List of Tables and Figures Scrip s Introduction to Financing Biotechnology Companies
LIST OF TABLES
Table 1.1 Total European biotechnology industry by business focus 19
Table 1.2 Number of biotechnology companies by geographical spread 20
Table 4.1 European Venture Capital Association member companies by country 35
Table 4.2 Activity of selected European venture capital funds, 1996 37
Table 5.1 Contents of a typical due diligence file 42
Table 8.1 Proposed financial calendar 63
Table 9.1 European and US stock markets 74
Table 10.1 Imaginary portfolio of biotechnology companies quoted on the London Stock
Exchange Official List as at 30 January 1998 85
Table 10.2 Some examples of negative events and one-day price drops (US biotechnology
companies) 93
Table 12.1 Comparison of criteria for raising finance and Cytocell s position in 1991 106
Table 12.2 British Biotech s product pipeline 108
Table 12.3 British Biotech s alliances 109
Table 12.4 British Biotech s financing summary, 1993-1995 (£ million) 109
Table 12.5 Brief fund raising history of British Biotech, 1986-1996 112
Table A.I European private financings of biotechnology companies during 1997 137
Table A.2 A selection European bioscience deals 1996/1997 139
Table A.3 Summary listing requirements under Chapter 20 London Stock Exchange Listing
Rules, the Alternative Investment Market (AIM), and EASDAQ 147
Table A.4 Public Listings of European Biotechnology Companies 1996/1997 151
LIST OF FIGURES
Figure 10.1 Share price history of Celltech pic 86
Figure 10.2 Current valuation continuum for a typical biotechnology company 93
Figure 12.1 British Biotech s share price history 113
© PJB Publications Ltd, 1998 5
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