SCRIP's introduction to financing biotechnology companies

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1. Verfasser: Brooker, Geoffrey (VerfasserIn)
Format: Buch
Sprache:English
Veröffentlicht: Richmond PJB 1998
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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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spellingShingle Brooker, Geoffrey
SCRIP's introduction to financing biotechnology companies
Biotechnology industries Finance
Biotechnology Finance
Biotechnologische Industrie (DE-588)4208106-3 gnd
Finanzierung (DE-588)4017182-6 gnd
subject_GND (DE-588)4208106-3
(DE-588)4017182-6
title SCRIP's introduction to financing biotechnology companies
title_alt Scrip reports BS 936
title_auth SCRIP's introduction to financing biotechnology companies
title_exact_search SCRIP's introduction to financing biotechnology companies
title_full SCRIP's introduction to financing biotechnology companies by Geoff Brooker
title_fullStr SCRIP's introduction to financing biotechnology companies by Geoff Brooker
title_full_unstemmed SCRIP's introduction to financing biotechnology companies by Geoff Brooker
title_short SCRIP's introduction to financing biotechnology companies
title_sort scrip s introduction to financing biotechnology companies
topic Biotechnology industries Finance
Biotechnology Finance
Biotechnologische Industrie (DE-588)4208106-3 gnd
Finanzierung (DE-588)4017182-6 gnd
topic_facet Biotechnology industries Finance
Biotechnology Finance
Biotechnologische Industrie
Finanzierung
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