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Avance understands itself as a think tank. In this context many whitepapers and publications have been written. It is Avance's objective to improve the understanding of valuation and to make business more efficient. Having this in mind, we gladly make our insights available to the valuation community. Below you find some articles about controversial topics in valuation.

Life Sciences

Statistical view on success rates
Phase 2a and 2b transition probabilities
Why drug prices must be high
Biotech Success Rates: NCEs vs. Biologicals
Biotech Success Rates: Going the Wrong Way
Avance Survey on Financial Crisis and Impact on Pharma and Biotech Companies
Avance Survey on Financial Crisis in Nature Biotechnology
The US$ 1 bio drug. A fairytale
Predicting Sales
How to Apply Success Rates to Valuation

Valuation in general

Currency effects
Market share
Valuation at cost
Evolution of valuation
Sensitivities in valuation
High finance in biotech?
Early-stage project valuation myths
NPV vs. rNPV
Black's discounting rule
Black's discounting rule (Excel)
Black Scholes for Real Options
Early Stage Valuation
Employee Stock Option Plans
Discount Rates in Pharma and Biotech
Risk Premium
Real Options: Dos and Don'ts


Alzheimer Deal Terms
Correlated Milestones
How to value option agreements?
Staged Take-Overs: New Deal Structure on the Rise
Early-Stage Licensing: How to Determine Sublicensing Terms
Discovery & Preclinical Deals. What's realistic?
Reading Deals - How to Interpret License Deals
Co-Development Deals - How to Determine a fair Value Share?
Multi-Indication Deals - How to Value them.
Why are royalties up-tiered?.

Company Valuation

Survey on discount rates in biotech
Should we discount by project or by company?
Should we discount by project or by company? (continued)
How Biotech Stocks Behave
Optimal Portfolio Structure
Funny Valuations
Non-Dilutive Financing Alternatives
Biotech Taxes - Effects on Valuation
P/E Ratio for Biotech Valuation
Arbitrary Terminal Value


Deal Analysis with ri:val: CellGenesys - Takeda
Deal Analysis with ri:val: Adnexus - BMS
Deal Analysis with ri:val: Ardea - Bayer
Deal Analysis with ri:val: Plexxikon - Roche
Deal Analysis with ri:val: Celldex - Pfizer
Deal Analysis with ri:val: KyowaKirin - Amgen
Deal Structuring with ri:val
Multivariate Analysis in ri:val
Sensitivity Analysis in ri:val

Case Studies

Case Study: Bio-Tec
Case Study: Bio-Tec Solution





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