Educational Materials

Avance’s objective is 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 as well as the list of insightful publications.


Valuation in General

A Practical Guide, 3rd Edition

Valuation in Life Sciences


This book is the first complete guide to valuation in life sciences for industry professionals, investors, and academics. It has rapidly become the standard reference in the industry and is currently published in its third edition.

Boris Bogdan and Ralph Villiger introduce the characteristics of drug and medical device development, explain how to translate these into the valuation and provide valuable industry data. After guiding the reader through the theory of valuation, including discounted cash-flow and real options, the authors demonstrate how to value projects, patents, licenses, firms and stocks on real-life examples, even treating complex license and company structures.

Special emphasis is put on the practicability of the proposed methods by including many hands-on examples, without compromising on realistic results.

Avance Publications

Avance understands itself as a think tank and publishes regularly new insights and concepts in industry relevant journals.

Recent Publications:

Villiger, R.: “How To Determine Fair License Terms: No Need For Rules Of Thumb Anymore” Les Nouvelles, September 2012.

Villiger, R.: “The effect of taxes on the value of start-ups” Journal of Business Valuation and Economic Loss Analysis, Vol. 5, Iss. 1, 2010.

Villiger, R., Bogdan, B.: “Valuation of complex license contracts” Journal of Commercial Biotechnology, Volume 15, Issue 4, October 2009.

Stephan, H., Bogdan, B., Villiger, R.: “Geringe Erfolgswahrscheinlichkeiten der Biotech-Forschung” GoingPublic Magazin, July 2009.

Villiger, R., Bogdan, B.: “Dissecting monoclonal antibody mega-deals” mAbs, Volume 1, Issue 2, April 2009.

Villiger, R., Bogdan, B.: “Pros and Cons of Licensing” Drug Discovery Today, Volume 14, Issues 5-6, March 2009.

Villiger, R., Bogdan, B.: “Deconstructing early-stage contracts” BioPharma Partnering, Winter2007/2008.

Villiger, R., Bogdan, B., Saintouil, J. P.:”Fair Deal?” BioPartnering Today2006, Winter.

Villiger, R., Bogdan, B.:”Flexibilität hat ihren Preis.” Finance 2006, November.

Villiger, R., Bogdan, B.:”Pitfalls of Valuation in Biotech.” Journal of Commercial Biotechnology 2006, May.

Villiger, R.,”Valuation of American Call Options.” Wilmott 2006, March.

Villiger, R., Bogdan, B.“What’s Biotech really worth?” Scrip Magazine June 2005.

Villiger, R., Bogdan, B.: “Valuing Pharma R&D: The Catch-22 of DCF.” Journal of Applied Corporate Finance 2005, Spring.

Auerbach, Arnoldo, Bogdan, Fetchko, Stagljar: Drug Discovery Using Yeast as a Model System: A Functional Genomic and Proteomic View. Current Proteomics 2005, Vol. 1.

Villiger, R., Bogdan, B.: „Getting real about valuations in biotech.” Nature Biotechnology 2005, April.

Villiger, R., Bogdan, B.: „Real options are neither complicated nor irrealistic.” Drug Discovery Today 2004, June.

Villiger, R., Bogdan, B.: „How to Conquer a Lady: An Introduction to Real Options in Pharma and Biotech” Wilmott 2004, May.

Case study:

Villiger, R., Botteron, P.: „Real Options Applied to a Biotechnology Stock Exchange Transaction: The Merger of Cytos Biotechnology AG and Asklia Holding AG.” Taught at the universities of Zürich and Lausanne.