Transcription of START-UP VALUATION OF BIOTECH COMPANIES WITH REAL …
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START-UP VALUATION OF BIOTECH COMPANIES WITH REAL …
START-UP VALUATION OF BIOTECH COMPANIES WITH REAL OPTIONS A case study of the START-UP Organovo Holdings, Inc. Patrick Legland (Thesis Supervisor) Affiliate Professor in Finance at HEC Paris Master Thesis HEC Paris Celine G bel June 2016 2016 Celine G bel. All rights reserved. The author hereby grants to HEC Paris permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. 2 START-UP VALUATION of BIOTECH COMPANIES with Real Options A case study of the START-UP Organovo Holdings, Inc. written by Celine G bel Abstract: This master thesis examines several valuations methods for young COMPANIES . start -ups are generally characterised by negative earnings, pure equity financing and binary business models. Traditional VALUATION methods, such as the Discounted Cash Flow, VALUATION multiples or comparable transactions, cannot be applied due to start ups high degree of uncertainty, short histories, volatile discount rates and little publicly available data on financials, comparable COMPANIES or comparable transactions.
2 Start-up Valuation of Biotech Companies with Real Options A case study of the start-up Organovo Holdings, Inc. written by Celine Göbel Abstract: This master thesis examines several valuations methods for young companies.
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