Valuing a cancer immunotherapy asset

Challenge

A biotech company developing a cell-based cancer immunotherapy was engaged in licensing discussions with a number of major pharma companies and needed valuation support.

Solution

We developed risk-adjusted NPV (rNPV) valuations for each program.

This theoretical valuation incorporated Monte Carlo simulations to reveal key areas of uncertainty within the model, focusing the direction of future market research. We also developed a realistic valuation, which considered the type of valuation and deal construct that the buyer/licensee may think appropriate given real-world valuations, precedents and their presumed view of the world.

These valuations proved pivotal for the management and board of directors in setting internal expectations and guiding the negotiation strategy.

We provided ongoing valuation support to help maximize the total value of the deal.

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