Start-up initiative - Swiss HLG

Valuation of Early Stage Biotech Companies

“Net Present Value versus VC approach”

Wednesday, March 29th, 2017





Swiss HLG and are excited to present the Swiss HLG’s latest start-up workshop collaboration. We will explore the value of science vs. the value of cash in the valuation of a Biotech company.The risk-adjusted, net present value (rNPV) method is the standard valuation method used within pharma and biotech companies when valuing assets beyond discovery stage.

This approach depicts the drug/pipeline development plan, using R&D costs & timeline, success rates and peak sales potential.The quantity of available information in the pharmaceutical area enables us to determine and provide benchmarks for these assumptions. Well-calibrated, the rNPV method is thus a powerful tool to build, challenge and value the company’s strategy. It also shows how the value of the company develops as it reaches various milestones. Is it, however, enough for investors?

From an investor’s perspective, it is crucial to understand how long it will take before they can exit and what is the potential for ROI (Return on Investment)? They need to figure out the conditions necessary to harvest their investment and anticipate the multiple later-round investors and incentive packages required for key employees, that may otherwise, dilute their stake. While rNPV highlights the roadmap for the companies ‘scientific bet’, it is the VC method that is the roadmap for the cash investment.

The purpose of this workshop is to decrypt the reasons behind using rNPV or VC methodologies to value a Biotech company. With the support of interactive cases, the participants will learn how Biotech companies can better anticipate the VCs’ point of view when presenting their valuation work.

Workshop Details:

Wednesday, March 29th, 2017
Technology Park Basel
(Hochbergstrasse 60C, 4057 Basel)

16:00 – Introduction by Stephan Emmerth,
16:05 – Introduction by Zaki Sellam, Swiss HLG
16:10 – Marie Petit, Villiger Valuation
18:00 – Apero

Participation is free of charge, but seats are limited.

To register, please email:

Registration is compulsory and subjected to validation. Priority is given to people with founded start-ups or concrete projects.

We look forward to meeting you there.