3 day Masterclass

Valuation of Pharmaceutical Licences



London, 2-4 Dec 2019


This course aims to fill this gap, and starts with a grounding in the fundamental concepts of valuation and gives delegates hands-on experience to create their own valuation models within the first couple of hours

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develop new skills

Understand the techniques for valuing different types of companies and which valuation techniques to apply in differing circumstances

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get practical

Build your own valuation models for both products and companies

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learn from the best

Learn from the experiences of a course leader who regularly values pharmaceutical products and companies internationally


Pharmaceutical professionals that do not have a finance background often struggle to understand the approaches used in the valuation of products for licensing and acquisition, and lack the skills to undertake their own assessments.  

In just 3 days you will:

  • Learn fundamental valuation concepts, including Discounted Cash Flow (DCF), Net Present Value (NPV) and the use of comparables to benchmark license or acquisition deals.
  • Acquire the skills to create complex valuation models, taking into account the risks inherent with pharmaceutical products including development risk, patent expiry and market environment.
  • Understand what types of intellectual property can be licensed, and how to structure a licensing deal for a pharmaceutical product.
  • Learn how to model alternative deal structures and to undertake sophisticated scenario analysis.
  • Gain an understanding of the fundamental drivers of licenses and acquisitions and the licensing and acquisition process, including the application of different screening and selection tools.

Organisations that will benefit:

  • Pharmaceutical Companies
  • Biotech Companies
  • Suppliers
  • Law Firms
  • Banks & Investors
  • Private Equity & Hedge Funds
  • Insurance companies
  • Consultants

Who will attend:

  • C-Level Executives
  • M&A Managers
  • Business Development Managers
  • Licensing Managers
  • Valuation & Deal Closure
  • General Managers

Course Agenda

  • Fundamental Value and Relative Value
  • Valuation methodologies: Discounted Cash Flow (DCF), Net Present Value (NPV), Return on Investment (RoI), Comparables and Benchmarking
  • Top down approach vs. the sum of the parts methodology
  • Key assumptions
  • Weighted Average Cost of Capital (WACC) and discount rate
  • Practical exercise: Delegates will apply the techniques learnt to build their own valuation model for a medical product and consider different scenarios.
  • Risk assessment and the probability of achieving expected outcome, risk-adjusted NPV (rNPV)
  • Practical exercise: Delegates will create a product valuation model to determine the risk-adjusted NPV for a development stage pharmaceutical product.
  • How to value what happens beyond the model term: Terminal Value
  • An introduction to the different approaches to company valuation: Equity value and Enterprise Value
  • Workshop: Creation of a valuation model
  • Presentations: Delegates to feedback approaches adopted, assumptions made and conclusions reached
  • Interpreting the outputs from modelling
  • Key value drivers: financial, operational
  • Sensitivity analysis
  • Scenario modelling
  • How value can differ between buyers and sellers
  • Valuing developmental projects
  • Risk adjustment by stage of development
  • Decision tree analysis
  • Portfolio analysis
  • Company valuations
  • Acquisitions
  • Case Study: An insider’s view of a recent acquisition deal between two companies
  • Merger/Acquisition exercise//
  • Wrap

For further information please call: +44 (0)207 092 1045

  • “The depth and knowledge of my trainer was extremely impressive. In 3 days I have had, without a doubt, a masterclass on the industry. Truly world class.”

    - Gordon Dowall Potter, Past Delegate

  • “Well worth 3 days of study!”

    - Syed Hamza, Past Delegate

  • “The training was excellent! I give it a 10 and will get my trainer's support for my next challenges.”

    - Head of Partnerships & Customer Loyalty at Avis Budget, Past Delegate

  • “Extremely constructive course with a very good dynamic and passionate trainer.”

    - Managing Director at BNP Paribas, Past Delegate

  • “Impressive and cooperative trainer who wanted to make sure the delegates understood.”

    - Budgeting, Planning & Reporting Manager, Past Delegate


We can come to you too! If you have a team of six or more, why not hold a private course? Our experts come to you and the course is tailored to your requirements.

Call +44 (0)20 7092 1045 (United Kingdom)
or emma-jane.dinan@terrapinn.com (Asia Pacific)
for more details


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