4 Best Practices For Raising Capital

Posted by ShareVault on Dec 2, 2016 2:20:46 PM

Companies often investigate and pursue funding sources during a transition of ownership, as a way to accelerate product development, to improve their sales process, and for many other reasons that may fuel corporate growth. While it’s a necessary process, finding the right source of funding is also stressful and fraught with uncertainty.

The main reason for the challenge in finding funding is the low probability of receiving it. The chances of getting venture funding are between 0.2 and 0.5%. Only one in three companies make it through to due diligence and one in ten actually receive funding.

1) Understand Your Stage in the Investment Cycle

It is crucial to select an investor that is best suited to your organization’s transition stage, as noted in the chart below. 

growth stage new.png

  Amount Risk Potential Return Investment Stage
Government Small to Medium Low to Mid Medium to High Any
Crowd Funding Small to Medium Mid to High Any Early
Angel Funding  Medium to Large  High High Early to Mid
Friends & Family  Small  Any  Any Early 
Venture Capital Large High High Any

If you only need a small amount of seed money, possible sources include government funding, crowdfunding or from family and friends. Government funding is often provided in the early stages, for seed or startup funding, and tends to cap at $2 million. Government funds are often given to low-risk organizations likely to have a high return on investment. For early to mid-stage funding, crowdfunding has become increasingly popular and successful, especially after a company has been unsuccessful in gaining funding from other sources.

If your company seeks mid-stage growth funding or later stage bridge funding, angel investors and venture capital are more appropriate, as these investors are more willing to take a risk if the potential return is high.

Learn About Financial Valuation Models

2) Match Your Needs with the Right Venture Capital Organization

If your organization strategically selects which venture capital (VC) organizations you send proposals to, you will have a higher likelihood of success. It is important to look for VC organizations with the skills that add value and/or fill a gap in your organization. For example, if you seek to expand into the Asian-Pacific market, you will need a venture capital firm with experience in that market. 

You also want to make sure your company and the VC firm have similar investment timelines. If you have a business plan that says you will achieve the highest level of growth in ten years, you wouldn’t select an organization that wants to exit in five years.

It is advisable to reach out to potential investors in your geographic area and industry sector. Not all venture capital organizations invest in companies that market in a different country. You will also appear unprepared if you pitch a solution to a VC for an industry in which they don’t typically invest. Having a strategy for pitching the right venture capital firm will increase your odds of gaining funding.

3) Timing


A fundraising process can take six to twelve months. It is best to plan for more time than you may actually need and to not assume that it will go smoothly from the beginning.

Companies generally receive the highest valuation when they reach out to investors when they are growing and have funds left to execute plans for the future. If you exhaust your resources before looking for additional funding, you will have little negotiation leverage when discussing your organization’s valuation. With spare resources, it will be easier to negotiate an agreement and avoid terms that don’t meet your needs.

Investments are often linked to your ability to grow and meet a potential target. It is therefore important to correctly map your growth targets to the stages that funds will be released. If you don’t get a required investment at the right time, you may not be able to meet the growth target that is needed to release future venture capital funds. Missing growth targets can damage broader investments and affect your ability to raise additional funds in the future. 

4) Reduce the Perceived Risk

Most investors adjust future cash flows based on perceived risk. If risk is high, the amount of money you will get is much lower. Thus, you want to reduce the perceived risk to minimize the rate of your discounted cash flow.

Risk.jpgIt may be possible to reduce perceived risk by showing:

  • You have a previous track record of growing companies from the ground up.
  • You are in financial control and have met your cost projections.
  • Other companies in your sector have made money for investors from their products and solutions.
  • You have learned from the challenges/pitfalls that other organizations in your sector have had.
  • You are trustworthy, perhaps because you have used your network to gain a referral or introduction to the VC you are pitching.
  • You understand your industry sector, competitors and market-share capabilities.

In order to become one of the “lucky 3” that make it to the due diligence stage, make sure you have a well-developed business plan that shows your vision for the type of transformation you are pursuing. Tell a compelling story to help investors see why your organization has the potential for a high return. And don't get discouraged by one "no" – successful companies may receive dozens of rejections before finding a willing investor.

Learn About Financial Valuation Models

Topics: Information, White Papers, M&A

Five Steps to a High M&A Valuation

Posted by ShareVault on Nov 23, 2016 5:14:39 PM

5 Steps to a High M&A Valuation

In a Price Waterhouse study of CEOs and CFOs who recently completed a deal, 38% claimed that if they had provided more detailed information to the buyer during due diligence, they would have had a higher valuation.

What would have improved you M&A Valuation?.png            goeswithcirclediagram.png

When selling a company, preparation is key. Being prepared for an exit well in advance of the M&A process shows interested parties that you’re in control of your business, that you’re goal-focused, and that from the beginning you’ve had a plan for an organized and smooth integration.

It also greatly increases the speed of due diligence. In due-diligence, time is not your friend; the longer the diligence process, the higher the probability that challenges, along with price adjustments, will occur.


Most companies market themselves for acquisition too late. Often the growth curve has flattened out or competitors have entered the market before company executives perceive the need to sell. By then, the value has diminished.

The ideal time to be acquired is at the front end of the growth pattern or when a beta product has hit the market. This necessitates that CEOs, CFOs, and Corporate Development team members begin seller due diligence early on, so they have an honest, transaction readiness assessment for the organization from the get-go. Sometimes the perception is that the company is too young at this point to be ready for acquisition, but often the opposite is true.


Companies are often bought and not sold. Acquirers generally make acquisitions when they’re ready to buy, not necessarily when the company is ready to sell.

Get on the Radar of Serial Acquirers.pngCompanies that engage in serial acquisitions do so for long-term, strategic objectives. They may be hoping to fill a gap in their portfolio, expand into new markets, gain increased synergies or consolidate in a divided market. 

It’s effective for companies looking to be acquired to focus on building relationship with serial acquirers. Organizations can create relationships through joint development agreements, joint marketing agreements, private label agreements or reseller agreements. Sometimes the best partnerships are based on purchase orders. Keep in mind that these agreements must be mutually beneficial; be a good partner and show that your company is fair, easy to work with, and the partnerships will have potential to grow into acquisitions.


Most sell-side companies get a due diligence checklist from the buyer and only then think about how to provide documentation to prove the companies worth. They immediately have to decide how they are going to organize the information and what tool they will use to share sensitive company documentation. Very few organizations know how to strategically share the right information at the right time and instead withhold important information from the get go, which lengthens the due diligence time period and causes devaluation.

Make sure your organization has a due diligence checklist on hand in order to pre-stage important documentation ahead of time, so you have time to tie up any loose ends that are exposed. A few tips based on common mistakes companies have made during M&A include:

  • Know what the buyer wants.jpgKnow what IP you own, what you have the right to transfer and what third-party technology you are using.
  • Address all outstanding litigation.
  • Resolve all discrepancies in financial, accounting or operational planning.
  • Store all company agreements (vendor, customer, employee) in one place because you will need to provide each and every one to the buyer.
  • Ensure that your key employees don’t leave during the deal.

The objective, of course, is to avoid surprises late in the M&A process.


It’s essential that you understand the value you will bring to your acquirer. You must be able to develop a business case that shows the buying company your worth.

The buyer will be looking for the following qualities, and therefore it’s crucial to focus on these aspects of your company in order to attract a buyer willing to pay maximum value:

  • Strength: market share, sales, team 
  • Ideas: IP, patents, trademarks, branding
  • People: investors, employees, customer base, ecosystem, press
  • Competition: market advantage, execution advantage, sector growth

If you’d like an overview of what a buyer will be looking for you to show, download our white paper on “The Art & Science of High M&A Valuation.”

View White Paper


Ecosystem.pngDepending on your internal staff, you will likely hire an investment banker (ibanker), legal advisor or an accountant.

While not every M&A transaction involves a sell-side ibanker, in many circumstances, the right ibanker can add significant value. When selecting an ibanker, it’s imperative to find one with expertise in your industry and one who has significant experience with similar transactions. Think of investment bankers as individuals. In other words, hire a banker first and a firm second. Also, think about your deal size and the size of the ibanker’s firm. You will most likely get assigned a junior level ibanker if the deal is small given the firm’s clients.

Whomever you select, it is essential that your M&A team have a positive synergy and that every individual bring a complementary asset to the table, so your M&A due diligence process ensures a high valuation.

Today’s buyers are ruthless when it comes to due diligence. It’s therefore necessary that, before a potential buyer even approaches, you have thoroughly organized your due diligence documentation to be sure that everything a buyer wishes to see is present and accurate.


Topics: Information, White Papers, M&A

Four Essential Steps For Effectively Presenting Your Company Or Assett To Potential In-Licensors

Posted by ShareVault on Nov 15, 2016 9:01:37 AM






Triangle Insights Group, LLC




Given the rapid pace of innovation in today’s Life Sciences industry,  it has become more important than ever for biotech companies to align themselves with strategic partners in order to advance their most promising drug candidates toward market readiness.

Successful BioPharma partnerships don’t happen by chance, and negotiating an out-licensing deal can be complex— especially when the company is also focusing on progressing the clinical portfolio.

While the partnering or licensing process is often daunting, it can be simplified by focusing on four key steps that we, at Triangle Insights Group, believe are critical to preparing for partnering and a successful transaction.

Gautam’s Four Essential Steps for Successful BioPharma Partnering and Licensing


Preparing early means identifying potential partners well in advance of the partnering process. This can be done by attending major industry conferences, utilizing partnering booths, initiating discussions with potential partners and maintaining a relationship with them as advances are made or situations change over time.


Determining the value of your asset and understanding how a potential partner might perceive value is critical to the partnering process. This means having an appropriate level of understanding about the commercial value and market dynamics and being able to clearly relate that narrative to potential partners. It also means having the flexibility to adapt that narrative to the specific needs of different potential partners. A good place to start is by looking at current market size and how that market size is anticipated to evolve over the next ten or twenty years.


Aligning expectations is an internal process that balances board and other stakeholder expectations versus potential partner expectations. Ask your team what they would consider a good deal and what they would consider a bad one. For instance...

  • What are the key components or “must haves” for the deal?
  • What are those components that would be nice to have, but are not essential to getting the deal done?
When deal expectations are aligned internally, there’s a greater chance of achieving what you want.


A virtual data room is essential for successful biopharma partnering. It’s what buyers or licensors expect, and it’s the best way to ensure your IP remains secure throughout the deal process. Virtual data rooms are also ideal when staging information prior to a deal. During the early stages of due diligence, you may only want the potential partner to have access to a limited number of files. As diligence progresses, and the seriousness of the partner is demonstrated, more access can be granted. It’s also possible that different groups within the same company might be granted different levels of access to the data room.

A typical data room structure might include folders such as:

  • Corporate Overview
  • Investment Overview
  • Commercial Strategy
  • Pre-Clinical Program
  • Clinical Program
  • Regulatory
  • Intellectual Property
  • Manufacturing Processes

BioPharma partnering and out-licensing can be daunting, but it doesn’t have to be prohibitively so. The key to successful biopharma partnering is being prepared well in advance of negotiations, determining the appropriate value of the asset, being internally aligned on both deal value and deal structure, and then presenting due diligence materials in a well-organized data room for partner review.

If you would like a deeper dive into optimizing the value of your biopharma asset, download Guatam's white paper:

Download the White Paper >>

ABOUT GAUTAM AGGARWAL, Partner, Triangle Insights Group, LLC

With thirteen years of pharmaceutical and consulting experience, Gautam focuses on providing strategic guidance to clients within life sciences organizations. He has provided strategic advice to a wide range of clients, spanning Top-5 pharmaceutical manufacturers, emerging biotechnology manufacturers, bio-pharmaceutical investors, and service providers to biopharmaceutical companies. Gautam’s previous employers have included GlaxoSmithKline, Boston Consulting Group and Campbell Alliance.

Gautam received his MBA from the Fuqua School of Business at Duke and holds an MS and a BS in Bio-Statistics from UNC-Chapel Hill. 

Stay tuned for our next Vault Series featuring another great BioPharma star with insights to make you a better deal maker.

Topics: Information

The Nuts & Bolts of Due Diligence in BioPharma Partnering [white paper]

Posted by Steve Joseph on Nov 10, 2016 11:37:38 AM

nuts_bolts_3.jpgOften biotech companies seeking to out-license or in-license a drug candidate or other asset, or otherwise partner with another biopharmaceutical company are unfamiliar with the due diligence process. They may be unfamiliar with what large pharma expects when entering into due diligence or uncertain about the best ways to stage information that is disclosed to a potential partner.

To avoid costly mistake and avoid potential problems, biotech licensing and pharmaceutical business development consultant, Linda Pullan, invited six experts in the field of biopharma partnering due diligence to sit down and discuss best practices for conducting due diligence that results in successful, long-term partnerships. That discussion resulted in an informative white paper which is available for download here:


Learn the Nuts & Bolts of Biopharma Partnering


The panelists discussed a wide gamut of biopharma due diligence issues such as:

  • What is due diligence from a big company perspective?
  • When do you do due diligence?
  • What steps generally precede the beginning of due diligence?
  • What is a TPP?
  • How are your team members organized?
  • Is it typical to expect a term sheet before due diligence begins?
  • How do you control information sharing?
  • What are the key questions asked during due diligence and do they change if it's an early opportunity versus a late-stage opportunity?
  • What are the key questions from a legal perspective?
  • How does a potential licensor prepare for due diligence?
  • What is the role of the virtual data room and how do you go about choosing one?
  • How does a small company move things along?
  • How long does the formal due diligence process generally take?
  • And much more...

 If you'd like to listen to the original recording, it's available here:

Web Panel Discussion: The Nuts & Bolts of Due Diligence in Biopharma Partnering

Co-Sponsored by:

LES-sm.png       Pullan-Consulting.jpg        bio_logo.jpg

Topics: White Papers

6 Best Practices for Sharing Regulatory Submission Documents with Third Parties (If You Don't Do #2 and #4, You'll Drive Your Users Crazy)

Posted by John Badger on Oct 24, 2016 7:22:39 PM

electronic-submission.jpgWhether it's an IND (Investigational New Drug Application), NDA (New Drug Application), ANDA (Abbreviated New Drug Application), BLA (Biologics License Application), or any other type of electronic regulatory documents submitted to the FDA, EMA or other government regulatory agency, the information in the submission documents is extremely sensitive.
Regulatory submissions are rich in sensitive information that must be strictly controlled. Here are six recommended best practices:

#1 Share Only What Each Party Needs to See

Be sure to share your regulatory documents using a virtual data room that can provide granular access controls. In other words, make sure that you have the ability to set permissions at the folder level and also the document level.

It's also important to select the right time to share your documents. Staged access is a best practice that can be used to increase the amount of information disclosed in stages, as the degree of trust with the third party increases. Make sure your virtual data room provides granular access controls and also has powerful tools to rapidly permission large and complex document hierarchies with minimal clicking.

If you are deadline driven, your document sharing solution should allow you to set an automatic expiration date that removes access at a specific date and time to help you control your process according to the deadlines that you’ve established.

#2 Allow Your Documents to be Saved

There are a number of document sharing solutions that allow view-only access to your documents. However, if you force your users to view large documents without allowing them to save, you’ll be slowing down the document review process. It will drive your users nuts if you give them read-only access because most secure document viewers that prevent document download are slow and take a long time to load large documents. When choosing a data room provider, make sure to ask if the solution allows users to download documents for rapid viewing in a fast and secure viewer.

#3 Keep Tight Control of the Documents Being Shared

We’ve just recommended that you allow your end users to download documents in order to speed the document review process. You may be wondering how you will now maintain control of the shared regulatory documents?

Make sure your virtual data room allows you to retroactively revoke a user’s right to view a file, even if it’s already been downloaded. This capability, combined with the automatic expiration feature, allows you to automatically “shred” the documents at a specific date/time.

In addition, make sure you choose a virtual data room that provides several other document security features ideally suited for sharing regulatory documents:

  • Prevent copy/paste
  • Prevent print, or allow print only to physical printers (not PDF)
  • Automatic watermarking that identifies the user
  • Screenshot prevention

You'll need the ability to pick-and-choose the document security features in a document security policy that can be applied as desired to the appropriate documents based on your specific business case.

#4 Preserve the Document-to-Document Hyperlinks

Because of the very confidential nature of eCTD document sets, they are often uploaded to a secure virtual data room for two secure external processes – 1) communicating with outside regulatory advisors in preparation for a regulatory filing, or 2) the sharing of previous filings with prospective partners, investors, potential acquirers, or other third parties.

When eCTD documents are prepared within an eCTD publishing tool, they may refer to other documents in the set using hyperlinks. Since these documents are stored in separate folders, the links between them have a relationship that allows them to be moved without breaking. Unfortunately, these relationships do not persist when uploaded to all cloud-based document repositories. Make sure you choose one that has links that are automatically fixed, so that the appropriate document opens when a hyperlink is clicked - assuming that the user has permission to view the target document.

#5 Maintain a Detailed Audit Trail for Access to The Documents

You will want page-level tracking and time-based monitoring of who's seen what and when, down to the page level, providing detailed audit trails for compliance as well as insightful business intelligence into your users' document review progress.

Because there are often hundreds of questions when completing an NDA and dozens for INDs, it's important to have a good Q&A tool built into your virtual data room, so regulatory committees can ask questions in context with your document within your virtual data room/eCTD viewer solution. 

#6 Ensure The Submission Documents are Easily Searchable

Regulatory submissions are massive, and it can be a daunting task to review the full submission. One of the best ways to facilitate quick review of regulatory documents is to be sure that they can be rapidly searched for keywords. This requires a virtual data room with a powerful and fast full-text search engine, which provides relevance ranking, synopsis display with hit-highlighting, stemming and support for international character sets, provides the tools needed by your end users to quickly identify contents for focused review based on keywords.

ShareVault is used by 44 of the top 45 global biopharmas and is the preferred virtual data room for BIO. We're also the only virtual data room provider to offer a secure eCTD viewer that preserves document-to-document hyperlinking. 

As a leader in the life sciences space, we give you the confidence to simply and securely share regulatory documentation with the FDA, EMA and other government regulatory agencies. 

Topics: Products, News

The 3 Most Important Things to Remember When Sharing Documents During Due Diligence

Posted by ShareVault on Oct 10, 2016 9:00:00 AM



Jim McCarthy is a Business Development Expert helping Biopharma companies plan their partnership strategies and due diligence. He knows how to W.I.N.

Vault Series: Jim, when companies are doing due diligence, especially to strike a deal, how should they structure their documents for sharing? 

McCarthy: As a company, you need a roadmap to determine what you are willing to disclose at each stage in the game and to whom. 

Why? Because you might be submitting documents to several potential suitors who could become competitors one day. You never want to give away all the “competitive insights” too early. 

I recommend using a formula I coined long ago: W.I.N.: What’s Important Now? Know what "document sharing" stage you are in with your partners or suitors. It's like a game of chess. Most common stages are:

  1. ScreeningThese documents are your basic get-to-know-you information, generally non-confidential, that will engage stakeholders in the beginning and for preliminary determination of interest.

  2. Technical Data. Clinical data, regulatory filings, FDA information, IP, patents and other mission-critical information that “sets you apart” and makes you attractive for license or purchase. 

  3. Deal Making. Negotiation around when things get serious, everything is “on the table,” and you're ready to show your hand. (For great tips on how to prep for deal points, check out Linda Pullan's story from our Vault Series email 1)

Vault Series: What tools can biz dev executives use to prepare? And, as you know Jim, these kinds of tools just happen to be our specialty. 

McCarthy: Of course! None of this matters unless you have the data room structured to succeed. Here are my favorite tools that I recommend to my clients using ShareVault:

  • Granular Access Controls: Set permission and policy levels per user, including which documents they can access and how they can view/print them to prevent info getting into the wrong hands. 
  • Audit Trails: Be a detective and analyze how people are engaging with your information. These types of reports can help you shape your next round of sharing. It is useful for potential partners to know you are monitoring due diligence activity. Routinely, they are more discriminant in document reviews they request vs. ask for “everything.” This has “human productivity” implications to minimize unnecessary demands on your company and internal team.
  • Expiration Date: Need to move someone to the next level to W.I.N.? Place an expiration date on a document to encourage faster review and help keep all parties on a parallel time path. 

And if you have a panic in the middle of the night....there's this: 



About James A. McCarthy, CLP CorpDev Ventures - Corporate & Business Development, Alliance Management

Jim has 30 years of professional experience in life sciences. His background includes a 25 year career with Bristol-Myers Squibb and Eli Lilly & Company and over 15 years in international corporate business development and licensing roles. These efforts include projects and deals in over 30 countries, with over 80 completed agreements across a range of transactions. In recent years, he has been assisting small and emerging life science companies to leverage their IP assets with strategic and commercial planning, venture financing, commercial initiatives and deal support on a global basis.






Topics: Information

Visit Booth 111 at LES 2016 to Learn About Secure Document Sharing For Dealmaking

Posted by ShareVault on Oct 6, 2016 9:04:42 AM


LES 2016 Annual Meeting | October 23 – 26

Vancouver Convention Centre | Vancouver, BC

On October 23 – 26 Visit ShareVault - the 2016 Media Supporter - at Booth 111 at the LES 2016 Annual Meeting held in Vancouver, BC.

For more than 50 years, LES has been the leading association for intellectual property, technology and business development professionals to achieve professional and personal success. Whether you are new to licensing or an experienced licensing executive, the annual meeting is an invaluable resource. ShareVault will be there to meet with customers, partners and new acquaintance to discuss the benefits of a virtual data room and how technology can make licensing and partnering easier and more successful.

If you would like to set up a meeting with an on-site ShareVault team member, please email Steve Joseph sjoseph@ShareVault.com


The Annual Meeting will include:

  • A prestigious list of over 105 speakers
  • 47 educational sessions
  • Over 1000 industry leaders representing more than 800 companies
  • Workshops
  • Receptions and networking opportunities

Join LES

The business of intellectual property and business is changing and new challenges are faced every day. A membership with the Licensing Executive Society (LES) can help you grow your network, hone your skills and knowledge, and advance your career. LES represents a highly diverse community of IP, business development and technology licensing professionals that collaborate across multiple industries to create a unique network and learning environment.

The LES Annual Meeting attracts an impressive list of attendees from companies in both the U.S. and Canada. To view the list click the button below.

Attendee List

About ShareVault

ShareVault® is the trusted document sharing solution (virtual data room) for licensing professionals sharing confidential intellectual property during due diligence. With unmatched enterprise grade security, functionality that simplifies document organization and viewing, and detailed analytics that track document activity, ShareVault gives organizations full access controls for document sharing. To learn more visit, www.sharevault.com

Topics: Company, Products, Events

Top Five Questions to ask before any Deal

Posted by ShareVault on Oct 3, 2016 9:00:00 AM



We sat down with partnership expert Linda Pullan, PhD, of Pullan Consulting, to get her insights on dealmaking in BioPharma.

Vault Series: Linda, for the last 10 years, you have been consulting biotech companies during the deal process. What do you find is the most common mistake made in deal preparation? 

Pullan: I see this one over and over. Companies don't ask themselves, "What do we want?" The necessity of thinking about desires and wishes ahead of time are undervalued. 

Vault Series: Why is this important? What can leaders do? 

Pullan: You need the whole team speaking and presenting the same language from the CEO to research. You need to know what you are willing to trade, because clear priorities lets the other side find a way they can give you what you want most.


1. What is the #1 purpose of doing a deal and what is essential or you won't do a deal? For example, bring a drug to market to help x. 

2. What can you give up to get your "must haves" and what is the priority order of your "nice to haves"? 

3. What are the alternatives to achieve if you don't do a deal? What are you doing to provide more alternatives (resulting in more bargaining power)? 

4. What has this potential partner done in past deals? 

5. What are industry common practices for these deals? For example, no indication splitting or deal averages by stage. 

For more on Linda Pullan, please visit her site or watch her in our Web Panel Discussion: The Nuts & Bolts of Due Diligence in Biopharma Partnering. You can also visit our BioPharma partnering series page for solution briefs and white papers. 



Stay tuned for our next Vault Series featuring another great BioPharma star with insights to make you a better deal maker.





Topics: News

Must-Know Finance Concepts For Life Sciences Valuations—Part 2 [Webinar]

Posted by Steve Joseph on Sep 28, 2016 9:00:00 AM

Must-Know-Finance-Concepts2-new.jpgShareVault is pleased to announce the presentation of a webinar on Thursday, October 13th at 11am—12pm PST / 2—3pm EST entitled "Must-Know Concepts for Life Sciences Valuations, Part 2." 

This webinar is a continuation of the first webinar, entitled "Must-Know Finance Concepts for Life Sciences Valuations," and goes into more detail on the key concepts and most common methodologies used to evaluate life sciences assets.

Questions answered in Part 2 include:

  • Which asset valuation methodology is most used by big pharma to evaluate possible partners or acquisitions?

  • An explanation of three fundamental concepts in valuation: risk-adjusted value, cost of capital and present value

  • What are some cash flow examples for a situation when the asset is early in the product lifecycle, for out-licensed, and for in-licensed products?

  • How do my expected deal terms relate to my forecast cash flows? How can I use this to make better decisions on licensing timing?

And more. 

Register for Webinar

If you are an entrepreneur who plans to raise (or currently is raising) financing, licensing an asset or selling your company, a private investor who wants to estimate and negotiate start-up share value, or any other professional who is active in the life sciences investing sector, you'll benefit from this more detailed explanation of life sciences valuation methodologies.


JohnSelig.jpgJohn Selig, Co-Founder and Managing Partner, Mavericks Capital

John advises life sciences companies on M&A, licensing and financial strategy. John speaks frequently on topics in valuation, deal term benchmarking, and strategy. He teaches the Valuation and Finance module at BIO’s Executive Management Training course for BD professionals each year, as well as the Valuation module at Stanford Medical School’s Entrepreneurship Program.

Prior to joining Mavericks, John was a Managing Director at Woodside Capital Partners, a boutique investment bank. For the prior 12 years, he advised both Fortune 100 and VC-backed healthcare companies on transaction strategy and valuation at Strategic Decisions Group (SDG), a global management consulting firm, and Keelin Reeds Partners, a life sciences management consulting firm. While at Keelin Reeds, John led a partnership and M&A deal term benchmarking effort and has extensive experience in applying that data to yield market-value deal terms for dozens of assets, using the results to provide ongoing support during deal negotiations. Prior to consulting, John was an attorney with Weil, Gotshal and Manges LLP where he focused on M&A and corporate finance.

John holds a JD from Stanford Law School, where he was an Associate Editor of the Law Review, and a BA, magna cum laude, from Brown University, where he was a member of Phi Beta Kappa. (FINRA 24, 63, 79)

JeffKaran.jpgJeff Karan, Co-Founder and Managing Partner, Mavericks Capital

Jeff brings over 30 years of investment banking and corporate advisory experience to Mavericks Capital. He started his career in 1980 at Morgan Stanley and moved to Goldman Sachs six years later. In addition to his extensive knowledge of capital raising and merger & acquisitions, Jeff has advised clients on corporate strategy, business valuation, and a wide range of strategic partnership structures.

Mavericks Capital is the healthcare spinout of Woodside Capital Partners, a boutique investment bank Jeff founded in 2001. 

Jeff holds an MBA from Dartmouth’s Amos Tuck School of Business Administration (Tuck Scholar), a BA in Economics from Dartmouth College, and later received an MA on the west coast in Comparative Philosophy and Religion. Jeff is an avid skier and cyclist and is passionate about philosophy, the history of ideas, poker theory, and global economic analysis. (FINRA 7, 24, 63, 79, 99)

If you missed Part 1 of the series, you can download the white paper derived from it here:

Download the White Paper



Topics: Webinars

Putting on the Pitch—How to Present to VCs and In-Licensors [Live Streaming Video]

Posted by Steve Joseph on Sep 27, 2016 10:55:15 AM

BIO_Header.pngPlease join us for:


Thursday, September 29th, 2016 | 1pm ET / 10am PT

The BIO Investor Forum is an international biotech investor conference focused on early and established private companies as well as emerging public companies. The event features plenary sessions, business roundtables and therapeutic workshops, company presentations, and One-on-One PartneringTM meetings. The forum takes place in San Fransisco on October 18-19. You can register here.

To best prepare for for the partnering process consider attending a live streaming video event on September 29th where top VCs and Business Development Executives will give you valuable tips on how to perfect your pitch. 

RSVP for the web panel to ask your question in advance or ask them during the live panel.


  • Rajeev Dadoo, Partner, SR One
  • Karl Handelsman, Founder, Codon Capital
  • Ed Hurwitz, Managing Director, Precision, BioVentures
  • Alex Szidon, Executive Director, BD&L, Head, W. Coast Inno Hub, Merck & Co.
  • Sougato Das, Managing Director, Partnering, BIO (moderator)


  • How to put together the optimal pitch deck
  • What to say and do in a partnering meeting
  • What to say and do in a company presentation
  • How to write a good meeting request, and other partnering tips
  • How to follow up after a good meeting
  • How to handle confidential information
  • Common mistakes, and much more


Ryan_Watts.jpgJust Announced: Ryan Watts, PhD, Chief Executive Officer, Denali Therapeutics Inc. to speak at the BIO Investor Forum



To take advantage of the special BIO Investor Forum room rate at the Westin St. Francis Hotel, be sure to book your reservation today.

You can also further prepare for the forum by downloading ShareVault's series of White Papers and Webinars focused on BioPharma partnering.

ShareVault's Bio Partnering Series of White Papers & Webinars

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About ShareVault

Simple & Secure Document Sharing

ShareVault offers virtual data rooms for securely sharing documents with third parties. Typically used to share due diligence documents during M&A, partnering, fundraising and other dealmaking scenarios, ShareVault is increasingly being used for a wide variety of other applications, primarily in highly regulated industries, for securely sharing documents with third parties. ShareVault can be set up and deployed in an hour, yet offers enterprise-grade security and scaleability.

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