LIFESCIENCELEADER.COM APRIL 2014
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As the panelists subsequently confirmed, factors that determine the valuation of
such companies vary from straightforward and objective to unpredictable and highly
subjective — making for a fascinating discussion whether you are an expert or a lay
person in life science investment. We held our roundtable in San Francisco during the
confluence of industry events surrounding the JP Morgan Healthcare Conference in
January 2014. Our intended audience was not in the room with us, but consists of our
readers, essentially all of whom are affected by the issues we discussed.
The panel's actual makeup of people resulted partly by plan — invitations went out
to a select list a month in advance — and partly by accident: who among the invited
wished to and were able to answer our call. We had targeted a range of people reflect-
ing the leadership of small and large Biopharma companies and investment firms.
As it happened, the panel was evenly divided between the company and investment
sides: Around the table were five leading investors, four small-company chief officers,
and one head of business development for a large biotech known for its long line-up
of successful partnerships and acquisitions.
The following is an edited transcript of Life Science Leader's Optimizing Small Biotech
Market Caps roundtable.
A
s the sun cast a rosy glow over the city's horizon, bathing
us in dawn light through the wide windows of our meeting
room, a small group of company executives and invest-
ment experts shared breakfast and chatted before taking
up the business at hand. Their purpose here: Trade insights across the
table into how small biotech companies can achieve the best possible
market capitalization at every stage of their development.
A Life Science Leader
Editorial Roundtable
PART 1
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