Picking the Right Exit

Picking the right exit By Sam Hall and Alastair J.J. Wood Illustrations by Tomasz Walenta Attributes that support an IPO exit: • Proof-of-concept clinical data on lead drug candidate - typically robust Phase IIb or later data that provide substantial evidence of efficacy and safety. • Legacy pharmaceutical partner to provide validation. • Defined near- to intermediate-term news flow, with clear data points and events that will drive stock price ac

Sam Hall and Alastair J.J. Wood
Aug 1, 2008

Picking the right exit

By Sam Hall and Alastair J.J. Wood
Illustrations by Tomasz Walenta

Attributes that support an IPO exit:
• Proof-of-concept clinical data on lead drug candidate - typically robust Phase IIb or later data that provide substantial evidence of efficacy and safety.
• Legacy pharmaceutical partner to provide validation.
• Defined near- to intermediate-term news flow, with clear data points and events that will drive stock price accretion for new investors.
• Drug candidate that addresses large potential market opportunity

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References

1. McCully, Michael G. Digging into the Data: The Latest Trends in Alliance Structures and Valuations. Drug Delivery Partnerships 2008. January 23, 2008.
2. Edwards, Mark G. Deal Valuations in 2006: Is This a Bubble Market? 2007 LES Winter Meeting. February 2007.