Picking the right exit
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
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.
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