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2Q 2013 Biotechnology Performance and Financing Overview

Biotechnology sector performed well on both public and private markets. Large public biotech stocks continued to climb while smaller stocks remained leveled. Private financing deal flow increased substantially, albeit leaving early stage start-ups behind. Biotech sector experienced an overall increase in VC activity during 2Q 2013 and after much less inspiring first quarter. The comeback of VC funding was consistent with strong public markets as well as high, 13, number of completed Life Sciences IPO transactions.

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Intellectual Property, Goodwill, and Other Intangible Assets

The predominant amount of S&P 500 value comes from intangible assets and goodwill (“Intangibles”) of the underlying companies. It is no surprise that patents and brands are more valuable than desks. Understanding the components of intangible value is of great relevance to tax authorities and financial stakeholders.

Many Ways to Define Business Value

“Our business is worth $10 million,” they said.  So the buyer only needed $6 million cash to buy it. There are many ways to talk about what a business is worth.  In the above example, $10 million can be Business Enterprise Value, while $6 million is the value of equity.  The buyer assumed a $4 million bank loan. Here are

Balance Sheet Matters in Business Valuation

Can you find a business valuation estimate on a financial statement? The balance sheet contains the book value of equity, which is the first approximation of what the company is worth.  The number would actually be pretty good if it weren’t for unaccounted-for intangible assets and goodwill.  For recently acquired companies, the book value of equity is exactly fair market

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