SECA Booklet Nr. 5 - Biotech als Assetklasse

The study provides insight into the different characteristics of sources of capital in biotech and their respective investment opportunities from early to later stage through an indepth analysis of the evolution of the research and development of drugs, innovation cycles, and macro- and microeconomic trends. The study outlines several cornerstones in the valuation of biotech business models in considering the competitive landscape, the main differentiation features in development, manufacturing, sales and marketing. It also shows the impact of health insurance practices, government efforts and regulatory policies. The current study includes a detailed analysis of sub-asset classes in different stages of the company„s lifecycle and includes the risk and reward of such investments. The study highlights that a profound expertise in the combination of scientific and economic aspects provides a valuable tool to investors new to the investment decision process.