Business Roundtable
Valuing a Technology Platform
Monday, February 11, 2008
9:30 AM
Conrad Suite
Platform deals are definitely back, demonstrated by multiple high-profile acquisitions and partnership deals in 2007. These platforms range from new drug discovery landscapes like RNAi, TLRs, and NNRs to new tools, technologies, or diagnostics that make drugs better or enhance the discovery process. What has changed since the bottom dropped out of this sector? What are the drivers that will keep this sector alive and growing?
Moderators
- Adam Goldston; Sr. Vice President, Investment Banking, Jefferies and Co.
Panelists
- Stephen Hoffman, MD, PhD; Managing Director, Skyline Ventures
- Greg Wiederrech; Vice President and Head of External Scientific Affairs, Merck & Co.
- Stephen Keane; Senior VP of Business Development, Ambit Biosciences
- Mark Edwards; CEO, Recombinant Capital
Who's Who
Adam Goldston is a Senior Vice President in the Healthcare Investment Banking Group at Jefferies. Mr. Goldston has led numerous transactions including book-run IPOs, follow-on equity offerings, private placements, advisory assignments and debt offerings. Prior to joining Jefferies in 2003, Mr. Goldston worked at Credit Suisse First Boston (Donaldson, Lufkin & Jenrette), where he completed numerous transactions for various types of life sciences and Healthcare services companies. He has previous investment banking experience with BT Alex. Brown?s Financial Sponsors Group and Smith Barney?s Healthcare Group. Mr. Goldston received a MBA from the Anderson Graduate School of Management at UCLA and a BA from Claremont McKenna College. Mr. Goldston is a Chartered Financial Analyst.
Steve joined Skyline in May 2007, based in Boston. Prior to joining Skyline, he was a General Partner of TVM Capital. Steve was the founding President, Chief Executive Officer and a Director of Allos Therapeutics (NASDAQ: ALTH), Inc. where he is currently Chairman. He received his PhD from Northwestern University in chemistry and his MD from the University of Colorado. Dr. Hoffman completed a fellowship in clinical oncology and a residency and immunodermatology fellowship in dermatology, all at the University of Colorado. Steve is also a director of Sirtris Pharmaceuticals, Inc. Regarding our national pastime, he thinks the designated hitter is an abomination; still, he roots for the Red Sox but his son is a Yankee fan.
Stephen F. Keane has more than 20 years of experience in the biotechnology industry, during which he has negotiated numerous strategic corporate alliances, established joint ventures and assisted in public and private financings to support product development. Prior to joining Ambit, Keane held senior corporate development positions with Dendreon Corporation, Corvas International, Epimmune Inc., SIBIA Neurosciences, Inc. and Molecular Biosystems, Inc. In these positions, he was responsible for negotiating significant alliances including licenses, distributions agreements, technology acquisitions and research agreements with large pharmaceutical companies and government agencies. He served as the principal negotiator for the acquisition of Corvas by Dendreon and SIBIA by Merck & Co. Keane received a B.A. from San Diego State University.
Mark G. Edwards is the Managing Director of Recombinant Capital, Inc. (Recap), a consulting firm based in Walnut Creek, California. More than 500 biotechnology, pharmaceutical and service companies subscribe to ReCap's databases (Recap.com, rDNA.com & RecapIP.com) or retain Recap to advise on biotech alliances and valuations. Mr. Edwards is on the Board of Directors of Allos Therapeutics, Inc. Prior to founding ReCap in 1988, Mr. Edwards was Manager of Business Development at Chiron Corporation. He received his B.A. and M.B.A. degrees from Stanford University.