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BioWin Biotech valuation: an art or a science? Frank Hazevoets CFO Promethera Biosciences Member of the successful cluster of cell therapy companies in the Walloon region Our vision is to lead the liver cell therapy field with innovative (stem) cell technologies originated from human liver to treat high unmet medical needs 3 proprietary cell technology platforms : Hepastem : clinical stage with 2 phase II trials on going Heparesc : late stage with filing for UCD indication in Canada H2Stem : pre-clinical stage Robust supply chain MANUFACTURING cGMP PLANT TRANSPORTATION PHARMACY/HOSPITAL Purification & expansion, Filling in vials & cryopreservation Transportation on dry ice or in nitrogen shipper Simple reconstitution by Health Care Professional Infusion to patients 1 Biotech valuation : an art or a science Valuation 2 Biotech valuation : an art or a science Valuation Market approach Income approach Cost approach How comparable is the comparable Sensitivity of parameters All kind of discounts 2 Biotech valuation : IPO case Uptick compared to previous round Pre-money valuation of recent biotechs as a benchmark Long range plan as a starting point The price discovery process is a step-wise exercise 3 Biotech valuation : TiGenix – Cellerix reverse merger case Value of target : € 58M Technology value Cash Assessment of technology value Pre-money valuation in last round Analysis of comparable companies and transactions Sum of the parts of the lead programs of target Share deal (contribution in kind) Special report of Board of Directors Auditor’s report Issue of 44,8M new shares at € 1,3 per share 4 Biotech valuation : TiGenix – Cellerix reverse merger case Value of target : € 58M Technology value Cash Assessment of technology value Pre-money valuation in last round Analysis of comparable companies and transactions Sum of the parts of the lead programs of target Share deal (contribution in kind) Special report of Board of Directors Ratio between both entities : 43% - 57% Negotation power/support of existing shareholders base Cash proceeds € 18 M from investors of target before merger € 15M rights issue after merger at € 1,0 per share Board composition Management composition Auditor’s report Issue of 44,8M new shares at € 1,3 per share 4
