Wanted to learn more about the healthcare-life sciences vertical, what are the key drivers, and any recent deals that I can read up on? Any good articles on what's happening in the life sciences market currently?
Any help is much appreciated fam
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I don't keep track but you could look at https://www.cbinsights.com/research-digital-health-newsletter and at https://www.goldmansachs.com/intelligence/the-future-of-healthcare/inde…. I personally talk to a few friends & family who work in medicine every now and then to find out what they're doing - especially because they all work in either oncology or neurology or cardiology so they have a lot to say. Try reaching out to your network who work in Biotech/Pharma and maybe in Life Science VC - those guys almost always have stuff to add.
read this website for news and deals https://endpts.com/
Everything you'd want to know is in this old GS primer
The Hitchhikers Guide to Biotech.pdf
Thanks this is helpful but think its oriented for biotech - do you have anything like this for life sciences? that would be exactly what I am looking for.
Actually, clarifying question - is biotech considered a sub-vertical of life sciences?
They are the same. Pharma and specialty pharma are different than life sciences
Bump
on a related note, what about for companies that develop diagnostics, standards etc for the life sciences industry?
What are some common metrics? (EV/Peak Revenue, etc.?)
What are modeling nits for biotech companies?
I would assume you have PTRS-risked revenues and costs, but do you also model only through patent life?
Is there a terminal value? (with negative growth rates assuming generics penetrate the market?)
At what stages are biotech companies likely to be bought? Post the success of phase-III trials?
If you can look at equity research analyst for future projections of clinical stage drug companies, you’ll get the gist.
It’s a projection of probability of completion scaled to TAM of drug.
It’s complete nonsense most of the time, but most M&A deals or licensing deals happen while there is one commercial stage drug and a pipeline.
The other alternative is a bigger fish wants an easier entry into a sub vertical they’re looking at (especially with rare disease names)
for the pre revenue biotechs, the metrics are mainly what you said. EV / Peak sales (either for the whole co, or just the specific asset)
re modeling, a good model will use sources from scientific literature for the epidemiology builds (basically the revenue build for the specific drug), will incorporate the current treatment paradigm for the specific disease, will adjust R&D / SG&A by the drugs probability of success, and of course is completely dynamic between scenarios.
for TV, it depends. If the company has a drug discovery platform or "R&D" engine, then yes sometimes a TV is applied for the whole Co.
for the last one, it all depends on the market. Right now big pharma is trying to fill near term revenue gaps. ergo late stage or current commercial stage companies are being bought. This was not the case even just two years ago.
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