First hand insight on royalty rates from deal-makers via our PharmaDeals
survey
Gain opinions and advice from leading industry deal-makers who share their
thoughts on royalty rates
Receive guidance on the best methodologies to use including benchmarking
and expected net present value when calculating royalty rates for vital
decision making
Understand the differences in perception of value between biotechs and
pharmaceutical companies and how that impacts the value of a deal
Review actual royalty rate data supported by case histories and be better
informed before negotiating your next deal
The report includes:
A historical overview of royalties, their relevance to the biopharma
industry and the psychology of royalty structures
Introduction to methods for calculating useful financial data missing from
the public domain - essential for dealmakers in benchmarking and determining
value in a deal and its relationship with future royalty streams
Thought leadership in determining royalty rates including the concept of
effective royalties in the analysis of deal structures; calculating royalty
rates in biotechnology deals supported by key opinion leader insight
A detailed presentation of key methodologies - benchmarking and expected
net present value - used in calculating royalty rates
Market data and current trends in royalty rate disclosure by development
phase, by indication and by the top 15 pharmaceutical companies
Industry perception of royalties including a review of the literature,
discussion on tiered royalty rates and critical analysis of the results of the
PharmaDeals Royalty Rates Survey
A comprehensive appendix includes a listing of all royalty reporting deals
from the last seven years and more
Delivery:
One year subscription to the report published on the interactive online
IMS Syndicated Analytics Library
IMS Syndicated Analytics Library offers full searchability including cut
and create your own report
Export tables, figures and whole chapters into Excel, PowerPoint and Word
Nine language automatic translation - choose to view report in French,
German, Chinese, Italian, Spanish, Japanese, Portuguese, Korean or Russian
Table of Contents
Table of Contents
Foreword
Preface
Acknowledgements
Introduction
1 History
1.1 Royalties: In the Beginning
1.2 Mining and Petroleum
1.3 Royalties: Incentives and Disincentives
1.4 Royalties by Industry Sector
2 Thought Leadership
2.1 Deconstructing Deals - Benchmarks and Effective Royalties: The
Benchmarking Challenge
2.2 Benchmarking Effective Royalties
2.3 Developing a New Methodology
2.4 Is the Biotech Industry Different from Mainstream Pharma in its
Royalty Requirements?
2.5 Biotech Royalty Stacks
2.5.1 Technology Royalty Stacks
2.5.2 Offset Clauses in Royalty Stacks
2.6 The 25% Rule of Thumb: If Only It Was That Simple!
2.6.1 What is the 25% Rule?
2.7 Overt or Covert
2.7.1 Thoughts on Royalty Revelation
3 Benchmarking and eNPV
3.1 Methods for Calculating Royalties
3.2 Return of Research and Development Costs
3.3 Setting Royalties: The Tools
3.4 Benchmarking
3.5 Deal Benchmarking in Practice
3.6 Transfer Pricing: A Hidden Distortion to Royalties
3.7 Expected Net Present Value (eNPV)
3.8 The Basics of eNPV and NPV Calculation
3.8.1 Cash Flows
3.8.2 Relevant Costs
3.8.3 Real versus Nominal Figures
3.8.4 Opportunity Cost/Time Value
3.9 Risk
3.9.1 Decision Tree Analysis
3.10 A Further Refi nement of the eNPV Model: Sensitivity Analysis
3.11 Development Cash Burn
4 Data and Trends
4.1 Disclosure of Royalties: Why the Big Secret?
4.2 Who Was That Masked Man?
4.3 Big Pharma Global Licensing
4.4 Top 15 Big Pharma Royalty Rate Disclosure Frequency
4.4.1 Pfi zer
4.4.2 GlaxoSmithKline
4.4.3 AstraZeneca
4.4.4 Novartis
4.4.5 Merck & Co.
4.5 Addressing Gaps in Agreements
4.6 Licensing Deals in Japan: Culture and Tax
4.7 Standard Terms: Exceptions to the Rule
4.8 Royalties and Deal Structures
4.8.1 Sales Milestones: A Royalty by Any Other Name
4.8.2 Combining Sales Milestones with Tiered Royalties
4.8.3 Alternative Structures
4.8.4 Tiered Royalties
4.9 How much Value Does the Royalty Component Constitute?
4.10 An Analysis of Rates Used in a Phase III Deal
4.11 Royalties in Early-Stage Technology Deals
4.12 Participation
4.13 Royalties to Fund Development Costs
4.14 Creativity: There's More Than One Way to Skin a Cat
4.15 Upfronts and Milestones: Are There Changes Afoot?
4.17 Royalties and Generics: The Beginning of the End?
4.18 Royalties and IP Valuation
4.19 IP Value and Market Cap
4.20 Monetising the Royalty Stream
4.21 The Utility Cost of Cashing In: Jam Today or More Jam Tomorrow
4.22 The Current Economic Climate and its Effect on Royalty Rates
5 Industry Perceptions
5.1 Royalties: A Review of Recent Literature
5.2 Auditing the Pharma Royalty Market: 'Lies, Damned Lies, and
Statistics'?
5.2.1 PharmaDeals Survey 2013
5.2.2 PharmaDeals Survey 2011
5.2.3 Licensing Executives Society Addendum
A.1 Royalty Rate Deals Chart: 2004 - January 2013
A.2 Drug 'X' Utility Cost: eNPV and Discount Rate Calculation
A.3 Royalty Monetisers: Key Deals
A.3.1 DRI Capital
A.3.2 Paul Capital
A.3.3 Royalty Pharma
A.4 Data from the 2013 PharmaDeals Deal Terms Survey
A.5 Great Expectations: The 2011 Survey
A.5.1 Introduction to the 2011 Survey
A.5.2 Disclosure of Royalty Rates
A.5.3 Expected Minimum and Maximum Royalty Rates
A.5.4 Types of Licenses
A.5.5 Perceptions on Diffi culties of Doing Deals
A.5.6 Licensor/licensee - Who is Favoured?
A.5.7 Trends for Upfront and Milestone Payments
A.5.8 Prevalence of commercial milestones
A.5.9 Tiered Royalty Rates
A.5.10 Royalties and Creativity
A.5.11 Royalties and Total Deal Values
Glossary of Terms
The Royalty Rate Report 2013: A Comprehensive Assessment of Valuation in the Pharmaceutical Sector published by PharmaDeals Ltd in March 1, 2013. This report price starts from US $ 8426.
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