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| Author: | Charnes, J.M. Kellogg, D. |
| Title: | Real-options valuation for a biotechnology company |
| Journal: | Financial Analysts' Journal
2000 : MAY-JUN, VOL. 56:3, p. 76-87 |
| Index terms: | Bio-technology industry Pharmaceutical industry Valuation |
| Language: | eng |
| Abstract: | Many companies in the biotechnology industry have significant valuations despite having no product revenue because their products are in early stages of development. The authors explain the decision-tree method and binominal-lattice method (which adds a growth option) and use them to value a biotechnology company, Agouron Pharmaceuticals, as the sum of the value of its drug-development projects. |
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