Venture Capital Portfolio Due Diligence Valuation Model Term

綱要 ü創業投資公司(Venture Capital) ü投資組合(Portfolio) ü投資評估(Due Diligence) ü評價模式(Valuation Model) ü投資條件(Term Sheet) ü環境 ü故事時間

評價模式Valuation Model v面額法Par Value v淨值法Book Value v本益比倍數法Price/Earning Multiple v收入比倍數法Capitalization/Sales v現金倍數法Cash Multiple v預估現金流量折現法Cash Flow Discount Method v台灣公司上市櫃計價法 v懷特新藥上櫃計價法 v智慧資本計價法

PE v. s PS • PE: 預估公司EPS(earning per share), 取具參 考性同類股PE值預估之 PE multiple(20)*EPS(2)=40 • PS: 預估公司營收, 取具參考性同類股市值與營 收比預估之 PS multiple(10)*Expected Sales(100 M) Total shares(5 M) =200

Patent Valuation Positioning on Patent Map Time to Market How much the Revenue&Profit can be generated Infringement Research or Development

技術作價Technical shares o 智慧財產(Patent/Know how/Experience) o 客觀指標: SBIR Grant o 產業發展需求性 o 企業發展需求性 o 環境因素 o 地區因素 o Ranging from: 20% to 80%

Drug Clinical I, III Manufacturing Lead Optimization Lead Target Validation Target Information Tools/Process Technology Time to Market Research Valuation Pre-Clinical Development Biotechnology Ladder & Value Chain for New Drug Discovery

投資條件Term Sheet(I) • 特別股股利(dividend) • 董事席次(Board Seats) • 表決權(Voting Right) • 資金動用權(Escrow Account) • 清算權(Liquidation Right) • 上市請求權(Registration Right) • 自動(條件式)轉換權(Conversion Right) • 優先承購權(First Refusal) • 共同賣出股權(Co-Sale)

投資條件Term Sheet(II) • 資訊取閱權(Information Right) • 稽核權(Inspection Right) • 免稀釋權(Anti-dilution) • 募資成立條件(Closing condition) • 附買回條件(Redeem) • 免背書保證權

Terms of Series B (I) n 8% non-cumulative dividends n Escrow account: release n n conditions: approval from majority of B shareholder or sales reach $1. 2 M with ending balance $600 K Liquidation preference: twice of purchasing price($1. 2) plus unpaid dividends Voting right Automatic Conversion: IPO with aggregate $25 M/$5 per share Board seats: fix for 4

Terms of Series B (II) n Information right: yearly&quarterly report/Business plan/Budget n Inspection right: up to 250 K shares n First Refusal n co-sale right

Comparison between BTK, Dow and Nasdaq

Comparison between BTK and DRG

Comparison between Amgen, BTK, Dow and Nasdaq

Comparison between Baxter, BTK, Dow and Nasdaq

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