Research on Value Evaluation of W Biopharmaceutical Enterprise Based on Modified Pipeline-rNPV Model
Based on the characteristics of biopharmaceutical enterprises such as high investment,high technology,high risk,high admission,high return,and long cycle,as well as significant uncertainty in successful commercial listing,this paper proposes the idea of dividing pipelines and classifying evaluations.The biopharmaceutical enterprises are divided into pipelines during the listing period and pipelines during the research and development period,and different evaluation methods are adopted according to the characteristics of different pipelines,namely the Pipeline rNPV evaluation model.At the same time,a multi period binary tree model was used to modify the Pipeline rNPV evaluation model to better fit the real option characteristics of uncertainty in both the pipeline during the listing and R&D periods of biopharmaceutical companies.Taking W Biotech as an example,the improved Pipeline rNPV model was used to evaluate its enterprise value.
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