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Article

Венчурные инвестиции в биофармацевтические компании: подход к оценке эффективности проектов

Инновации. 2012. № 9(167). С. 39-47.
Рогова Е. М., Ярыгин А. И., Сирик Е. С.

The paper examines problems of analysis of projects in the sphere of biotechnologies and pharmaceuticals by venture investors. It is underlined that in the case of biotechnologies and pharmaceuticals traditional approach based on discounted cash flows can not meet the requirements because of the unexpected risks and profits. So additional tools are required. For this purpose the paper proposes strategic net present value (rNPV) method and method of real options valuation (ROV).