生技新藥產業授權價值之研究：以某生技公司為例

Abstract

在生物技術和製藥行業中，對新藥項目進行價值評估是一項既複雜又對決策至關重要的工作，它涉及多種因素，包括項目的開發階段、產品特性、競爭優勢、預期的資本需求、市場環境以及產業政策的變化等。這一評估過程不僅需要深厚的專業知識，而且往往受到主觀判斷的影響，且通常缺乏透明度。然而，進行準確的項目評估對於確定投資和產出的時機至關重要，是生物技術和製藥公司成功引進和授權新藥項目的關鍵。 在業界，風險調整淨現值法和比較法是常用的評估方法。2023年，Neuendorf團隊創新性地提出了一種專為生物技術和製藥行業設計的授權總里程碑金計算方法，這種方法通過分析首付款來估算後續開發階段的里程碑金比例及總額。本研究以一家台灣生物技術公司的實際授權案例為基礎，比較了談判中使用的風險調整淨現值法和比較法的評估結果與首付款公式法的計算結果。研究發現，每種方法都有其獨特的優勢和局限性，因此，採用一種靈活的、綜合性的評估方法，能夠平衡這些方法的優點，同時克服它們的限制，從而提供更全面、更精確的新藥價值評估。

In the biotechnology and pharmaceutical industry, valuing new drug projects is a complex and crucial task for decision-making, involving a multitude of factors. These include the development stage of the project, product characteristics and competitive advantages, anticipated capital requirements, market environment, and changes in industry policies. This assessment process not only requires extensive professional knowledge but is often influenced by subjective judgments and generally lacks transparency. However, accurate project valuation is essential for determining the timing of investments and outputs, key to the successful introduction and licensing of new drug projects by biotech and pharmaceutical companies. In the industry, risk-adjusted Net Present Value (rNPV) and comparative methods are commonly used for valuation. In 2023, the Neuendorf team innovatively proposed a method specifically designed for the biotech and pharmaceutical industry to estimate the proportions and total amounts of milestone payments in subsequent development stages, using upfront payments. This study is based on an actual licensing case of a Taiwanese biotechnology company, comparing the valuation results of the rNPV and comparative methods used in negotiations with the outcomes calculated by the upfront payment formula method. The study found that each method has its unique advantages and limitations. Therefore, employing a flexible, comprehensive assessment approach can balance the strengths of these methods while overcoming their limitations, thereby providing a more holistic and accurate valuation of new drug projects.