Valuation in Life Sciences,
High Growth / High Risk...
... and beyond
Patterns, details and numbers shaping decision making in environments where alignment and success demand extra-diligence.
Valuation only is a mean to an end. If you are looking for valuation in this field, you likely have in mind,
Governance
Strong governance is critical to steering innovative ventures through uncertain waters. It ensures that key decisions are made with accountability, transparency, and alignment across all stakeholders. Good governance now reduces problems later, big time.
Strategic geeking
Meticulous analysis of every angle of an opportunity (or a set of), or of a mitigation plan. Diving into term sheets, cap table, legal, data, peers, emerging trends.... It’s about breaking down complexity and connecting silos. Context is key.
Sparring Partner
Someone who knows the construct and challenges ideas, stresses-test assumptions, narratives and provides tough but constructive feedback. Sparring helps refine strategy, sharpen leadership and listen/guide in hectic times.
Market Insight
What is the pulse of the industry? Where the market is heading ? What is innovation and differentiation worth ? What is the peak sales potential ? What are the markers tracked by market makers financing, acquiring or licensing innovation ?
Accounting / Audit / Taxes
Fair value accounting is nothing trivial, right ? High Growth / High Risk and Life Sciences are very particular fields for auditors and authorities. Each European countries has its own particularities; IFRS is not 1:1 US GAAP and listing comes with even more requirements.
Sanity-check
The process of questioning methodology, assumptions, and computations—whether for internal control, SOX compliance, rebuttal, or litigation purposes. A safeguard against costly missteps which provides the confidence to move forward with clarity.
You may be surprised by the importance we give to context—and to the investor’s perspective.
High Growth / High Risk is about managing what is uncertain in an environment that is more disaligned around uncertainty than it seems.
Two Roads to Fair Value. A common view of valuation is that it lies "between science and art." Everyone usually nods in agreement. The poetry of diverging opinions. Let’s be pragmatic—it means that an interested party disagrees with the chosen methodology, some assumptions, or, simply put, the outcome. Often, this disagreement reflects a differing appreciation of the uncertainty at hand. At times, it also ties to the self-appreciation of the nature and magnitude of that party’s commitment and/or the self-appreciation of the significance of the innovation for the common good.
There is no single definition that fits all when it comes to Fair Value. However, there are two main categories—and, as such, two playbooks:
- Where the definition of Fair Value is officially regulated, particularly in accounting, tax matters, and governance. In these cases, it is essential to first understand the regulatory definition (most of which come from ASC 820-10 in the US and IFRS 13 in countries using IFRS) and the science, sensitivities, and limitations of existing valuation tools. High Growth/High Risk and innovative Life Sciences ventures face much more uncertainty than other asset classes, which means they demand more sophisticated computational methods and a trained eye to navigate that uncertainty.
- Where Fair Value has no fixed definition, and everything falls back on communication and negotiation skills. In this context, Fair Value is the result of negotiation, arbitrage, or a ruling. The value may be deemed "fair" by all parties, or it may leave a bitter aftertaste. In the latter case, the deal execution itself often reveals the "point of despair" for one of the parties. In this unregulated construct, "fair" is a disputed terms because it bundles together motivations to act and the emotions tied to those motivations.
Ultimately, what makes valuation so sensitive is that third parties are probing the intimacy of a business—whether for officially regulated purposes or in relation to the motivation to act of certain parties. In either case, a profound understanding of the construct makes all the difference.
Sophisticated methods, we know. Ralph Villiger remains a thought-leader in the Life Sciences valuation industry, where he authored many papers, a book, trained many C-levels and incepted an early-stage VC fund.
Where Fair Value has no fixed definition, having been deep in negotiation, in intelligence and working longitudinal give particularily sharp operational insight in relation to decision and deal making.
Meet you where you are : In Sync with Innovative Ventures and Investors
Innovative Life Sciences and High Growth/High Risk follow a specific pattern, yet each journey is unique. From deal to deal, the road can be long and bumpy, filled with moments of uncertainty and clarity.
Whether you need a sharp, one-time intervention or a trusted go-to throughout the journey, we step in precisely when and how we are needed.
Our value is not just in the moment, but in the expertise we pass along and in the trust we earn—by knowing how to act and react as circumstances unfold, and by remembering what others forget.
Handle urgency like a Reflex.
"When do you need it?" "…for yesterday?" It happens more often than not. We are used to it—and we are good at it.
In innovative High Growth / High Risk and Life Sciences, urgency is not an exception—it is quite the norm. New Priorities pop-up constantly, outpacing the resources available to address them. Time rarely is on your side— yet it is directly tied to IRR, patent life, and market momemtum. That is why we treat urgency not as pressure, but as precision. A reflex.
On the continuum of Innovation-Uncertainty.
In innovative High Growth / High Risk—particularly in Life Sciences—uncertainty isn’t a phase, it’s a continuum. It stretches from the earliest spark of an idea to the complexities of early commercialization, and spans across regions, business models, and stakeholder agendas.
We are built for this. From one-off critical decisions to long-haul support through shifting stages, we work valuation, decision-making, and deal-making across the full arc. Transitions are the rule, not the exception. We are equally sharp in the moment and over time.
There is also much we contribute even pre-inception—especially by supporting incubators, tech transfer offices, and public or private bodies advancing Life Sciences innovation.
The Outside view that moves things forward.
Sharp minds, nimble ventures. Innovative, patent-protected High Growth/High Risk and Life Sciences operate under tight constraints—cash, talent, and time.
We fit seamlessly into this model: fully independent when needed, or stepping in as a +1 strategic partner alongside nimble internal teams. We know how to read the room, understand the business intimately, and take on exactly the role that is ours—no more, no less.
Our expertise is just as sharp—tailored to this field, its needs, and always precise. As a +1 strategic partner, our goal is clear: bring clarity, challenge assumptions, and offer insights that are sometimes hard to hear, but always fair. Independent. Impactful.
Why we are built for this