04 erwinaze defitelio收入预测公共比较和先例交易.pdfVIP

Valuation – Public Comps and Precedent Transactions: Erwinaze and Defi io Revenue Projections Welco ur next lesson in this module on valuation in a case study of Jazz Pharmaceuticals. This time, were going to move on to their next drugs, Erwinaze and Defi io. Both of these are a little more focused on Europe. With both of these, one of the key challenges is going to be just getting the right data in the first ce, because with Xyrem, as we looked at it before, the data was very, very easy to get. They disclosed the exact number of patients in their filings. They disclose the total market size according to their own internal estimates, and then we were able to figure out pretty easily the annual price per patient for this drug and we used our channel checks to estimate how the market size, and the percent of the market on the medication, and the price per patient would change in the future. This time, it gets a lot messier because we are dealing with drugs that less significant to Jazz Pharmaceuticals total revenue in the first ce and also drugs, at least in one case here with Defi io, have been acquired from other companies. [01:03] Xyrem was actually acquired from another as well but its been Jazz Pharmaceuticals for so long that its effectively their own product now. But with both of these we are dealing with scenarios where they have acquired the drugs from other companies, and as a result, the data is spottier and it is much trickier to get this. So what were going to cover in this lesson. First off, were going to go through the exercise for Erwinaze and go through some data gathering for that and then come up with our own set of projections for it. Then, well do the same thing for Defi io. Well do some data gathering. A lot of this is going to be based on this Italian , Gentiums, 20F filing because this is the Italian that Jazz acquired. They announce