Department of Natural and Applied Sciences
                                                 175 Forest Street, Waltham, MA...
As the life sciences and biotechnology industry are maturing, most of the growth in jobs is on the
business side, putting ...
COURSE DESCRIPTION (Complete)

Prerequisites: None
Note: MG 620 can be used as a MBA distribution elective, a Management o...
•   Principal biotechnology markets
       •   Role of venture capital in business development and strategic management of...
general news media’s obsession with the more “flashy” and sometimes “silly”
             stories, for example, cloning you...
Biotechnology Company Business Summaries Due

February 6    Case Discussion (4): Genzyme - The Global, Diversified, Fully
...
Management of a Biotechnology Company in the Post-
                     Genomics Era

              Management of Technolo...
Analysis of Biotech Drugs
                               Analysis of Biotechnology Companies

                            ...
Texts: Arenella, Lynn S. (2007) The Science & Business of Biotechnology

                Course Pack: Readings and Cases f...
Each plan will also provide the business stats relevant to its prior and future projected histories.
These may include fin...
•   Individual “Due Diligence” Analysis Reports of Business Plans MUST Be Passed In BY
    the Due Date in both electronic...
other companies and products/technologies in your assigned area; it will also be of assistance in
the requisite competitor...
O.K. But the final writing of your “Individual ‘Due Diligence’ Analysis Report
            should be done by you only and ...
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  1. 1. Department of Natural and Applied Sciences 175 Forest Street, Waltham, MA 02452-4705 T 781.891.2890 F 781.891.2838 Dr. Lynn S. Arenella Associate Professor of Biotechnology Jennison 101 781.891.2045 larenella@bentley.edu Office Hours: TBA MG 620 BUSINESS OF BIOTECHNOLOGY COURSE DESCRIPTION (Web) Prerequisite: None Note: MG 620 can be used as a MBA distribution elective, a Management of Technology concentration elective or an Entrepreneurial Studies concentration elective Integrates science and business in studying the biopharmaceutical industry as a model for innovative business practices in high-technology, R&D-dependent companies and industries. Business development in this industry is analyzed from the standpoint of management, market and financing strategies. No prior science background is required as the emphasis is on the application of the science to the commercial, market-driven side of the industry. Small groups of students will be given a business plan detailing the developmental history and proposed plan for the commercial development of a new product or technology. Each individual will be responsible for their own due diligence of a section of the plan and each group will prepare and present at the end of the course a complete analysis report of the entire business plan for this new biotechnology company to a panel of venture capitalists. The potential economic, legal and ethical implications and dilemmas embedded in the commercialization process are also examined. MARKET OBJECTIVES The biotechnology industry, its associated industries and ultimate customers in healthcare areas, represent a very significant and dramatically growing sector of the local, national and global economies. Locally, the Boston area has the highest concentration of biotechnology and pharmaceutical companies anywhere in the world today: more than 300 biotechnology and five pharmaceutical companies and some 450 other companies whose businesses serve the biopharmaceutical industry, including contract research organizations or CROs, hospitals, venture capital, accounting and finance firms, investment banks, etc. The more than 60 local public companies have revenues now exceeding $70 billion. The total number of biotech employees locally exceeds 30,000 and is expected to reach 100,000 by 2010.
  2. 2. As the life sciences and biotechnology industry are maturing, most of the growth in jobs is on the business side, putting a premium on business school graduates with an understanding of high-tech management, finance, accounting, market analysis, investor relations, corporate communications, law, regulatory and clinical affairs and specialized computer information systems, such as is used in bio-manufacturing facilities or e-clinical trials. This course seeks to serve this specific employer-driven marketplace by providing an in-depth overview of all the components of the biotech value chain: from R & D, through technology transfer and venture investment, to an IPO or M & A, to strategic alliances and financing, pre- clinical to post-clinical trials, and onto “marketing” for all “customers” – the FDA, investors, hospitals and doctors, and finally patients. The strategic selection of expert guest faculty from the industry and associated case studies permit the selective in-depth coverage of key industry areas. COURSE OBJECTIVES • Introduces students to the biotechnology industry as a model for innovation in high-tech companies and industries • Provides coverage of significant issues in all aspects of the business: management, finance, marketing, technology transfer, legal and regulatory affairs, ethical issues, investor relations, corporate communications, accounting and computer information systems • Presents an opportunity for students to integrate what they have learned in different business disciplines into the study and analysis of one high-tech industry • Includes significant opportunities for students to meet and learn from this industry’s leading business professionals who will be guest faculty in the course • Provides an opportunity to visit the world’s largest recombinant DNA manufacturing site • Explores jobs and skill sets needed by this industry’s companies as they increasingly enter the commercialization phase CLASS FORMAT • Extremely varied • Structured to maximize interaction and discussion of key themes and issues • Traditional, abbreviated and video case studies as well as on-line resources will be used • Team teaching with guest faculty - CEOs, CFOs, VPs of business development, venture capitalists, corporate counsels, patent attorneys, technology transfer officers, directors of HR, regulatory and medical affairs, investment bankers, analysts, and investor relations and corporate communications specialists (Note: In any one running of the course, there will be approximately only five guest faculty from the industry) 2
  3. 3. COURSE DESCRIPTION (Complete) Prerequisites: None Note: MG 620 can be used as a MBA distribution elective, a Management of Technology concentration elective or an Entrepreneurial Studies concentration elective Integrates science and business in studying the biopharmaceutical industry as a model for innovative business practices in high-technology, R&D-dependent companies and industries. Using a variety of teaching methods - case presentations and analyses, guest faculty from the industry and from companies or firms that interface with the industry and site visits - the formation, organization, process and product development, management, marketing and financing of biotechnology companies as well as the manufacture and selling of biotech products are analyzed. The focus is primarily on the commercialization of genetics, immunology and neuroscience, including recombinant DNA and hybridoma technologies, genomics, bioinformatics, gene diagnostics and therapies, with room left for the possible exploration of the commercial potential of new scientific discoveries. As course materials and readings are specifically designed, written, and/or selected for nonscientifically-trained business professionals, no prior science background is needed or required and the emphasis is always on the application of the science to the commercial, market-driven side of the industry. Small groups of students will be given a business plan detailing the developmental history and proposed plan for the commercial development of a new product platform or technology process for which there is a specific unmet market need. Each individual in a group will be responsible for their own due diligence of a section of the plan and each group will prepare and present at the end of the course a complete analysis report of the entire business plan for this new biotechnology company to a panel of venture capitalists. By examining real and hypothetical cases of bringing a discovery or invention from an academic research setting, through technology transfer, patenting, and financings, to development and production in a company, through the government’s regulatory apparatus and legal affairs, to manufacturing and sales in the marketplace, students will gain an appreciation of both the incentives and obstacles to innovation as well as the interrelationships between the diverse processes that comprise this still emerging high-tech industry. The potential economic, legal, and ethical implications and dilemmas of commercializing this science will also be examined. STUDENT LEARNING OBJECTIVES As a student in MG 620 Business of Biotechnology you should achieve a number of general and specific learning objectives, in terms of knowledge, skills and attitudes. Of equal importance, you should be able to demonstrate the achievement of these objectives in a number of different formats and through varied means throughout the course. The assessment and evaluation of your achieving these objectives is varied, multiple and deliberately overlapping. The following list of learning objectives is a general one; more specific details regarding course- derived knowledge content, capabilities and understandings can be found in the course materials and especially, the required text. During the course, you should be able to demonstrate knowledge of the following: • History of the major science and business milestones of the biotechnology industry • Key drivers and obstacles for the industry (including, for example, technology, management, finance, markets, legal and regulatory) • Principal business models used and in use today 3
  4. 4. • Principal biotechnology markets • Role of venture capital in business development and strategic management of biotechnology companies • Management roles of Boards: Directors and Scientific Advisory Boards • Financing strategies used and in use by biotechnology companies • Obstacles and incentives for going public and/or M & A strategies • Mechanics of technology transfer in commercialization of life sciences innovations • Principles of biotechnology patent law • Economics of drug development • Management of clinical trials, including choice of endpoints, CROs and indications • Management of strategic alliances • Marketing the company via corporate communications and investor relations • Valuation issues on Wall Street • Select ethical issues in management, financing and marketing of biotechnology companies and products • Globalization aspects inherent in all the above areas of the biotechnology industry • Job and employment outlook for all functions within biotechnology companies During the course, you will be given multiple opportunities to demonstrate your skills in using the above knowledge by being able to: • Analyze and discuss biotechnology business cases • Write a complete case analysis of one biotechnology company that integrates the general knowledge above with the specific science and business problems faced by that company • Present to the class your summary analysis of one technology being commercialized by that company, including your prediction regarding the outcome • Explain and make use of key knowledge on course examination • Perform due diligence on a significant portion of a business plan for a biotechnology company • Explain and discuss this due diligence work to others also working on different parts of the same business plan • Analyze and integrate your work with the group’s work as part of a team effort • Write and present a summary analysis of the business plan for this biotechnology company for an audience of interested venture capitalists As a result of taking this course, you should have a new understanding and appreciation of the following general issues and concerns: • The complex nature and functioning of the biotechnology value chain – from laboratory R & D, drug discovery and commercialization, through manufacture and selling of a biotech drug • The economics of drug development – its scale and strategic “pivot” points • The strategic management of business development in the biotechnology industry • The multiple types of inter-relationships between the biotechnology and pharmaceutical industries and their significance for strategic management at both business and corporate levels • The identification of “hidden” ethical and social dilemmas embedded throughout the biotechnology value chain – for example, the legal patenting of someone’s cells without their permission or the unequal access to clinical trial drugs (versus the 4
  5. 5. general news media’s obsession with the more “flashy” and sometimes “silly” stories, for example, cloning your dog or freezing the head of Ted Williams) MG 620 THE BUSINESS OF BIOTECHNOLOGY SPRING 2007 Dr. Lynn S. Arenella Tuesdays 5:00-7:20 PM Syllabus January 23 Introduction: Syllabus and Course & Grading Policy Overview of the Business of Biotechnology Historical Milestones Key Industry Drivers and Obstacles Business Models FIPCOs versus RIPCOs Vertical versus Virtual Integration Genomics and Post-Genomics Current Models Case Studies 1-3: Genentech, Biogen, and Millennium January 30 Biotech Finance I: Venture Capital’s Role in Financing Biotechnology Companies Structure of VC firms Principal Valuation Parameters Biotech Staging What VC Are Looking For in Biotech Business Plans Products Markets People Financing Requirements and Strategies Venture Capital Fit Historical and Current Venture Capital Markets European Companies Coming to America (NASDAQ) Current VC Marketplace for Biotech Start-Ups Costs of Later Stage Deals in Biotech Market Windows and Exit Strategies Why Time Value of Money Not Used in Biotech Valuations VC Expected Compounded RORs Key Biotechnology Markets: Opportunities and Obstacles Oncology (Cancers) Neurology: Alzheimer’s, Stroke, Pain, Behavior Immunology: Autoimmune Diseases Cardiology: Atherosclerosis as an Inflammatory Disease Principles of Analyzing a Biotech Market Economics of Market Projections Competitor Analysis: Indications versus Technology Analyses 5
  6. 6. Biotechnology Company Business Summaries Due February 6 Case Discussion (4): Genzyme - The Global, Diversified, Fully Integrated Health Care Products Company In-Depth Analysis of Developmental History of Business and Corporate Strategy at Genzyme Orphan Drug Strategy Enzyme Replacement Therapies for Genetic Diseases Creative Management and Financing Strategies Unique Business and Corporate Vision of CEO Bootstrapping of Clinical Trials rDNA Manufacturing – Validation of Facility Future Prospects Biotech Finance II: Case Studies in the Management of Business Development in Early Stage Biotechnology Companies Guest Faculty, Venture Capitalist Presentation & Discussion of Business Plan Cases: How Venture Capitalists Perform Due Diligence on Biotechnology Plans February 13 Biotech Finance III: Financing Alternatives Available to Emerging Biotechnology Companies IPOs and Follow-On Offerings Equity Investments by Pharma Creative Financing Vehicles: SWORDs, PIPES, etc. Strategic Alliances: Co-Development to Co-Marketing Out and In-Licensing Valuation Issues Management of Clinical Trials I Principal Customer for a Biotechnology Company: The FDA Components of Pre-Clinical Stages Pre-IND IND Application Clinical Trials Phase I Phase II Phase III Understanding Clinical Endpoints Choice of Surrogate Endpoints Strategic Management Choices FIPCO or Virtual? Role of CROs Economics of Drug Discovery and Clinical Trials Regulatory Affairs: Preparing the NDA E-Clinical Trials and the Common Technical Document February 20 Corporate and Business Biotech Strategy Case Study: Momenta Pharmaceuticals Managing Process and Product Innovation Guest Faculty, CEO 6
  7. 7. Management of a Biotechnology Company in the Post- Genomics Era Management of Technology Transfer Process Components of Technology Transfer Evaluating Minus-Two Stage Investments Introduction to Biotech Patent Law Technology Transfer Offices February 27 EXAM Management of Clinical Trials II: “Dangerous Prescriptions” Post-Approval Issues Ethical Dilemmas Phase IV and Cost/Benefit Analyses Reporting of Adverse Events Withdrawals from the Market March 6 Ethical Issues and Dilemmas Along The Biotech Value Chain: Four Cases R & D: Conflict of Interest Clinical Trials: “Compassionate Use” Marketplace: Genetic Testing of Burlington-Northern Employees Patenting and Technology Transfer: Introducing John Moore SPRING BREAK March 20 Ethical Issues and Dilemmas Along The Biotech Value Chain II Discussion of Case Study Do You Have a Right to Own & Profit from “Your” Cells? The Surprising Case of John Moore, Plaintiff and Appellant v. The Regents of the University of California et al., Defendants and Respondents Interim Report on Business Plan Analysis Projects Due March 27 Managing Expectations: Investors and Wall Street Role of Corporate Communications and Investor Relations in Biotechnology Companies Biotech Accounting: Risk Assessment and other Special Auditing Issues in Biotechnology Companies Guest Faculty, Director of Corporate Communications & Investor Relations Case Study of a Short-Attack on a Biotechnology Company Feedback and Discussion of Interim Reports on Analysis Projects April 3 Biotech Valuation Historical and Current Biotech Marketplace Biotech versus Pharma Valuations How Does a Biotech Analyst Do Their Job? 7
  8. 8. Analysis of Biotech Drugs Analysis of Biotechnology Companies What an Analyst Looks For: Stages and Business Models Case Studies of Failures and Successes “The Fundamental Equation of Biotech Investing” Results of Using Different Biotech Valuation Models Case Studies Ethical Dilemmas Faced By Analysts in Biotech Guest Faculty, Wall Street Senior Analyst Biotechnology on Wall Street Strategic Management of Biotech Marketing Companies and Products Marketing Plans for BioBrands Guest Faculty, VP Strategic Marketing, Large Biotech/Pharma April 10 Biotech HR: Positions and Corporate Structures in “3-D” Organizational Charts of “Typical” Biotechnology Companies: Small to Large Companies Early to Later Stage of Development Across Different Business Models/Market Areas Managing Personnel in High-Burn Rate Companies Employee Turnover Managing Through Different Risk Levels Guest Faculty, HR or MBC Biotech Public Policy Issues Industry-Government Relations Local, regional, national and global levels R & D Tax Credits FDA: User Fees and Conflict of Interest Issues Current Controversial Public Policy Issues Stem Cells, Therapeutic Cloning, Drug Advertising, Cost of Drugs and Health Insurance Reimbursement Future Controversies? Presidential Elections 2008, Price Controls. National Health Insurance Proposals Individual “Due Diligence” Analysis Reports of Business Plans Due April 17 Final “Due Diligence” Analysis Reports & Presentations (#1 and #2) April 24 Final “Due Diligence” Analysis Reports & Presentations (#3 and #4) May 1 Final “Due Diligence” Analysis Reports & Presentations (#5 and #6) May 8 Final “Due Diligence” Analysis Reports & Presentations (#7 and #8) COURSE MATERIALS 8
  9. 9. Texts: Arenella, Lynn S. (2007) The Science & Business of Biotechnology Course Pack: Readings and Cases for MG 620 Business of Biotechnology Access to Course Website: http://blackboard.bentley.edu Access to Trading Room Programs and/or Similar Financial Databases COURSE REQUIREMENTS & POLICIES ASSIGNMENTS & GRADING Exam 25% Analysis of Business Plan 45% Individual Report 35% Group Presentation 10% Assignments1 15% Participation 15% _________ 1 Three short assignments: (1) Biotechnology Company Business Summary Report (2-3 pp.), (2) Summary Case Analysis (2-3 pp.), and (3) Interim Report on Business Plan Analysis Project (3-5 pp.). Exam There will be one exam that covers all course learning in the prior five classes, including readings, assignments, case discussions, lectures, including guest faculty presentations. The exam is but one means of assessment of student learning of this material; another as significant means of assessment of your learning this same material comes from your use of it in all the course assignments, including the semester-long “Due Diligence” Analysis Project, both your individual report and group report and presentation. The exam will consist of a one-hour exercise involving both factual feedback in the form of short- answer questions and analysis of business situations and problems that require more extensive responses as well as critical thinking using facts, concepts and ideas learned in the course in both “covered” and “new” contexts. Course Project: Analysis of a Biotech Business Plan Step One: Choosing/Being Assigned a Biotech Plan At the start of course, everyone will have the “Business Plans for Biotechnology Companies,” detailing the profiles of different biotechnology companies, in various stages of development, in different market places with different product/technology platforms. Each plan will detail the scientific background in a manner comprehensible to someone with only a high-school course in basic biology. An Appendix A will also provide the necessary background and reference to launch your future “due diligence” research into the company’s proposed commercialization of their R & D. 9
  10. 10. Each plan will also provide the business stats relevant to its prior and future projected histories. These may include financial spreadsheets detailing revenues, expenditures, sales, cash burn rates, etc. Each plan will provide appropriate supporting text such that the strategic management, finance, marketing, regulatory and legal affairs, clinical trials and any other relevant functions can be evaluated by the standards and in the context of what you are learning in the course. At the first class, you will be asked to fill out a Course Questionnaire, part of which relates to the appropriate selection and/or assignment of a specific Company Business Plan. I will examine these Questionnaires with the idea of trying to assign you the Company Plan that you are most interested in and for which you can also be assigned to a group where your requested business plan section can also be accommodated. If your first choice for both Company Plan and section (e.g. “market analysis”) can be accommodated, then great, but it is likely that not everyone can be so accommodated. You will be assigned a Business Plan on the basis first of your section priorities and second on the basis of your company preferences. Step Two: Studying the Plan and Understanding the Assignment • Regardless of your individual section assignment, you will still be responsible for reading, studying and analyzing the ENTIRE “Business Plan” for your company. Each “Business Plan” contains its own attached “Instructions for Completing ‘Due Diligence’ Analysis Report – Individual and Group Assignments.” It is your responsibility for reading and completing according to specs this assignment, including not waiting until the last minute to ask for help. Step Three: Preparing and Evaluating the Interim Report on Analysis Projects One smaller required course assignment, is to prepare an “Interim Report on Business Plan Analysis Project” that details your and your group’s progress on a number of fronts. These are also completely detailed in attached “Instructions for Completing ‘Due Diligence’ Analysis Report – Individual and Group Assignments.” The purpose of this assignment is for you and/or I to identify problems with any aspect of either the individual or group project assignment while things are still in “draft” form. The intent is for everyone – students and professor – to have the most enjoyable, stress-free learning experience possible, along with the best possible final project outcome. That is also why one hour of the next class is entirely devoted to my going over the results of this exercise, providing specific feedback and further discussion and explanation of the expectations for the final individual and group project submission and presentation. Step Four: Individual and Group Work on the Final Analysis Report and Presentation As per the “Instructions for Completing ‘Due Diligence’ Analysis Report – Individual and Group Assignment,” you are expected to be simultaneously working on your section’s report and meeting and/or communicating with your group regarding the group’s future summary analysis and conclusions. • It is essential that this process continues as you make use of the written and in-class feedback on your “Interim Report.” 10
  11. 11. • Individual “Due Diligence” Analysis Reports of Business Plans MUST Be Passed In BY the Due Date in both electronic and hard copy forms, including all exhibits, appendices, etc. • No Late Reports will be accepted as your entire group needs them! • ALL Group Summary Reports and Slide Presentations are due in their complete form in both electronic and hard copy BY the time and date of the first group presentation. • No Late Group Summary and Slide Presentations will be accepted. No last minute changes or corrections in these deliverables are allowed as the entire class as well as the venture capitalist evaluators will need to have the time to read and analyze them in the exact form of intended delivery! Class Participation and Other Assignments Class participation is an essential component and requirement of this course. Its assessment also represents a significant part of your course grade. Obviously, if you are not there or always late, then you cannot participate. In addition, this can be problematic when guest faculty have spent the time to prepare carefully their classes – after all they are volunteering themselves and their time. Please make every effort to attend class in a timely manner and if there is a problem you know in advance, please e-mail me a “heads-up.” (Please do not conclude that a ceaseless stream of e-mail excuses will prevent a lowering of your participation grade.) Participation means that you come to class prepared, having completed the assignments, including all the readings and any associated very small written assignments. Participation means that in classes wherein case discussions are assigned and/or scheduled, you have prepared in advance to answer any questions, add to the class discussion in a helpful way, ask questions when confused (as that’s not necessarily a “bad” thing). Participation by students in this course – some of whom may have actual work experience relevant to what we are covering – makes the course an infinitely better learning experience for everyone, students and professor alike. In class discussion of cases, you may want to “shout out” from your seat your ideas or criticisms of someone else’s ideas – PLEASE DON’T! RAISE YOUR HAND – Thanks in advance! (This is especially relevant for the John Moore Case Discussion.) All the assignments in this course are “strategic,” in the sense that they are designed to assist you further in understanding, researching and completing the course’s main project. This includes the three very short assignments: (1) Biotechnology Company Business Summary Report (2-3 pp.), (2) Summary Case Analysis (2-3 pp.), and (3) Interim Report on Business Plan Analysis Project (3-5 pp.). Biotechnology Company Business Summary (2-3 pages): You will be assigned one biotechnology company in the same market or product sector involved in your assigned “Company Business Plan.” This assignment takes very little time and is primarily “a step and fetch-it” data summary of the company’s financials. You will be sharing these business summaries with other members of your group. This assignment will serve to introduce you to the 11
  12. 12. other companies and products/technologies in your assigned area; it will also be of assistance in the requisite competitor analysis in the final Analysis Report. Summary Case Analysis (2-3 pages): You will be assigned one small written case analysis of a biotechnology case. Here the aim is to practice and sharpen your general biotech business/corporate strategic thinking and analysis skills. ACADEMIC HONESTY POLICIES I expect that you will abide by the Academic Honesty Policies of Bentley College as detailed at the following link: http://ecampus.bentley.edu/dept/gdo/req_acadhonesty.html • In particular, please note that students are also responsible for maintaining the integrity of the system and more specifically any “student who suspects another student of violating the standards of academic integrity should either (1) urge that person to report himself or (2) consult with the instructor or Academic Integrity Coordinator” (“Student Responsibilities…” in on-line Student Handbook). • Regarding Written Individual and Group Work this link offers the following advice: (1) “Always clarify with your professor if the assignment is to be completed by you alone, or if s/he permits collaboration or group work.” (2) “If the work is to be completed by you alone, only see your professor if you have questions.” Although it should be clear from the information in earlier sections that the individual and group semester projects in this course have been designed deliberately with different parameters than those just suggested above, I want to make the boundary conditions of the assignment clear from the standpoint of Academic Honesty expectations. (3) You and you alone are responsible for researching and writing your “Individual ‘Due Diligence’ Analysis Report of the Business Plan” for your assigned biotechnology company. (4) It is understood that many, maybe most, of the ideas and metrics for this analysis will be “prompted” by the classes, guest faculty, assigned readings, etc. as well as the research you do in the literature. Your own critical analysis and synthesis is needed. No matter what, it is still expected that you will cite your sources for all these things (with the exception, of course, of your own flashes of insight!). (5) It is expected as well that you make a serious effort to cite these sources as recommended either in the above link and/or (preferably) per received written instructions in the case assignment itself. (6) But whatever else is the case, you MUST check each and every citation in all written assignments passed in by you in this course against a simple standard question: “Is it possible for the average IQ’d individual to be able to find the exact information or idea that prompted the citation in the first place?” (Hint: This means that a citation to yahoo.com or even Genzyme.com will not suffice!) (7) Considering only your Individual Analysis Reports, Statement (2) above is strictly speaking false! You are most welcome to see me with any questions you may have regarding your individual project. You are also allowed by the specific parameters of the Group Project outlined above to share, discuss, and even take ideas and suggestions from your Group regarding your Individual “Due Diligence” work. It’s understood that that is part of the process – some groups may work more collaboratively than others during the semester-long project and that is also quite 12
  13. 13. O.K. But the final writing of your “Individual ‘Due Diligence’ Analysis Report should be done by you only and should include appropriate and complete citations, as per the detailed “Instructions” in the written case itself. In the case of the three short assignments outlined above in the “Assignments and Grading” section, it is expected that all three will be completed by you alone, without any help from anyone else as per their written “Instructions.” (Consult me for questions and/or help.) Consequences of not following the Academic Honesty Policy as detailed here and in the above link include an automatic failure on the assignment or exam in question; they could include an F in the course as well. OTHER COURSE POLICIES: MISSING EXAMS AND DEADLINES Exam “No Shows”: You are expected to take the one exam in this course on the scheduled date and at the scheduled time. If you are absent from the class at the time of the scheduled exam without notifying me first, a make-up examination will be given only if your absence is considered by me to have been unavoidable. Otherwise, if you are absent from an exam without prior approval - you will receive a zero. Prior Notification: Prior notification of your planned absence from the exam is defined as your contacting me directly by e-mail or by phone or indirectly by leaving a message in my voice mailbox (x2045). While notification of a planned absence is an essential prerequisite for taking a make-up, it does not constitute permission to take a make-up exam. Such permission can only be given after meeting with me to explain the reason for your absence. Make-Up Policy: The “No Show” exam policy is your professor’s attempt to be as fair as possible to everyone else who has managed to make the exam, whatever their circumstances. As you may very well have a pre-planned required business trip or other essential event that conflicts with the scheduled exam as well as know this at the start of the course, I may at least entertain the request for a make-up exam for you if it is made at the first class. (After all, the one scheduled exam in the course occurs after only five classes.) Later requests for a make-up exam due to what you consider to be “unavoidable” conflicts can also be made – no guarantees. Make-Up Exam: In general, a make-up examination might be a completely different exam than the regularly scheduled one. If so, while every attempt will be made to be fair - to cover equivalent material in a similar manner - no guarantee can be given that your make-up exam will be exactly at the same level of difficulty or exactly in the same format as the regularly scheduled exam. Late Assignments: Students commonly ask, “Do you lower grades for late assignments?” The answer is a simple one: For the three small assignments described above, their individual percentage contribution to your total grade means that your loss will not be grave, but you will also be unable to participate effectively in those classes for which they are meant. For the semester project, your “Individual ‘Due Diligence’ Analysis Report” of your company’s business plan, you should make every attempt to finish this project paper early and well before the actual deadline. No grade lowering that I undertake as a result of receiving a late paper could possibly make up for the significantly negative impact your failure would have on the other members of your group and your group’s over-all effort to prepare the “Final Group Summary Report and Presentation.” In short, failure (to submit your Report) is not an option! 13

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