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Transcript of "Mp Advisors 2012"
An Introduction MP Advisors www.mpadvisor.com 1
MP Advisors – Who We AreMP Advisors is a leader in global biopharmaceutical investments, with services including, • Institutional Investment Advisory • Strategic Advisory – Alliances, M&A, Business due-diligence etc.A ~15 member team, with offices both in New York and India – a 24-hr watch over the worldwide Bio-Pharma industry • A strong network with experts helps refine our analysis and conclusions • Track record of providing superior strategy and investment advisory services to the global biopharma industry since 1989 • Assist CEO/CSO’s of biopharma companies across US, EU & Asia 2
What We do ?• Institutional Investment Advisory: • We advise our global fund manager clients for investments in bio pharma stocks on the basis of our fundamental research of the company and the sector.• All our fundamental analysis culminates in our annual flagship “Outlook” report.• Strategic Advisory: • Global advisor for pharmaceutical company in M & A as well as forecasting strategic Investment/divestment opportunities in the near future. 3
Institutional Investment AdvisoryMP Advisors team focuses on fundamental bottom-up analysis • A team with complementary skills, experience in industry and advisory services • Dedicated to in-depth analysis of global Bio-Pharma investment opportunities in an integrated manner — employing proprietary valuation screens • Focused exchange of ideas amongst all team members • Fundamental, science driven, global approach to identify best ideas through bottom-up analysis 4
Strategic AdvisoryMP’s strategic advisory practice provides services to Pharma companiesin:• Domestic and cross-border Merger and Acquisition deals.• In licensing and Out licensing of research compounds (NCE) or marketed products.• Valuation of a Brand, Research Compound, Company etc.• Assist in raising fund from Private Equity Investors.• Assist in preparing Investor Relation packet. 5
Business Due-DiligenceMP’s approach to the Business Due Diligence Process involves: • A background check on the founders and key Managers • Understanding Management Team strengths and functional areas of strength and weaknesses • Identify key functional areas that require addition/changes. • Evaluation of Company’s intellectual property • A review of the markets and the Companys products • Evaluation of Market risks • Discussions with the Companys key customers • A review of the historical financial statements • An analysis of financial projections for the business • A review of any loopholes in the management team • Exit Strategy 6
Strategic Advisory Assignments done by MP Acquisition of a US NASDAQ listed Chapter 11 company by an Indian company. Established JV between a German & an Indian company to produce a “on patent” API for global need. Licensed out the 1st Indian NCE from an Indian company to a EU company. Represented an EU company to buy out its Indian partner. Led first investment by a leading Indian Co in a discovery based US biotech company. For a German company, sold their Indian subsidiary. Divested small brands of a leading EU company in India as part of its global strategy. Advised an EU company in ranking the different SBU’s of an Indian company it acquired. MP conceptualized innovator-generic hybrid model and was strategic advisor to Daiichi- Sankyo on Ranbaxy’s acquisition 7
Strategic Advisory Assignments done by MP Generated binding bid for an Indian OTC company from an EU company –valued at ~ $80m. Generated non binding bids for animal health business owned by an EU MNC operating in India. Advised a MNC w r t Vaccine and Insulin business global entry. Advised an Indian conglomerate to speed up its pharma division growth. Guided a US based NCE company to source API for the NCE from an Indian company. Did business DD on behalf of an Indian company wanting to acquire a struggling Bio- Similar company in UK/Ireland. Mandated by a US generic company to find buyer for itself. EBIDTA $10mn. Raised US $5 million from an EU Private Equity fund for an Indian company. Acquired a API company in Austria for a Andhra Pradesh based listed company. Placed 15% ownership of a listed company chairman with another listed company. 8
Selected List of Deals by MP Advisors2011 – A couple of consultancy projects.2010 – M P Advisors acted as sole advisor to Intas Biopharmaceuticals Pvt Ltd, to raise private equity funding from TATA Capital2009 – Sell side banker to Bangalore Genei, a Biologic company of Sanmar group, Merck KgA acquired.2009 – Parabolic Drugs Ltd shares to BTS Advisors/ Swiss Tech PE2008 – MP conceptualized innovator-generic hybrid model and was strategic advisor Daiichi-Sankyo on Ranbaxy’s acquisition.2008 – Sold Tonira Pharma, only API company in India who earns half its revenue from Japan, to IPCA. 9
Selected List of Deals by MP Advisors2008 - Acquired an API company in Austria (Loba Chemie) for an Andhra Pradesh based listed company (Shilpa Medicare)2008 - Raised INR 200m for Marck Bioscience, a company specializing in Sterile products from a PE2007 – Drug Royalty - Assessed market potential of ~a dozen products up to 2015 on behalf of an investor who looks at the royalty income stream2006 – Conducted due-diligence on behalf of USV, an Indian company wanting to acquire a Bio-Similar company in Ireland (Genmedix later acquired by Reliance Life Sciences).2006 - Advised an EU company BioMerieux in deciding the ranking of different SBU’s of an Indian company, Shantha Biotech, it acquired 10
Selected List of Deals by MP Advisors2006 - A US based NCE company (Cempra Pharmaceuticals) to source API for the NCE from an Indian company (Alembic).2005 - Advised an Indian conglomerate (Atul Ltd) to speed up its pharma division growth.2004 - Advised one of the top 10 MNC w r t global entry of Vaccine and Insulin business.2004 -Generated binding bid for an Indian OTC company (Paras Pharma) from an EU company.2004 - Divested brands of a leading EU company, Solvay in India as part of its global strategy to Indoco Remedies (Karvol) and Alembic Pharmaceuticals (Yutopar).2002 - Led first investment in a discovery based US biotech company, Onconova (Philadelphia) by an Indian company Cadila. 11
Selected List of Deals by MP Advisors2001 – Sold 35% stake in German Remedies Ltd. Held by four German companies i.e. Asta Medica (Degussa Hull co), Boehringer Ingelheim, Schering AG & Dr. Falke. Aggressive bidding was undertaken by Pharmacia, Bristol-Myers Squibb & Cadila.2001 - Represented an EU company AstraZeneca to buy out its Indian partner, Astra- IDL (A Hinduja Group Company).2000- Established JV between a German (Altana) & an Indian company (Cadila) to produce an “on patent” API (pantaprazole) for global need.1996 - Licensed out the 1st Indian NCE (Glitazone PhI )from Dr. Reddy’s to an EU company, Novo Nordisk.1996 – Acquisition of a US NASDAQ listed Chapter-11 company, Caraco Pharmaceuticals by an Indian company, Sun Pharmaceuticals (current value ~$250m). 12
MP Team – India• Tarun Shah, MBA, is the founder of MP Advisors. He brings 22 years of global experience in Corporate Finance and Investment Banking. He has significantly influenced the evolution of cross border M&A activities in the pharmaceutical industry in recent years, having conceptualized some of the important transactions as the major companies across the world accelerate their efforts to create new business models in synchronization with the changing times. Tarun has spotted novel investment (and divestment) ideas for Companies as well as Fund Managers. 18 analysts working at MP Advisors provide active support to its overseas clients.• Mehul Mehta, System Executive, DE & CE, MCSE. A Microsoft certified networking engineer, he has more than 12 years’ experience of installation, designing, cable structuring and trouble-shooting.• Jagdish Gohil, DPCS, Jagdish is responsible for IT projects and Business Development Prior to joining MP Advisors, he has worked with one of the leading logistics company in India, as Systems Executive where he was responsible for their Project Management & MIS.• Archana Shah, B.Sc., PGDMM, Manager - Research Services, has over 18 years of work experience. Prior to joining MP Advisors, she worked as a consultant with a media research firm. She provides technical and administrative support to the MP team. 14
MP Team – India• Devesh Singh, Pharmacist, MBA, brings over five years of consultancy and industry experience since graduating with a degree in pharmacology from India. He later earned a Masters in Business Administration from Stuttgart-IMT, Germany. Prior to joining the MP Advisors team, Devesh worked with Alkem Labs, IMI Consulting GmbH and Abbott GmbH & Co. At MP Advisors, his research focuses on Japanese pharma companies.• Vrunda Shah, CFA, MS (Finance), has two years of work experience in academic research at ICFAI University for the examinations department and has also undergone an internship program with Cygnus Business Consulting & Research. Successfully completed projects on research and valuation, covering analysis of company performance on all financial parameters. She has written articles for the Portfolio Organizer Magazine. At MP Advisors, she is a part of the Japan pharma team. 15
MP Team – India• Subita Srimal, Ph.D., founded a pharmaceutical company (now dormant) that manufactured a diagnostic reagent, Carcinoscorpious amebocyte lysate (CAL) used for the detection of pyrogens. CAL has been developed solely through her efforts. Subita is a member of MP’s scientific think tank, and is responsible for providing scientific evaluation of the industry R&D pipeline for our investment decisions. Subita received her postdoctoral training at Prof Iwanaga’s lab in Kyushu University (Japan in 1984) and at Prof Carl Nathan’s lab, Cornell University Medical College in New York (1987-1990). Previously, she worked at Tata Institute of Fundamental Research, Mumbai and Indian Institute of Science, Bangalore as well as headed her own lab at Institute of Microbial technology, Chandigarh. Subita has several publications and patents to her credit.• Sanjeev Mishra, B. Sc., MBA, works with the RS&MB team. Graduate of Chemistry and earned an MBA in Investments from ICFAI Business School, Hyderabad. Prior to joining MP Advisors team, he worked with Guggenheim-Transparent Value LLC, an asset management company for three years.• Khyati Thakrar, M.Sc. (Microbiology), holds a Master of Science from Sardar Patel Uni. She has participated in a project at Bhabha Atomic Research Center, Mumbai, on Cloning & Expression of mutant of uvrA gene (DC32) in Haemophillus influenza. Prior to joining MP, she worked with Astral Pharmaceutical Industries in regulatory affairs and quality assurance functions 16
MP Team – India• Nimish Mehta, CFA is responsible for building relationships within our Institutional Advisory network. Nimish guides our analysts by drawing inference from his ongoing interaction with Fund Managers and works closely with analysts covering India and Japan. He has previously worked as a sell side analyst with an upcoming brokerage firm in Mumbai during 2005-2007. In addition to strengthening our IA efforts, Nimish helps in other business areas of the firm.• Vivek Agarwal, B. Sc., CFA (CFA Institute, cleared all 3 levels) is helping Mr. Nimish Mehta in actively covering Indian Pharma Industry. He has completed his B.Sc in life science. 17
MP Team – India• Vishal Manchanda, B.E. MBA has prior experience in a Venture Finance company. He has worked on several assignments related to Business due diligence and deal structuring. Vishal holds a Masters in Business Administration (Finance) from the M.S. University, Vadodara and is also a member of the Actuarial society of India. Vishal covers US and European large cap companies.• Vijayakannan R., M.Pharm, PhD. His two years experience in formulation development in the pharmaceutical industry and five years of University research has familiarized him with all aspects of drug discovery, development and approval processes. Prior to joining MP, he served as Deputy Manager, Scope eknowledge in charge of managing a team of chemical, medical and life sciences professionals for scientific database development. He holds an M.Pharm in Medicinal & Pharmaceutical Chemistry from SGSITS, Indore (’05) and a PhD in Pharmacy from Punjab University, Chandigarh (’07). He has several national and international publications to his credit.• Ripple Mehta, B. Pharmacy, MBA, brings solid academic back ground and three years of industry experience. She started her career with Claris Life sciences in international registration, and has worked with Dr. Reddy’s and Astra Zeneca in Brand Management & Marketing. 18
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