The document discusses trends in the biotech industry based on a briefing from BDO, an accounting firm. It finds that while biotech stocks recently declined in value due to controversies over drug prices, R&D spending continues to increase significantly. Small biotechs saw a 28% rise in R&D spending on average in 2014, and biotechs overall increased their cash reserves to have enough to fund over 3 years of R&D spending. The briefing also notes that biotech companies and hiring grew substantially in 2014.
PwC’s new Golden Age Index – how well are countries harnessing the power of o...PwC
One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Health Services Tax Conference May 18-19, 2015, Presentations included: Mega Trends and the Impact on Healthcare, The Healthcare Industry: A View from Washington and The New Health Economy.
The biotechnology industry had an unprecedented year in 2014, reaching new highs in revenues, R&D spending, profits, financing amounts, and market capitalization. Strong product sales and approvals helped boost investor sentiment and company valuations. A surge in IPOs and follow-on financings provided the industry with historic levels of capital to fund innovation.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
Placed 1st out of 20 teams advising board members of a medical technology company on various strategic alternatives and maximizing shareholder value by utilizing discounted cash flow (DCF), precedent transactions, and comparable companies in a pitchbook presentation
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. Some key points from the document:
- Intact has over $7.3 billion in annual premiums and leads the market in several Canadian provinces.
- The company has a diversified business across personal and commercial lines as well as different distribution channels.
- Intact aims to outperform the industry in key metrics like return on equity by at least 500 basis points annually through initiatives like pricing segmentation, claims management, and investments.
- The company has an $13.4 billion investment portfolio and a strategy to generate higher returns than peers from active management and preferred exposures.
- Intact will pursue growth organically and through
PwC’s new Golden Age Index – how well are countries harnessing the power of o...PwC
One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Health Services Tax Conference May 18-19, 2015, Presentations included: Mega Trends and the Impact on Healthcare, The Healthcare Industry: A View from Washington and The New Health Economy.
The biotechnology industry had an unprecedented year in 2014, reaching new highs in revenues, R&D spending, profits, financing amounts, and market capitalization. Strong product sales and approvals helped boost investor sentiment and company valuations. A surge in IPOs and follow-on financings provided the industry with historic levels of capital to fund innovation.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
Placed 1st out of 20 teams advising board members of a medical technology company on various strategic alternatives and maximizing shareholder value by utilizing discounted cash flow (DCF), precedent transactions, and comparable companies in a pitchbook presentation
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. Some key points from the document:
- Intact has over $7.3 billion in annual premiums and leads the market in several Canadian provinces.
- The company has a diversified business across personal and commercial lines as well as different distribution channels.
- Intact aims to outperform the industry in key metrics like return on equity by at least 500 basis points annually through initiatives like pricing segmentation, claims management, and investments.
- The company has an $13.4 billion investment portfolio and a strategy to generate higher returns than peers from active management and preferred exposures.
- Intact will pursue growth organically and through
The fund underperformed its benchmark during the quarter due to its overweight positions in commodities and underweight positions in financials. The fund's exposure to stable sectors like IT and consumer staples helped performance earlier in the year but hindered returns this quarter as cyclical sectors strongly outperformed. The fund manager maintained a focus on quality companies and took profits in past winners, while modestly increasing exposure to financial and auto stocks to start building positions in recovery sectors.
Healthcare executives maintain a relatively positive outlook for the upcoming year. The majority remain optimistic, expecting similar growth to last year in revenue, prices, volume and capital spending. Many other non-financial trends within the industry are also seen as having a beneficial impact on consumers and the quality of care being delivered.
For one, trends around Mergers & Acquisitions (M&A) are increasing from last year, with a general optimism about the impact, especially on the industry side, for efficiency and revenue. About three-quarters of executives also believe that increased M&A may result in a greater focus on care (over business administration.)
Second, most executives anticipate a continued--and increasing--reliance on technology that should improve quality and reduce costs. But with higher stakes, the challenge will be how to seamlessly incorporate technology industry-wide without compromising security.
Despite the optimistic tone, however, healthcare costs continue to be an untenable uphill battle for consumers, with no improvement over last year. Executives perceive that these overwhelming costs are damaging care and that many consumers may be sacrificing care to save money. Many executives claim they are working to figure out ways to alleviate this problem. In addition, executives are more open to government involvement with regulating the industry, but there is very little consensus on how to measure success and utilize outcomes.
Csod investor deck third quarter fina lv2ircornerstone
This document provides a corporate overview and quarterly report for Third Quarter 2016. It begins with a safe harbor statement noting that the document contains forward-looking statements subject to risks and uncertainties. It then provides an overview of Cornerstone's evolution from 1999 to the present day in 2016, highlighting acquisitions, growth in users and clients, global expansion, and product portfolio expansion. Financial metrics are presented showing strong revenue, bookings and client growth from 2007 to 2015. The opportunity for continued growth is discussed through core market sales, global expansion, market segmentation, vertical opportunities, installed base opportunities, and extending to the extended enterprise. The presentation concludes by discussing Cornerstone's vision for the future beyond 2016 through analytics, predictive capabilities, and
Venture Capital Investments Q1 ’06 – MoneyTree Release mensa25
Venture capital investing was $5.6 billion in Q1 2006, a 12% increase from the same period in 2005. Biotechnology investing declined 24% from the previous quarter while media and entertainment investing increased 80%. Later stage company valuations reached a 4-year high of $92 million on average. The document provides details on investments by sector, stage of development, first-time investments, and company valuations. It also includes contacts for additional information.
This document contains forward-looking statements about Cardiff International, Inc. It summarizes that Cardiff is a holding company that provides private companies an exit strategy and equity capitalization platform through mergers, acquisitions, and holding subsidiaries. It aims to become a "mini Berkshire Hathaway" for smaller companies. The document outlines Cardiff's current subsidiaries, management team, acquisition process, investors, and future outlook. It positions Cardiff for over $20 million in revenue in 2017 and outlines its strategy to reach $100 million in market cap by year's end.
Pharmaceutical Mergs Acquisitions in the USCapgemini
The document analyzes trends in pharmaceutical mergers and acquisitions (M&A) in the US from 2007-2015. It finds that M&A deal value and count increased dramatically in 2014, driven primarily by a few "megadeals" over $5 billion. However, over 90% of deals were smaller acquisitions under $5 billion. These smaller acquisitions typically aimed to acquire companies with recent drug approvals, promising pipelines, or expertise in specific technologies. The document also finds a correlation between small biotech companies being acquired within a few months of receiving a new drug approval.
Clorox provided a FY18 Q3 investor presentation covering key sections on who they are, financial performance, and their 2020 strategy. The presentation highlighted that Clorox has leading brands in cleaning, household, and lifestyle categories. It summarized strong financial performance in FY18 year-to-date with sales up 2% and EPS up 21% compared to the prior year. The 2020 strategy focuses on driving superior consumer value through brand investment, innovation, and reducing waste to fuel sustainable growth.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Our global capabilities: Energy and CleantechGrant Thornton
The document discusses Grant Thornton's global capabilities in the energy and cleantech sector. It summarizes that Grant Thornton has specialists around the world who help clients commercialize renewable technologies, understand industry trends, access investment, and reduce energy demand through efficiency programs. The specialists leverage Grant Thornton's global network and relationships to provide strategic advice tailored to clients' needs.
Cancer Genetics reported on its Q4 and full year 2016 earnings. Key highlights included 50% revenue growth in 2016 to $27 million, driven by increases in biopharma, clinical, and discovery services. The company realized operational efficiencies through integration of acquisitions, reducing expenses. However, the company reported a net loss of $15.8 million for 2016. In Q4 2016, revenue increased 32% to $7.2 million while expenses decreased, though the company reported a net loss of $2.8 million. Additionally, Cancer Genetics completed a $12 million debt refinancing to repay existing debt and access additional capital.
Csod investor deck second quarter finalircornerstone
Cornerstone provides a corporate overview and highlights of its second quarter 2016 performance. It discusses its evolution over the past 16 years from 4 employees to over 2,500 clients and 25 million users today. Cornerstone also reviews its strong financial results with continued growth in revenue, bookings, clients, and users. It outlines opportunities for further growth through continued core sales, global expansion, new market segments, industries, and maximizing its large installed base.
This document provides an overview of Cancer Genetics, Inc. (CGI) and their focus on being an oncology diagnostics partner from bench to bedside. Some key points:
- CGI utilizes targeted acquisitions and collaborations with research institutions to expand their testing capabilities and global footprint.
- They have a proprietary portfolio of over 20 genomic tests and panels focused on cancers like blood cancers, lymphomas, lung cancer, and solid tumors.
- CGI partners with leading biopharma companies, supporting over 120 clinical trials with testing and services. They have contracts with 8 of the top 10 biopharma companies.
- Burlington Stores is a leading off-price retailer of branded apparel and home goods known for offering trendy merchandise from over 5,000 vendors at savings of up to 65% off other retailers' prices.
- The company has a national footprint of 592 stores across 45 states and Puerto Rico and saw net sales grow from $5.1 billion in FY2015 to $5.7 billion in FY2016.
- Burlington has a proven track record of performance, with strong current business trends driven by its flexible sourcing model, attractive store economics, experienced management team, and continued opportunities for growth through new stores and improving comparable sales.
Our latest biopharma-partnering survey highlights the qualities that sell-side companies are looking for in a licensing partner and ranks the industry’s top-tier partners.
View our infographic for highlights from the survey: http://on.bcg.com/14BlGJ8.
Mercer Capital's Value Focus: Medtech & Device Industry | Q4 2018 Mercer Capital
The document provides an overview and introduction to Mercer Capital's new quarterly newsletter on the medtech and device industry. The newsletter will include analysis of market performance, valuation multiples, operating metrics, and M&A activity across four sectors: biotechnology & life sciences, medical devices, healthcare technology, and large diversified healthcare companies. Mercer Capital has experience providing valuation services to companies and investors in the medtech sector.
Venture capital investing reached its highest level since 2002 in Q2 2006, with $6.3 billion invested across 856 deals. This represented a 2% increase in dollars and 5% increase in deals from the previous quarter. Biotechnology saw the largest gains, with 112 deals and 34% more dollars than Q1. Seed/early stage deals and expansion stage dollars both grew from Q1 as well. The number of first-time financings reached a five-year high.
- Catasys provides an integrated virtual healthcare program called OnTrak that uses predictive analytics and outreach to identify and enroll high-cost members with behavioral health issues.
- OnTrak provides a 52-week treatment program that combines medical, pharmacological and psychosocial treatments to reduce costs by an average of 50% for enrolled members.
- Catasys has national agreements with several leading health plans covering over 7.5 million lives and is currently enrolling participants in 18 states.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
1) Intact has consistently outperformed the industry in terms of return on equity, combined ratio, premium growth, and market share over the past 10 years.
2) Intact aims to beat industry return on equity by 5 points annually through initiatives like pricing and segmentation, claims management, and capital management.
3) Intact has a strong financial position with excess capital, high credit ratings, and a track record of growth and profitability. Management sees opportunities for further industry consolidation.
Most selected agencies, including DOD, DHS, VA, and Energy, leveraged only about 5% of their total procurement spending through strategic sourcing in FY 2011 and achieved limited savings of less than 1% of total spending. While strategic sourcing may not be suitable for all procurement, leading companies strategically manage about 90% of spending and achieve annual savings of 10% or more. Selected agencies and the FSSI program face challenges fully adopting strategic sourcing due to limited leadership support, lack of clear guidance on metrics, and failure to target highest spending categories like services. The FSSI program managed a small amount of spending but reported considerable savings, though total savings possible are much higher if strategic sourcing was
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
INDIVIDUAL INCOME TAXES, WHETHER PAID THROUGH EMPLOYER WITHHOLDING OR QUARTERLY ESTIMATES, ARE PROBABLY ONE OF YOUR LARGEST ANNUAL EXPENDITURES. SO, JUST AS YOU WOULD SHOP AROUND FOR THE BEST PRICE FOR FOOD, CLOTHING OR MERCHANDISE, YOU WANT TO CONSIDER OPPORTUNITIES TO REDUCE OR DEFER YOUR ANNUAL TAX OBLIGATION. THIS TAX LETTER IS INTENDED TO ASSIST YOU IN THAT EFFORT. ALSO, AT THE END OF THIS TAX LETTER IS A LIST OF FEDERAL TAX LAW PROVISIONS TO HELP INDIVIDUALS SAVE AND PAY FOR HIGHER EDUCATION COSTS.
The document is a special advertising supplement from the Los Angeles Business Journal that profiles the finalists and honorees of the 2015 CFO of the Year Awards. It includes letters from the publisher of the LA Business Journal and sponsors of the awards. It then profiles five CFOs who were selected as honorees in different categories, including Todd Tappin of Rubicon Project for Public Company CFO, Cordell B. Sweeney of Pabst Brewing Company for Private Company CFO (over $100M revenue), and Jake Himelstein of BAMKO for Private Company CFO (under $100M revenue).
The fund underperformed its benchmark during the quarter due to its overweight positions in commodities and underweight positions in financials. The fund's exposure to stable sectors like IT and consumer staples helped performance earlier in the year but hindered returns this quarter as cyclical sectors strongly outperformed. The fund manager maintained a focus on quality companies and took profits in past winners, while modestly increasing exposure to financial and auto stocks to start building positions in recovery sectors.
Healthcare executives maintain a relatively positive outlook for the upcoming year. The majority remain optimistic, expecting similar growth to last year in revenue, prices, volume and capital spending. Many other non-financial trends within the industry are also seen as having a beneficial impact on consumers and the quality of care being delivered.
For one, trends around Mergers & Acquisitions (M&A) are increasing from last year, with a general optimism about the impact, especially on the industry side, for efficiency and revenue. About three-quarters of executives also believe that increased M&A may result in a greater focus on care (over business administration.)
Second, most executives anticipate a continued--and increasing--reliance on technology that should improve quality and reduce costs. But with higher stakes, the challenge will be how to seamlessly incorporate technology industry-wide without compromising security.
Despite the optimistic tone, however, healthcare costs continue to be an untenable uphill battle for consumers, with no improvement over last year. Executives perceive that these overwhelming costs are damaging care and that many consumers may be sacrificing care to save money. Many executives claim they are working to figure out ways to alleviate this problem. In addition, executives are more open to government involvement with regulating the industry, but there is very little consensus on how to measure success and utilize outcomes.
Csod investor deck third quarter fina lv2ircornerstone
This document provides a corporate overview and quarterly report for Third Quarter 2016. It begins with a safe harbor statement noting that the document contains forward-looking statements subject to risks and uncertainties. It then provides an overview of Cornerstone's evolution from 1999 to the present day in 2016, highlighting acquisitions, growth in users and clients, global expansion, and product portfolio expansion. Financial metrics are presented showing strong revenue, bookings and client growth from 2007 to 2015. The opportunity for continued growth is discussed through core market sales, global expansion, market segmentation, vertical opportunities, installed base opportunities, and extending to the extended enterprise. The presentation concludes by discussing Cornerstone's vision for the future beyond 2016 through analytics, predictive capabilities, and
Venture Capital Investments Q1 ’06 – MoneyTree Release mensa25
Venture capital investing was $5.6 billion in Q1 2006, a 12% increase from the same period in 2005. Biotechnology investing declined 24% from the previous quarter while media and entertainment investing increased 80%. Later stage company valuations reached a 4-year high of $92 million on average. The document provides details on investments by sector, stage of development, first-time investments, and company valuations. It also includes contacts for additional information.
This document contains forward-looking statements about Cardiff International, Inc. It summarizes that Cardiff is a holding company that provides private companies an exit strategy and equity capitalization platform through mergers, acquisitions, and holding subsidiaries. It aims to become a "mini Berkshire Hathaway" for smaller companies. The document outlines Cardiff's current subsidiaries, management team, acquisition process, investors, and future outlook. It positions Cardiff for over $20 million in revenue in 2017 and outlines its strategy to reach $100 million in market cap by year's end.
Pharmaceutical Mergs Acquisitions in the USCapgemini
The document analyzes trends in pharmaceutical mergers and acquisitions (M&A) in the US from 2007-2015. It finds that M&A deal value and count increased dramatically in 2014, driven primarily by a few "megadeals" over $5 billion. However, over 90% of deals were smaller acquisitions under $5 billion. These smaller acquisitions typically aimed to acquire companies with recent drug approvals, promising pipelines, or expertise in specific technologies. The document also finds a correlation between small biotech companies being acquired within a few months of receiving a new drug approval.
Clorox provided a FY18 Q3 investor presentation covering key sections on who they are, financial performance, and their 2020 strategy. The presentation highlighted that Clorox has leading brands in cleaning, household, and lifestyle categories. It summarized strong financial performance in FY18 year-to-date with sales up 2% and EPS up 21% compared to the prior year. The 2020 strategy focuses on driving superior consumer value through brand investment, innovation, and reducing waste to fuel sustainable growth.
Silicon Valley Bank’s Trends in Healthcare Investments and Exits report analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies. Report author Jon Norris also gives his annual forecast of what’s likely to happen in 2016.
Our global capabilities: Energy and CleantechGrant Thornton
The document discusses Grant Thornton's global capabilities in the energy and cleantech sector. It summarizes that Grant Thornton has specialists around the world who help clients commercialize renewable technologies, understand industry trends, access investment, and reduce energy demand through efficiency programs. The specialists leverage Grant Thornton's global network and relationships to provide strategic advice tailored to clients' needs.
Cancer Genetics reported on its Q4 and full year 2016 earnings. Key highlights included 50% revenue growth in 2016 to $27 million, driven by increases in biopharma, clinical, and discovery services. The company realized operational efficiencies through integration of acquisitions, reducing expenses. However, the company reported a net loss of $15.8 million for 2016. In Q4 2016, revenue increased 32% to $7.2 million while expenses decreased, though the company reported a net loss of $2.8 million. Additionally, Cancer Genetics completed a $12 million debt refinancing to repay existing debt and access additional capital.
Csod investor deck second quarter finalircornerstone
Cornerstone provides a corporate overview and highlights of its second quarter 2016 performance. It discusses its evolution over the past 16 years from 4 employees to over 2,500 clients and 25 million users today. Cornerstone also reviews its strong financial results with continued growth in revenue, bookings, clients, and users. It outlines opportunities for further growth through continued core sales, global expansion, new market segments, industries, and maximizing its large installed base.
This document provides an overview of Cancer Genetics, Inc. (CGI) and their focus on being an oncology diagnostics partner from bench to bedside. Some key points:
- CGI utilizes targeted acquisitions and collaborations with research institutions to expand their testing capabilities and global footprint.
- They have a proprietary portfolio of over 20 genomic tests and panels focused on cancers like blood cancers, lymphomas, lung cancer, and solid tumors.
- CGI partners with leading biopharma companies, supporting over 120 clinical trials with testing and services. They have contracts with 8 of the top 10 biopharma companies.
- Burlington Stores is a leading off-price retailer of branded apparel and home goods known for offering trendy merchandise from over 5,000 vendors at savings of up to 65% off other retailers' prices.
- The company has a national footprint of 592 stores across 45 states and Puerto Rico and saw net sales grow from $5.1 billion in FY2015 to $5.7 billion in FY2016.
- Burlington has a proven track record of performance, with strong current business trends driven by its flexible sourcing model, attractive store economics, experienced management team, and continued opportunities for growth through new stores and improving comparable sales.
Our latest biopharma-partnering survey highlights the qualities that sell-side companies are looking for in a licensing partner and ranks the industry’s top-tier partners.
View our infographic for highlights from the survey: http://on.bcg.com/14BlGJ8.
Mercer Capital's Value Focus: Medtech & Device Industry | Q4 2018 Mercer Capital
The document provides an overview and introduction to Mercer Capital's new quarterly newsletter on the medtech and device industry. The newsletter will include analysis of market performance, valuation multiples, operating metrics, and M&A activity across four sectors: biotechnology & life sciences, medical devices, healthcare technology, and large diversified healthcare companies. Mercer Capital has experience providing valuation services to companies and investors in the medtech sector.
Venture capital investing reached its highest level since 2002 in Q2 2006, with $6.3 billion invested across 856 deals. This represented a 2% increase in dollars and 5% increase in deals from the previous quarter. Biotechnology saw the largest gains, with 112 deals and 34% more dollars than Q1. Seed/early stage deals and expansion stage dollars both grew from Q1 as well. The number of first-time financings reached a five-year high.
- Catasys provides an integrated virtual healthcare program called OnTrak that uses predictive analytics and outreach to identify and enroll high-cost members with behavioral health issues.
- OnTrak provides a 52-week treatment program that combines medical, pharmacological and psychosocial treatments to reduce costs by an average of 50% for enrolled members.
- Catasys has national agreements with several leading health plans covering over 7.5 million lives and is currently enrolling participants in 18 states.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
1) Intact has consistently outperformed the industry in terms of return on equity, combined ratio, premium growth, and market share over the past 10 years.
2) Intact aims to beat industry return on equity by 5 points annually through initiatives like pricing and segmentation, claims management, and capital management.
3) Intact has a strong financial position with excess capital, high credit ratings, and a track record of growth and profitability. Management sees opportunities for further industry consolidation.
Most selected agencies, including DOD, DHS, VA, and Energy, leveraged only about 5% of their total procurement spending through strategic sourcing in FY 2011 and achieved limited savings of less than 1% of total spending. While strategic sourcing may not be suitable for all procurement, leading companies strategically manage about 90% of spending and achieve annual savings of 10% or more. Selected agencies and the FSSI program face challenges fully adopting strategic sourcing due to limited leadership support, lack of clear guidance on metrics, and failure to target highest spending categories like services. The FSSI program managed a small amount of spending but reported considerable savings, though total savings possible are much higher if strategic sourcing was
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
INDIVIDUAL INCOME TAXES, WHETHER PAID THROUGH EMPLOYER WITHHOLDING OR QUARTERLY ESTIMATES, ARE PROBABLY ONE OF YOUR LARGEST ANNUAL EXPENDITURES. SO, JUST AS YOU WOULD SHOP AROUND FOR THE BEST PRICE FOR FOOD, CLOTHING OR MERCHANDISE, YOU WANT TO CONSIDER OPPORTUNITIES TO REDUCE OR DEFER YOUR ANNUAL TAX OBLIGATION. THIS TAX LETTER IS INTENDED TO ASSIST YOU IN THAT EFFORT. ALSO, AT THE END OF THIS TAX LETTER IS A LIST OF FEDERAL TAX LAW PROVISIONS TO HELP INDIVIDUALS SAVE AND PAY FOR HIGHER EDUCATION COSTS.
The document is a special advertising supplement from the Los Angeles Business Journal that profiles the finalists and honorees of the 2015 CFO of the Year Awards. It includes letters from the publisher of the LA Business Journal and sponsors of the awards. It then profiles five CFOs who were selected as honorees in different categories, including Todd Tappin of Rubicon Project for Public Company CFO, Cordell B. Sweeney of Pabst Brewing Company for Private Company CFO (over $100M revenue), and Jake Himelstein of BAMKO for Private Company CFO (under $100M revenue).
Cyber Alert FDA Issues New Cybersecurity Guidelines for Medical Device Manufa...Ryan Starkes
The FDA issued new draft guidelines for medical device manufacturers regarding cybersecurity. The guidelines recommend manufacturers adopt a risk-based cybersecurity program involving ongoing risk assessment, vulnerability monitoring and response. They also promote information sharing between manufacturers and participation in information sharing organizations. The guidelines aim to help manufacturers identify and address cyber vulnerabilities that could compromise device function or patient safety.
The document discusses International Financial Reporting Standards (IFRS), which are a set of accounting standards used in over 100 countries as an alternative to standards set by the United States Generally Accepted Accounting Principles (GAAP). It provides an overview of IFRS, including key differences from GAAP, the SEC's ongoing consideration of adopting IFRS for U.S. companies, and important factors for companies to consider when preparing for a potential transition to IFRS reporting.
This document summarizes the key findings from the 2011 BDO RiskFactor Report for Technology Businesses. It found that supply chain issues were the biggest risk cited by tech companies, with 86% noting concerns over issues like vendor relations and material costs. Intellectual property risks also increased substantially, with 79% of companies concerned about protecting their intellectual property. Regionally, West Coast tech companies faced amplified risks around intellectual property protection, product transitions, and attracting/retaining key talent.
This document discusses internal controls and fraud prevention for organizations. It begins by defining fraud and describing common fraud perpetrator characteristics. It then discusses the fraud triangle of incentive, opportunity, and rationalization. Various types of fraud like fraudulent financial reporting and asset misappropriation are explained. The responsibilities of management, boards, and auditors in fraud detection are outlined. Key internal controls around physical access, job descriptions, and accounting reconciliations are recommended. The importance of tone at the top and professional skepticism are also emphasized.
According to the 2011 BDO Biotech Briefing,
which examined the most recent 10-K SEC
filings of the publicly traded companies listed
on the NASDA Q Biotechnology Index (NBI),
R&D spending at U.S. biotech firms dropped
7 percent in 2010, marking the second
consecutive year biotechs have cut R&D costs.
This year, BDO has set out once again to understand how CFOs from globally aspiring companies view their growth prospects overseas, as well as looked at what is changing and what, in the last year, has made a difference to their plans.
The key findings were:
- Mid-cap CFOs are nearly all (95%) confident that their three year plans to expand internationally will succeed
- China, USA and Germany are the top three countries that are both global investors and attractors of inward investment. For China, opportunity and risk go hand in hand
- Finding local people with the right skills and knowledge is more challenging than finding the money to expand abroad
For more information on the BDO Ambition Survey 2011 see:
http://www.bdointernational.com/ambitionsurvey2011
The document discusses the results of a survey of over 100 private equity professionals. It finds that respondents are cautiously optimistic about 2012, expecting more deal flow and an easier fundraising environment compared to 2011. Specifically, 70% expect to close 2-3 deals in the next 12 months compared to 47% closing no deals in 2011. Respondents also anticipate investing more capital in 2012, with middle market funds in particular expecting to nearly double their investment levels.
The 2012 BDO Biotech Briefing found that biotech companies increased R&D spending and revenues in 2011. Average R&D spending among companies rose 5% to $50 million, while average revenues jumped 24% to $76 million. Larger biotech firms with over $50 million in revenues saw a 33% rise in revenues and increased R&D spending more than smaller firms. Although employment grew 10% overall, it rose 16% at large firms while declining 3% at small firms. The briefing indicates biotech companies are relying more on virtual and outsourced business models to maximize resources for R&D.
Eddie Gibbons is recommended for employment based on his excellent performance as an intern at BDO Risk Advisory Group. During his internship, Eddie distinguished himself by helping to mitigate pressures on an audit engagement for one of BDO's most valued clients. Eddie blended in well with the team and possessed strong analytical, communication, and intelligence skills. He would be a valuable asset to any firm.
Klassieke HR-oplossingen bieden organisaties geen oplossingen meer in deze digitaliserende en disruptieve economie. De traditionele arbeidsmodellen komen steeds meer onder druk en hetzelfde gebeurt met de aanpak gebaseerd op groepsoplossingen en uniformiteit. We moeten gaan nadenken over benaderingen waarbij medewerkers heel individuele keuzes maken op basis van het systeem waarbinnen ze hun prestaties aanbieden. Dit betekent het einde van de klassieke personeelsafdeling.
This document discusses strategic management tools used to analyze BDO Unibank, Inc, including a SPACE matrix diagram to analyze internal strengths and weaknesses and external opportunities and threats, a BCG matrix to evaluate product portfolio, and a product positioning map to identify target market segments.
Beyond The Election: the three main political parties' plans for local govern...BDO
The three main UK political parties - Labour, Conservatives, and Liberal Democrats - have different plans for local government and public services. In education, Labour wants to maintain local authority control over most schools while expanding academies. Conservatives want academies to become the norm with less local authority oversight. Liberal Democrats would give schools more autonomy but maintain strategic local authority role. In health, all parties pledge more local accountability but differ on structures, with Conservatives wanting to decentralize public health initiatives and Labour strengthening local authority scrutiny powers over local services.
The document summarizes the key risk factors cited in SEC filings by the 100 largest US technology companies. Competition, economic concerns, and regulations were the top 3 risks. Concerns about natural disasters/conflicts, data breaches, and supply chain disruptions have increased significantly. Successful product development and M&A integration are also major challenges given competitive pressures.
Addressing the challenge of the new European Union Medical Device RegulationEY Belgium
The document discusses the new European Union Medical Device Regulation and how it presents both challenges and opportunities for medical device companies. It provides an overview of the key changes in the new regulation regarding transparency, products, and patients. These include requirements for more clinical evidence, restrictions on certain substances, unique device identification, and expanded labeling. The document then analyzes how these changes could impact businesses in areas like branding, competitive landscape, portfolio rationalization, and strategic planning. It argues companies should view the regulation as a strategic opportunity and presents a seven-step approach to help companies implement compliant solutions and changes.
Deloitte is a global professional services firm founded in 1845 in London. It has 225,400 employees and revenue of $35.2 billion in 2015. Deloitte provides audit, tax, consulting, financial advisory, enterprise risk, and legal services to clients worldwide. The company is headquartered in New York City and has offices in over 150 countries including major cities in India like Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. Deloitte recruits new employees through an application process involving resume submission, transcript submission, aptitude and personal interviews.
- Healthcare venture investment declined as a percentage of total venture dollars but remained strong at $6.7 billion in 2013, driven by IPO activity and later-stage financing rounds.
- Venture fundraising stabilized around $3.5-4 billion annually, maintaining a healthy level of funding for innovation. Investment is expected to decline slightly to $5-5.5 billion as IPO activity cools.
- Biopharma saw increased corporate venture participation in Series A financings, bolstering early-stage funding levels. Device Series A investment remained low due to less overall funding and focus on later stages.
The third edition of the EvaluateMedTech® World Preview reveals that the global medtech market is expected to grow at 5% annually between 2013 and 2020, reaching $514 billion in sales by 2020. In vitro diagnostics is projected to remain the largest device area with $71.6 billion in sales in 2020. Johnson & Johnson is currently forecast to be the market leader in 2020, but this could change if Medtronic's acquisition of Covidien is completed, making Medtronic the new leader. The report also finds increasing M&A activity, venture financing, and IPOs in the medtech industry.
StartUp Health Insights Digital Health Funding for the 50+ Market 2014 Q3 YTDBrian T. Edwards
Digital health funding has reached record levels in 2014, with $5 billion invested through Q3. Funding for startups relevant to the 50+ market has also grown, with $2.2 billion invested in 186 deals. Care navigation and vital sign monitoring have received the most funding of the nine opportunity areas for 50+ consumers. While 44% of digital health funding is relevant to the 50+ market, only 12% is focused specifically on 50+ consumers, indicating opportunities for increased innovation targeting this population.
Digital Health Funding For The 50+ market - 2014 Q3 YTDSanjay Khurana
While investment in the 50+ market accounts for 44% ($2.2B) of the overall YTD investment in Digital Health
($5.0B), it is estimated that 50+ focused companies comprise only 12% ($269M) of that subset. For consumers
who spend $1.6 trillion on healthcare, this represents an unmet need for innovation and opportunity for growth.
StartUp Health Insights - Digital Health Funding Rankings Q3 2014StartUp Health
If you thought last year was big for digital health funding, take a look at this year's numbers. According to StartUp Health's Q3 funding report, investors have already poured $5 billion into digital health companies. That means funding in the sector isn't just higher than last year's total, it's on track to double it. Our new report includes the top 10 largest deals, as well as the top 10 (or so) most active investors, subsectors and metro areas. And it’s free - so dive in!
In our annual Healthcare Investments and Exits report, SVB analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
In our annual report on the healthcare industry, Silicon Valley Bank analyzes the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
At mid-year, U.S. healthcare venture fundraising
reached $4.5 billion, and is on pace to closely match
the 2017 record of $9.1 billion. Great trends/insights from SVB.
Trends in Healthcare Investments and Exits 2018 - Mid-Year ReportSilicon Valley Bank
In our mid-year Healthcare Investments and Exits report, we analyzed the fundraising, investment, M&A and IPO activity of private, venture-backed biopharma, medical device and diagnostic/tools companies.
The document provides an overview of key findings from a survey of the Australian biotechnology industry in 2015. Some of the main points include:
- Business sentiment in the industry remains strong despite views that the operating environment is challenging. 69% reported having a good year in 2014 and 84% expect to grow in 2015.
- Access to capital continues to be important, with 48% looking to raise funds in the coming year and 34% having less than one year of cash.
- The industry is expected to create at least 239 new jobs in 2015 focusing on scientists, clinical trials, and advanced manufacturing roles.
- Tax policy is a major concern for companies, though the R&D tax incentive remains an
The document analyzes Becton Dickinson & Co (BDX) and recommends selling the stock. It finds that BDX is overvalued relative to the market and industry based on various valuation ratios. Additionally, downside scenarios suggest the stock price could fall over 35% from current levels. The medical equipment industry faces challenges like decreasing margins, increasing R&D costs, and growing buyer power that may negatively impact BDX. A technical analysis also signals the stock is overtraded and recommends selling.
2014 Year End StartUp Health Insights ReportStartUp Health
2014 saw record funding levels for digital health startups, with $6.5 billion invested, more than double the amount in 2013. Key trends included increased funding for companies focused on big data/analytics, population health, and navigating the healthcare system, as well as acceleration of funding to address chronic disease management and an aging population through consumer-focused solutions. The San Francisco Bay Area attracted the most funding, followed by New York City and Los Angeles, although interest in startups in other regions grew.
This document brings together a set of latest data points and publicly available information relevant for Healthcare Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
Medical Instrument and Supply Manufacturing Industry ReportCharles Pontrelli
The document provides an overview of the medical instrument and supply manufacturing industry. It discusses key factors such as an aging population driving increased demand, regulations from the FDA and PPACA, and consolidation in the industry with larger companies acquiring smaller innovative ones. While the industry faces pressures from regulations and increasing wages, overall growth is expected to continue due to demographic trends and the need for ongoing innovation in medical technology. The industry provides opportunities for Oregon companies if they maintain innovation and low costs.
Quest Diagnostics held a second quarter 2005 conference call to discuss financial results.
- Revenues grew 6.2% to $1.6 billion driven by a 5.3% increase in testing volume and a 1.2% increase in revenue per test.
- Earnings per share grew 14% to $0.59, and operating income margin expanded.
- Guidance for 2005 was reiterated with earnings per share growth of 14-16% and revenue growth of 5-6% expected.
Hydrogen Market Update H1 2014: Life sciences marketHydrogen Group
Hydrogen's H1 2014 market update on the EMEA life sciences talent market. Hydrogen is a global specialist recruitment business, placing exceptional, hard to find candidates in over 70 countries. Our joined up practices combine international reach with local expertise and specialist knowledge.
The document discusses trends in life science investing globally. It notes that while US and European healthcare IPO issuance and market volatility has fluctuated between 2010-2016, overall investment in healthcare IPOs and M&A transactions has generally increased. The document then outlines trends showing increased investment in biotech and life sciences globally, including rising investments in China and more venture capital going to biopharma companies in their Series A rounds. It concludes that given increasing medical spending, longer life expectancies and rapid innovation, it is a good time to start new life sciences businesses.
2013 Midyear Digital Health Funding by @Rock_HealthRock Health
A review of venture capital funding of digital health companies in 2013, totaling $849M through June (Q2). This report covers the major companies, investors and trends in digital health that are emerging in 2013. Purchase this report here: https://gumroad.com/l/TgefY
Catalent is the global leader in drug development and manufacturing. It has over 1,300 patents and is well-positioned to benefit from substantial industry growth of 6-10% annually through 2020. While pricing pressures could slow industry growth, Catalent's business model focusing on development, delivery, and supply solutions provides long-term stable revenues. The recommendation is to buy Catalent stock, which trades at $29.13 but has a target price of $35.99 based on discounted cash flow analysis.
This document brings together a set
of latest data points and publicly
available information relevant for
Healthcare Industry. We are very
excited to share this content and
believe that readers will benefit from this periodic publication immensely.
2. “Optimism surrounding the opportunities for further drug development
in light of a continued increase in the approval of new drugs by the
FDA supports investment in R&D. However, political controversy and
widespread criticism around rising drug prices have made investors skittish, and
we have seen that recently reflected in valuations.”
Ryan Starkes, partner and leader of the Life Sciences Practice at BDO.
3. 2015 BDO BIOTECH BRIEFING
ABOUT THE TECHNOLOGY
& LIFE SCIENCES PRACTICE
AT BDO USA, LLP
BDO has been a valued business
advisor to technology and life
sciences companies for over 100
years. The firm works with a wide
variety of technology clients, ranging
from multinational Fortune 500
corporations to more entrepreneurial
businesses, on myriad accounting, tax
and other financial issues.
ABOUT BDO
BDO is the brand name for
BDO USA, LLP, a U.S. professional
services firm providing assurance, tax,
advisory and consulting services to
a wide range of publicly traded and
privately held companies. For more
than 100 years, BDO has provided
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involvement of experienced and
committed professionals. The firm
serves clients through 63 offices
and more than 450 independent
alliance firm locations nationwide.
As an independent Member Firm
of BDO International Limited, BDO
serves multi-national clients through
a global network of 1,408 offices in
154 countries.
BDO USA, LLP, a Delaware limited
liability partnership, is the U.S.
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For more information please visit:
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Biotech Fever Drives Boom
in R&D Spending
While biotechs have been booming for the past few
years, and started 2015 on good footing, the events
of the last few months have resulted in significant
volatility and erosion of value. According to the
Financial Times, U.S. pharmaceutical and biotech stocks
have lost more than $40 billion in value since the recent
drug pricing firestorm broke out. Such volatility is
expected to persist, at least in the short run.
However, many of the positive trends that drove the industry to new heights in
2014 have carried over into 2015, and are expected to continue. Novel new drug
approvals hit an 18‑year high in 2014, with a total of 41 New Molecular Entities
(NMEs) receiving FDA approval. 2015 has continued the high pace of drug
approvals, with 29 NMEs approved as of October.
Signaling future growth, the 2015 BDO Biotech Briefing found that average R&D
expenditures increased 18 percent in 2014, reaching $55.6 million, up from $47.1
million in 2013 and $40.7 million in 2012. Even as biotech stocks temporarily
falter, R&D spend is anticipated to continue to increase in the year ahead.
The BDO Biotech Briefing examined the most recent 10-K SEC filings of companies listed on the
NASDAQ Biotechnology Index. Companies reporting more than $300 million in revenue were
excluded to ensure findings are representative of the vast majority of companies included in the
NASDAQ Index. Remaining companies were divided into two groups—those with more than $50
million in revenue and those with less than $50 million in revenue—to identify trends and key
metrics relevant to each group. The average market cap of companies in the study as of the end of
their most recent fiscal year is $1.14 billion.
1
4. 2015 BDO BIOTECH BRIEFING
With Soaring Revenues,
R&D Budgets Continue
to Climb
Small biotechs--companies with less than
$50 million revenue--saw the biggest hike
in R&D spending, reporting an increase
of 28 percent to $52.6 million, compared
to a 20 percent growth rate in 2013. Part
and parcel with this surge in spending,
average R&D expenditure as a percentage
of revenue among smaller biotechs leapt to
313 percent, up from 261 percent in 2013,
clearly highlighting that R&D spending
decisions at such companies are not based
on the top line revenues.
Large biotechs increased R&D spending
by seven percent in 2014 to $58.1 million,
down from 10 percent the prior year.
Average R&D expenditure as a percentage
of revenue actually decreased to
83 percent, down from 101 percent in 2013.
However, this decrease is not an indicator
of industry caution, but the result of the
significant leap in revenues generated by
larger biotechs across the industry.
Revenue among all biotechs on the index
jumped 44 percent in 2014 to $67.1 million,
up from a seven percent growth rate in
2013. Large biotechs led the acceleration
in growth, increasing their revenues by
52 percent to $129.3 million, compared to
17 percent the previous year. Small biotechs
reported more modest revenue growth
at seven percent, up from a decrease
of 21 percent seen over the prior year.
Approximately three-quarters (78 percent)
of all companies analyzed reported losses
in 2014.
R&D SPEND AND REVENUE TRENDS FOR SMALL BIOTECHS
$60
$50
$40
$30
$20
$10
$0
2012 2013 2014
Average Revenue Average R&D Spend
Small biotechs — companies on the NASDAQ Biotechnology Index with revenues below $50 million
Large biotechs — companies on the NASDAQ Biotechnology Index with revenues greater than $50 million
MILLIONS
R&D SPEND AND REVENUE TRENDS FOR LARGE BIOTECHS
$140
$120
$100
$80
$60
$40
$20
$0
2012 2013 2014
Average Revenue Average R&D Spend
MILLIONS
2
5. 2015 BDO BIOTECH BRIEFING
Debt Financing Doubles
While the bulk of biotechs secured
financing through the equity markets, those
who sought debt financing raised much
larger amounts. Seventy-one percent of
biotechs secured equity financing, whereas
only 34 percent of companies secured
financing through the credit markets.
Companies seeking debt financing raised
an average of $128.6 million, nearly double
(97 percent more) the average size of
2013 financings. Large biotechs secured
more than twice the average amount of
debt financing than small biotechs, raising
an average of $170.3 million. Forty-
three percent of large biotechs sought debt
financing, up seven percentage points from
2013. By comparison, only 27 percent of
small biotechs secured financing through
the credit markets, down from 31 percent
the prior year.
Companies seeking equity financing
secured an average of $104.5 million, up
32 percent from 2013, with little distinction
between large and small biotechs of
the average amount raised. However,
a substantially higher percentage of
small biotechs pursued equity financing
(83 percent) as compared to larger biotechs
(57 percent).
FINANCING ACROSS BIOTECHS
$160
$140
$120
$100
$80
$60
$40
$20
$0
2012 2013 2014
Average Equity Financing Average Debt Financing
MILLIONS
Biotech Goes on a
Hiring Spree
Biotechs went on a hiring spree in 2014,
reporting an average of 216 employees,
21 percent higher than 2013 levels. Among
larger biotechs, average headcount moved
from 278 to 345, an increase of 24 percent.
Small biotechs saw more moderate but
still significant growth, increasing average
headcount by 14 percent to 105 employees.
With industry-wide growth and increased
demand for top R&D talent, competition
for candidates is intensifying. BDO’s third
annual Life Sciences RiskFactor Report
found that 91 percent of life sciences
companies cite their ability to attract
and retain talent as a critical risk to their
business. The outlook for 2016 is less clear,
however, as a few recent setbacks have
dampened hiring prospects for some.
AVERAGE NUMBER OF EMPLOYEES
400
350
300
250
200
150
100
50
0
2012 2013 2014
Small Biotechs (<$50M revenue) Large Biotechs (>$50M revenue)
3
6. 2015 BDO BIOTECH BRIEFING
More Cash Reserves,
More Time to Invest
As biotech companies look to fund their
investment in R&D, they are continuing to
grow and prioritize cash reserves. In 2014,
biotechs reported an average of $180.3
million in liquid assets, up 43 percent
from 2013 and almost 100 percent from
2012 levels. Biotechs’ effective cash
management grants them an equivalent
of 3.2 years worth of R&D expenditures,
marking the highest reserve/R&D spend
ratio in the study’s history.
TOTAL YEARS’ WORTH OF R&D SPENDING IN LIQUID ASSETS
2012
2013
2014
1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 3.1 3.3 3.5
2.22
2.71
3.24
Following the trajectory of the stock
market, biotech IPO activity was strong in
2014 and the first part of 2015, boosted
by strong returns and investor appetite.
In 2014, one-in-four of all U.S. IPOs were
biotechs, according to Renaissance Capital.
2015 kicked off with a bang, with $2.9
billion raised from 29 IPOs in the first half
of the year, compared to $2 billion raised
during the first half of 2014. The recent
sell-off in the market has temporarily
dampened enthusiasm for biotech IPOs and
caused valuations to drop.
Many companies who have gone public
since September have had to adjust their
initial expectations and offer their IPO
shares at prices below the initial expected
price range. However, according to Barrons,
on-balance volume in the sector is rising,
indicating that we may see a rally in
the future.
Banner Year for M&A
Buoyed by the strong IPO market and a
number of multi-billion dollar deals, 2014
was a record year for biopharma M&A,
reaching $202 billion in total deal value.
Increasing scale by adding R&D capabilities
and complementary products contributed
to the surge in dealmaking.
The M&A frenzy has continued in 2015,
with nearly a fourth (23.6 percent) of
companies on the NASDAQ Biotechnology
Index engaging in M&A in 2015. According
to Dealogic data, the first three quarters of
the year have seen 302 biopharma deals,
totaling $235 billion.
The sell-off in biotech stocks that occurred
in the fall may have created an environment
that is favorable for buyers as targets
are now more affordable particularly for
biotechs with primarily early- or mid-
stage assets.
Shareholder Returns
Boosted IPO Valuations
In 2014, biotech stocks generated an
average total shareholder return of
113 percent, up from 97 percent the
previous year. Large biotechs delivered the
highest returns, averaging 162 percent, up
from 79 percent in 2013. Small biotechs
delivered a very strong 56 percent in total
shareholder return although it was much
lower than the 144 percent shareholder
return reported in the previous year.
Propelled by rising stock prices and
greater returns, the average market cap
of companies in the study, surpassed the
billion dollar mark, reaching $1.14 billion as
of the end of their most recent fiscal year,
compared to $881 million in 2013.
During the first three quarters of 2015,
biotechs continued to deliver above
average results and increased returns
to shareholders, with the NASDAQ
Biotechnology Index up 16 percent year-
to-date by the end of September, despite
some roller-coaster swings. After peaking in
July, the biotech sector took a tumble on
the heels of heightened controversy over
rising drug costs and public proposals for a
change in pricing models. Notably, by mid-
October, the NASDAQ Biotechnology Index
had declined 23 percent from its all-time
high in July 2015.
4
7. “Despite the current slump in biotech stock prices and IPOs, appetite
for M&A remains strong, and we can expect deal activity to continue
at a moderate pace. The electoral focus on healthcare reform and
public frustration around rising drug prices will create some investor hesitation,
but increased excitement about drug development presents an opportunity for
future industry growth.”
Aftab Jamil, partner and leader of the Technology & Life Sciences Practice at BDO
8. For more information on BDO USA’s service offerings to this industry vertical,
please contact one of the following regional service leaders:
Tim Clackett
Los Angeles
310-557-8201 / tclackett@bdo.com
Slade Fester
Silicon Valley
408-352-1951 / sfester@bdo.com
Hank Galligan
Boston
617-422-7521 / hgalligan@bdo.com
Paul Heiselmann
Chicago
312-233-1876 / pheiselmann@bdo.com
Aftab Jamil
Silicon Valley
408-352-1999 / ajamil@bdo.com
Glenn Pomerantz
New York - Park Avenue
212-885-8379 / gpomerantz@bdo.com
Ryan Starkes
Woodbridge
732-734-1011 / rstarkes@bdo.com
David Yasukochi
Orange County
714-913-2597 / dyasukochi@bdo.com
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