Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
Overview of Investor
Relations Capabilities
September, 2009
Stern Investor Relations
 Introduction

► Our sweet spot: Full service IR specializing in
  biotechnology and entrepreneur...
Stern Investor Relations
 Lilian Stern, Principal
► Senior financial and investor relations adviser in
  biotechnology and...
Stern Investor Relations
Current Clients




                           4
Stern Investor Relations
 Why do IR?
► Key IR initiatives:
    ► Improve content and regularity of discussions
      with ...
Investor Relations
     Strategy
Sell-side Overview

► Cultivate relationships with analysts and investment
  bankers at firms with strong healthcare pract...
Major U.S. Sell-side Players
Firm                            Analyst(s)                        Location(s)     Firm       ...
Additional Active Sell-side Players
Firm                        Analyst(s)                       Location(s)     Firm     ...
Upcoming IR Conferences
September
29     Maxim Group Growth Conference (New York)


October
5-6    JMP Securities Healthca...
Targeting the Buyside
► Early adopters
   ► Target institutions to create base of knowledge
     about company in the inve...
Sample Buyside Targeting
                                                                                                 ...
Investor Relations Strategy – The IR Game Plan
► Messaging
    ►   Revise as appropriate to ensure communications continue...
Case Studies
Stern Investor Relations
 Previous Success Stories
► Helped Millennium Pharmaceuticals strategically court
  specific anal...
Stern Investor Relations
 Stern IR
► Proven track record; experienced but not jaded
► Specialized industry knowledge and e...
Overview of Investor
Relations Capabilities
September, 2009
Upcoming SlideShare
Loading in …5
×

Stern Ir Background Presentation

2,550 views

Published on

Background on Stern IR

  • Be the first to comment

Stern Ir Background Presentation

  1. 1. Overview of Investor Relations Capabilities September, 2009
  2. 2. Stern Investor Relations Introduction ► Our sweet spot: Full service IR specializing in biotechnology and entrepreneurial health care companies ► Our goal: the “professional” shop ► Data-driven ► Strong network and reputation throughout Wall Street ► Experience with a wide range of companies: ► Private and public ► U.S. and global ► Wide range of market caps ► Extensive experience with small public companies ► Founded 1998 ► New York City based 2
  3. 3. Stern Investor Relations Lilian Stern, Principal ► Senior financial and investor relations adviser in biotechnology and healthcare for over 15 years ► Has represented more than 200 companies ► Previous experience: ► Founder, Executive Vice President and Director of Investor Relations group, Burns McClellan ► Biotechnology analyst, Donaldson, Lufkin & Jenrette ► Vice President, Biotechnology, AgriCapital Corporation ► Education: ► J.D., Harvard Law School ► B.A. (Molecular Biology), Cornell University ► Memberships: ► National Investor Relations Institute (NIRI) ► New York Biotechnology Association (NYBA) 3
  4. 4. Stern Investor Relations Current Clients 4
  5. 5. Stern Investor Relations Why do IR? ► Key IR initiatives: ► Improve content and regularity of discussions with shareholders ► Engage in strategic targeting to identify new investors and potential shareholders ► Improve analyst opinion through more positive interactions with coverage analysts and additional, non-banking-driven sell-side support ► Strategic outreach to financial community ► Buttoned-up disclosure policies ► Maximize upcoming corporate milestones and news ► Strategic media outreach and placement ► Crisis communications ► Increase valuation! 5
  6. 6. Investor Relations Strategy
  7. 7. Sell-side Overview ► Cultivate relationships with analysts and investment bankers at firms with strong healthcare practices; identify analysts who could initiate coverage and increase visibility among investors ► Determine appropriate analyst targets based on enthusiasm, reputation, market cap and therapeutic area coverage ► Different tiers of banks: ► Bulge bracket (e.g., Morgan Stanley, Goldman) ► Specialized (e.g., Cowen, Deutsche Bank) ► Boutique (e.g., Leerink Swann, RW Baird) ► Conference invitations are key for visibility program ► Long-term strategy: obtain a mix of different tiers of coverage, thereby reaching a broader audience and increasing credibility 7
  8. 8. Major U.S. Sell-side Players Firm Analyst(s) Location(s) Firm Analyst(s) Location(s) Top National Firms Top National Firms Barclays Capital Jim Birchenough San Francisco Oppenheimer Bret Holley New York Brian Abrahams New York Citigroup Yaron Werber New York John Newman (spec. pharma) New York Lucy Lu New York Piper Jaffray Ted Tenthoff New York Amit Bhalla (spec. pharma) New York Thomas Wei New York John Boris (spec. pharma) New York David Amsellem (spec. pharma) New York Cowen & Co. Eric Schmidt New York Phil Nadeau New York UBS Securities Maged Shenouda New York Ken Cacciatore New York Jeff Elliott New York Ian Sanderson (spec. pharma) Boston Derik de Bruin New York Credit Suisse Securities Mike Aberman New York Marc Goodman New York Catherine Arnold (spec. pharma) New York Ricky Goldwasser New York Deutsche Bank Mark Schoenebaum New York Robyn Karnauskas New York David Steinberg San Francisco Goldman Sachs May-Kin Ho New York Jami Rubin New York Kim Seth New York Shibani Malhotra (spec. pharma) New York JPMorgan Geoff Meacham New York Chris Schott New York Cory Kasimov New York Matthew Roden New York Lazard Joel Sendek New York Terence Flynn New York Bill Tanner (spec. pharma) New York Merrill Lynch (Banc of America) Gregg Gilbert New York Eric Lo New York Rachel McMinn San Francisco Morgan Stanley Steve Harr New York Marshall Urist New York Sapna Srivastava New York 8
  9. 9. Additional Active Sell-side Players Firm Analyst(s) Location(s) Firm Analyst(s) Location(s) Regional/Boutique Firms with Established Biotech Practices Other Firms BMO Capital Markets Bert Hazlett New York Boenning & Scattergood Debjit Chattopadhyay West Conshohocken Jason Zhang New York Derek Jellinek West Conshohocken Canaccord Adams Adam Cutler New York Brean Murray Jonathan Aschoff New York George Farmer New York Burrill & Co. Collins Stewart Salveen Kochnover New York Cantor Fitzgerald Pamela Bassett New York Louise Chen (spec. pharma) New York Caris & Co. David Moskow itz New York Glen Mill (spec. pharma) New York Jim Molloy Boston Jefferies & Co. Eun Yang New York CRT Capital Group Leah Hartman Stamford, CT Peter Bye (spec. pharma) New York Dawson James Securities Marko Kozul San Francisco First Global Devina Mehra New York David Windley Nashville Fortis Securities JMP Securities Charles Duncan New York Jason Butler New York FTN Equity Capital Markets Arlinda Lee New York Liisa Bayko Chicago Tim Chiang (spec. pharma) New York Leerink Swann & Co. Josh Schimmer New York GMP Securities Cosme Ordoñez Montreal Gary Nachman (spec. pharma) New York Hapoalim Securities Raghuram Selvaraju New York Joseph Schwartz Boston Jesup & Lamont Securities Stephen Dunn Fort Lauderdale Howard Liang Boston Corporation William Dawson Fort Lauderdale David Larsen Boston Ladenburg Thalmann (Punk Matt Kaplan New York John Sullivan (spec. pharma) Boston Ziegel) Juan Sanchez New York Needham & Co. Mark Monane New York LFS NY, Inc. Will Ho New York Alan Carr New York Dave Ferreiro New York Elliot Wilbur (spec. pharma) New York Maxim Group Yale Jen New York RBC Capital Markets Jason Kantor San Francisco MDB Capital Group Rahul Jasuja Santa Monica Michael Yee San Francisco Merriman Curhan Ford & Co. Joseph Pantginis New York Adnan Butt New York Ed Nash New York Philippa Flint Toronto Mike King New York Doug Miehm (spec. pharma) Toronto Montgomery & Co. Robert W. Baird & Co. Chris Raymond Chicago Morgan Joseph Shiv Kapoor San Francisco Thomas Russo Chicago Natixis Bleichroeder Jon Lecroy New York Rodman & Renshaw Elemer Piros New York Corey Davis New York Reni Benjamin New York Noble International Brian McCarthy New York Simos Simeonidis New York Laurence Bleicher New York ThinkEquity Jason Kolbert New York Roth Capital Partners Scott Henry New port Beach Brian Skorney New York Andrew Vaino New port Beach Thomas Weisel Partners Ian Somaiya New York Sanford C. Bernstein & Co. Geoffrey Porges New York Annabel Samimy New York Stephen Willey New York Soleil Securities Manoj Garg (spec. pharma) New York Wachovia Securities Aaron Reames Boston Stifel, Nicolaus & Company Michael Colon St. Louis Stonegate Securities Laura Engel Dallas Michael Tong (spec. pharma) New York Summer Street Research Lei Huang Boston Wedbush Pacific Growth Life Greg Wade San Francisco Partners Carol Werther Boston Sciences Liana Moussatos San Francisco Jon Stephenson Boston 9 Patricia Bank San Francisco SunTrust Robinson Humphrey Frank Pinkerton Atlanta Kimberly Lee San Francisco WBB Securities Steve Brozak Westfield, NJ William Blair & Co. John Sonnier Chicago
  10. 10. Upcoming IR Conferences September 29 Maxim Group Growth Conference (New York) October 5-6 JMP Securities Healthcare Focus Conference (New York) 6 William Blair Emerging Growth Stock Conference (New York) 12-13 Natixis Bleichroeder “The Hidden Gems Conference” (New York) 28-29 The 8th Annual BIO Investor Forum (San Francisco) November 3-4 Oppenheimer & Co. 20th Annual Healthcare Conference (New York) 10 Merriman Curhan Ford Investor Summit (New York) 11-13 Credit Suisse 2009 Healthcare Conference (Phoenix) 17-18 Lazard 6th Annual Life Sciences Conference (New York) December 1-2 Piper Jaffray 21st Annual Health Care Conference (New York) 2-3 JPMorgan SMid Cap Conference (New York) 3 Raymond James Fall Investor Conference (Boston) 15 Deutsche Bank Biotech Boston Confab (Boston) 10
  11. 11. Targeting the Buyside ► Early adopters ► Target institutions to create base of knowledge about company in the investing community ► Quantitative analysis ► Target institutions who are likely to buy based on their positions in our peers (ex: late-stage cancer companies, micro-cap, etc.) ► Tactics ► Conference presentations ► Roadshows ► Group events ► Bank-sponsored roadshows and events 11
  12. 12. Sample Buyside Targeting Targeting Rationale Investor Investor Under Under weighted in weighted in CRIS CRIS Top Holders in Top Buyers in Biotech Compared to Compared to Companies Companies Equity Biotech Assets as a Mid-Stage Additional with Under with Under Assets Assets % of Total Oncology Oncology $100MM $100MM Institution Location Contact $MM $MM Assets Peers Peers Market Cap Market Cap New York Regio n AllianceBernstein L.P New York Pamela Tublin 187,093 .4 6,549.5 3.5% x x ClearBridge Advisors New York Nick Wu 54,357 .3 4,559.7 8.4% x x TIAA CREF New York Joel Emery 116,573 .9 2,890.1 2.5% x x Goldman Sach s Asset Management US New York Craig Glassner 81,956 .9 2,049.3 2.5% x x Columbia Management Advisors, In c. New York Bryan Knepper 106,651 .8 1,852.7 1.7% x x x J.P. Morgan Investment Management Inc. New York Brian Kim 80,647 .2 1,634.9 2.0% x OppenheimerFunds, Inc. New York Heidi Heiken feld 68,068 .3 1,590.0 2.3% x Lord, Abbett & Co. LLC Jersey City Lavina Talu kdar 42,248 .0 1,382.3 3.3% x x Federated Investors, Inc. New York Tom Brakel 23,473 .0 1,190.1 5.1% x x Boston Fidelity Management & Research Boston Rajiv Kaul 413,373 .0 19,728.5 4.8% x x x Wellington Managemen t Company, LLP Boston Ed Owens 205,917 .2 6,784.0 3.3% x x x Jean Hynes Putnam Investmen t Managemen t, L.L.C. Boston Kelsey Chen 42,503 .3 1,298.7 3.1% x BlackRock Investment Management, LLC* Boston Eric Trepanier 56,828 .1 921.6 1.6% x x Adage Capital Management, L.P. Boston Frank Zavrl 13,091 .0 796.0 6.1% x MFS Investment Management Boston Dennis Allaire 74,013 .5 771.2 1.0% x E vergreen Investment Management Company Boston Rob Junkin 35,237 .0 732.7 2.1% x 12
  13. 13. Investor Relations Strategy – The IR Game Plan ► Messaging ► Revise as appropriate to ensure communications continue to resonate with financial community ► Leveraging newsflow and upcoming milestones ► IR-driven media outreach ► IR plan and calendar ► Strategic IR planning ► Building visibility and maintaining current relationships ► Global buyside and sell-side targeting ► One-on-one program with analysts/portfolio managers (roadshows) ► Conference targeting and coordination ► Conference calls for earnings announcements and key news events ► Announcement planning ► Collateral materials ► Evaluate effectiveness of key IR resources and assist with development and revisions ► Investor presentation ► Website ► Fact sheets 13
  14. 14. Case Studies
  15. 15. Stern Investor Relations Previous Success Stories ► Helped Millennium Pharmaceuticals strategically court specific analysts to improve their coverage of the company, helping to raise the stock price and eventually the company’s value when it was acquired by Takeda. ► Introduced Alnylam, the first preclinical IPO “platform”, to Wall Street, helping to leverage the value of this breakthrough technology platform, IP and the promise of a groundbreaking new approach to therapeutics. The company is one of the few recent IPOs to be trading up from the offering. ► Helped SciClone overcome previous clinical setbacks by repositioning the portfolio story and introducing them to the appropriate contacts in the industry. Several months later, two analysts initiated positive coverage of the company, and the stock continues to trend upward. 15
  16. 16. Stern Investor Relations Stern IR ► Proven track record; experienced but not jaded ► Specialized industry knowledge and expertise ► Within healthcare IR, we do everything, and we have extensive experience working with a wide range of companies in almost every conceivable situation, cultivated over the years ► Senior-level attention and rigorous support from account teams ► Strong relationships with the investment community ► Focus on best industry practice ► Commitment to superior client service 16
  17. 17. Overview of Investor Relations Capabilities September, 2009

×