Ref: IMD-1-0242

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Reference: IMD-1-0242

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Novartis Venture Fund: Valuation dilemmas

Benoit F. Leleux

By Professor Benoit F. LeleuxBenoit F. Leleux, Victoria Kemanian, Atul Pahwa and Katrin Siebenbürger Hacki

The Novartis Venture Fund is considering investing into a start up,Genedata, and must take into account the valuation analysis by boththe start up as well as Venture Valuation -- an independent boutiqueorganization that specializes in valuing high growth potential startups.NVF uses the Venture Valuation inputs to determine how best tostructure the next round of financing for Genedata and the caserequires the reader to discuss and analyze pricing, further financingrequirements, and exit strategy for the fund.

Learning Objective

Not provided

Keywords Finance, Fund, Investment Strategy, Pharmaceuticals, Start-up, Valuation, Venture Capital
Settings Switzerland
July 1999
Type Field Research
Copyright ©IMD 2005
Language English
Related material Teaching note
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Reference: IMD-1-0242

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