Challenge:

A listed clinical-stage biotechnology company needed to assess two pipeline cell therapy products and determine the best path to maximize shareholder value. The board required an independent technical assessment of both assets' strengths and weaknesses relative to competition, valuations at key development milestones, and a comparison of strategic options: continued internal development, out-licensing, co-development, or spin-out.

Our Work:

We began with a technical due diligence of both programs covering:

• Scientific rationale and preclinical proof-of-concept data
• Preclinical development package
• CMC approach for clinical supply and beyond
• Competitive positioning against current and pipeline products
• Key risks across safety, clinical, regulatory, manufacturing, and market dimensions

We then benchmarked both products against competing technologies, examining:

• Existing treatment pathways and clinical practice
• Preclinical and clinical data on identified competitor programs
• The client's proprietary IP — filed and unfiled — to identify distinctive value relative to competition
• Assumptions underlying both products' draft target product profiles
• Projected competitive positioning at anticipated time of launch

These findings fed into a Monte Carlo risk-adjusted NPV analysis, assessing value at key milestones including initiation of pivotal trials and submission for approval. We benchmarked the resulting valuations against comparable partnering transactions and M&A deals, enabling us to develop specific recommendations for maximizing shareholder value across the available strategic options.

Due Diligence & Valuation Services

Alacrita has conducted due diligence for pharma, biotech, investors, and academia since 2011. When DD findings need to inform strategic decisions - develop, partner, or divest - we combine technical assessment with valuation and transaction benchmarking to frame the options.