生物技术和制药估值中的知识产权估值基础

Intellectual PropertyValuation inBiotechnology andPharmaceuticals AcceleratingInnovation inLife S ciences Intellectual PropertyValuation inBiotechnology andPharmaceuticals This work is licensed under Creative Commons Attribution 4.0 International. © WIPO, 2025 The user is allowed to reproduce, distribute, adapt, translate and publiclyperform this publication, including for commercial purposes, withoutexplicit permission, provided that the content is accompanied by anacknowledgement that WIPO is the source and that it is clearly indicated ifchanges were made to the original content. World IntellectualProperty Organization34, chemin des ColombettesP.O. Box 18 CH-1211Geneva 20Switzerland Suggested citation: World Intellectual Property Organization (WIPO)(2025).Intellectual Property Valuation in Biotechnology and Pharmaceuticals.Geneva: WIPO. DOI10.34667/tind.50125 ISBN: 978-92-805-3684-3 (print)ISBN: 978-92-805-3685-0 (online) Adaptation/translation/derivatives should not carry any official emblemor logo, unless they have been approved and validated by WIPO. Pleasecontact us via theWIPO websiteto obtain permission. Attribution 4.0 International (CCBY4.0) For any derivative work, please include the following disclaimer: “TheSecretariat of WIPO assumes no liability or responsibility with regard to thetransformation or translation of the original content.” When content published by WIPO, such as images, graphics, trademarksor logos, is attributed to a third party, the user of such content is solelyresponsible for clearing the rights with the right holder(s). To view a copy of this license, please visithttps://creativecommons.org/licenses/by/4.0 Any dispute arising under this license that cannot be settled amicably shallbe referred to arbitration in accordance with Arbitration Rules of the UnitedNations Commission on International Trade Law (UNCITRAL) then in force.The parties shall be bound by any arbitration award rendered as a result ofsuch arbitration as the final adjudication of such a dispute. The designations employed and the presentation of material throughoutthis publication do not imply the expression of any opinion whatsoeveron the part of WIPO concerning the legal status of any country, territoryor area or of its authorities, or concerning the delimitation of its frontiersor boundaries.This publication is not intended to reflect the views of theMember States or the WIPO Secretariat.The mention of specific companiesor products of manufacturers does not imply that they are endorsed orrecommended by WIPO in preference to others of a similar nature that arenot mentioned. Cover: Photos: unsplash / neeqolah cw, Drew Hays! Publication No. 2005EN/25 Contents Acknowledgments4 Abbreviations Key takeaways6 Introduction8 Introduction to biotechnology and pharmaceuticals8How the biotechnology sector differs from others9Intellectual property valuation methods in the biotechnology sector11Important context and assumptions in biotechnology IP valuation11Alignment with international valuation standards12 1 The cost method 13 2 The market approach Importance of comparing recent relevant deals15Types of deals to compare and sourcing of information15Extracting useful data toward economic truth16Considerations when using the market approach18 3 The income approach20 Discounted cash flows and net present value20Risk-adjusted net present value26 4 The real options method Financial options trading and the origin of the real options method35Real options valuation methods37Risk-neutral valuation42Considerations when using real options49Industry experience in using real options – benefits and challenges50 Conclusions 51 References52 Acknowledgments This World Intellectual Property Organization (WIPO) publication was prepared under thedirection of Alejandro Roca Campaña (Senior Director, Intellectual Property (IP) for InnovatorsDepartment, IP and Innovation Ecosystems Sector), Olga Spasic (Former Head, TechnologyTransfer Section, IP for Innovators Department, IP and Innovation Ecosystems Sector),and Mattias Karlsson Dinnetz (Senior Program Officer, Technology Transfer Section, IP forInnovators Department, IP and Innovation Ecosystems Sector). The work was authored by a project team from Oxentia Ltd, an innovation management andtechnology commercialization consultancy that originated in 2004 as an operating divisionwithin Oxford University Innovation Ltd, the world-leading technology transfer company of theUniversity of Oxford. Michael Mbogoro (Director, and Head of Corporate Services, Oxentia Ltd)led the project team. The publication greatly benefited from insightful reviews provided by Mark Wilson (StrategicTechnology Bioconsulting), André Gorius (Licensing Executives Society International IPValuation Committee), Véronique Blum (IP Valuation Committee of LES France), and valuableinput from WIPO colleagues Michael Kos (IP Commercialization Section) and Olga Kusanova(Technology Transfer Sectio