Kickoff Agenda

• Introduction to YBPS

• Introduction to YERC

• YERC Events

• Other YBPS programs

http://www.yale.edu/ybps/yerc.htm

The Yale Biotechnology & Pharmaceutical Society (YBPS)

Who we are…

Founded in 1998 by Susan Brill & Brian Pinsker• 1100+ member active email list

– Various Yale schools, Industrial and International members

Mission:We commit ourselves to promoting thoughtful discussion and constructive interaction among all people, universities, companies, organizations, and governments in the Yale-New Haven community and beyond with an interest in any and all aspects of biotechnology and pharmaceuticals, including research and development, medicine, business, law, and education.

YBPS Sponsored Programs

1.YBPS Equity Research Program (YERC)2.Case Competition3.FDA Seminar Series4.Technology Ventures Program (TVP)5.Business of Biotech Seminar Series6.Consulting Outreach Program

To learn more: www.yale.edu/ybps

YBPS Equity Research Club

(YERC) YERC History• YERC was started 1.5 years ago by Dr. Zoe Cournia (YBPS President)

Mission• The YERC aims to bring together MBA/graduate/medical students and

postdocs, who have an interest in learning how to invest in biotech and pharma companies. The YERC works to bridge the gap between natural sciences and finance with a series of seminars and collaborative learning.

2007-2008 Co-Directors 2007-2008 Co-Directors 2008-2009 Co-Directors2008-2009 Co-Directors

Dr. Zoe Cournia Justin Peacock

David Harburger Jared Molitoris

Yong Pan Yong Pan

YBPS Equity Research Club

(YERC) Meeting Format: Meeting Format:

1.1. Company PitchesCompany Pitches

2.2. Managing the mock portfolioManaging the mock portfolio

3.3. Guest Speakers SeminarsGuest Speakers SeminarsFall Schedule and the objectivesFall Schedule and the objectives

Talk 1: Learn about Pharma/ biotech IndustryTalk 1: Learn about Pharma/ biotech Industry

Talk 2: Learn about Hedge fund, an important part of Talk 2: Learn about Hedge fund, an important part of financial industry and management of life science financial industry and management of life science investment in the real worldinvestment in the real world

Talk 3: Learn about valuation and portfolio constructionTalk 3: Learn about valuation and portfolio construction

YBPS Equity Research Club

(YERC) Seminar Series (Fall):

Talk by Michael Steiner, Wealth Manager at RegentAtlantic Capital, LLCTentative Title: "A contrast of challenges and opportunities in large

pharma, biotechs, individual contractors and VC-backed firms."

Panel Discussion, "Hedge Fund/Venture Capital Revealed”

Carlos Rodrigues, Principal/CFO, Pequot Capital Management, Inc

Carlo Caserta, Senior Associate, Pequot Capital Management, Inc

Doug Foster, Principal/Founder, Longitude Capital

Talk by Robert Holler, Founder and Managing Director at Chapel Street Advisors, LLC

Title: "Analysis and Valuation of Companies”

http://www.yale.edu/ybps/yerc.htm

YBPS Equity Research Club

(YERC) Company Pitches

– Opportunity to practice valuation of companies and teamwork• MBA/Scientist teams (2~3 ppl)

• Ppt presentation

– What to pitch? • Buy/Sell Recommendation

– Target Price

• Company Summary

• Competitive Positioning

• Recent Developments

• Financial Analysis

• Valuation

• Investment Summary & Risks

YBPS Equity Research Club

Mock Portfolio Meetings

• Format– Mini-pitch or “lightning

round”• 5-10 min presentation,

Q&A

• Buy/Sell decision• Summary of the

analysis– Each covers two to three

companies• Follow up your

companies

• YERC mock portfolios

Our MockPortfolio

MarketAverages

Resources

http://www.yale.edu/ybps/YERC/resources.htm

Bed Time Stories:

• Annual Reports (10Ks)

• Writings of Great Investors

• Warren Buffet’s annual letters

• Ben Graham’s books esp “intelligent investors”

• Peter Lynch’s essays

• Financial Basics

• Accounting

• Valuation

Midnight Thrillers:

• CNBC “Mad Money”

• PBS “Business Report”

• Bloomberg TV

Surfing heavens:

• Yahoo Finance

• Businessweek.com

• Morningstar.com

• Marketwatch.com

YBPS Sponsored Programs

1.YBPS Equity Research Program (YERC)2.Case Competition3.FDA Seminar Series4.Technology Ventures Program (TVP)5.Business of Biotech Seminar Series6.Consulting Outreach Program

To learn more: www.yale.edu/ybps

• Multidisciplinary team (2-5 students) to solve a business case and Multidisciplinary team (2-5 students) to solve a business case and win $3000 win $3000

• Judges will be executives from the pharmaceutical and financial Judges will be executives from the pharmaceutical and financial services industryservices industry

• Everyone enjoys a complementary dinnerEveryone enjoys a complementary dinner

• Although it is nice to win…writing the case is even better for your CV.Although it is nice to win…writing the case is even better for your CV.

YBPSCase Competition

yale.edu/ybps

YBPS Seminar Series

From Drug Discovery to Drug Approval:A Seminar Series on Working with the FDA

October 22nd 2008Perspectives from the FDA:

FDA organization, Phases, Future

October 29th 2008Perspectives from Pharma:

Preclinical IND, Pharma Perspective, NDA approval

November 4th, 2008Intellectual Property Issues

Yale Anlyan Center TAC Auditorium (N107)4:30PM Registration

5:00PM Panel Discussion6:00PM Networking

For more information and registration: www.yale.edu/ybps/

1) Technology Licensing Task Force - Works with Yale OCR to help catalyze the commercialization of Yale

technologies

2) Tech Impact @ Yale Newsletter – Reviews essential topics in the field & Upcoming events

3) Technology Ventures Seminar Series - Educational and networking opportunities in Intellectual Property /

Licensing / Business Development.

YBPSTechnology Ventures Program

yale.edu/ybps

YBPSBusiness of Biotech 2009

• Introduces basic concepts that drive the Introduces basic concepts that drive the business of biotechnologybusiness of biotechnology

• Format: Format: • Lecture followed by outside speakers, case Lecture followed by outside speakers, case

studies, and Q&Astudies, and Q&A• Light Dinner & Handbook providedLight Dinner & Handbook provided

yale.edu/ybps

Last Year’s Dates:Monday Jan 28th- Thursday Jan 31st 6-

8:30PM

YBPS

• Assembles teams to work with a local Assembles teams to work with a local company on a real problemcompany on a real problem

• Regular meetings with the company and Regular meetings with the company and final presentation of solutionfinal presentation of solution

• Gain consulting experience and networkGain consulting experience and network

Consulting Outreach Program

yale.edu/ybps

YBPS Equity Research Club Kickoff Guest Speaker

6:30 PM Talk by Michael Steiner, Wealth Manager at RegentAtlantic Capital, LLC

Title: "A contrast of challenges and opportunities in large pharma, biotechs, individual contractors and VC-backed firms.”

Check out Michael’s research Report at http://www.pharmawealthmanager.com