Program Overview 2025
Expand your knowledge on finance & valuation in Life Sciences & Health. Below is the preliminary program for the course. The final program will be updated soon.
The next edition of the Finance for Growth course will run from 31 October to 12 December 2025. It will be held in-person at the Vrije Universiteit Amsterdam.
| Module | Topics | Teachers | Content | |
| Module 1. 31 October 2025 The basics of strategic funding: market trends and financial statement analysis | Course introduction and setting the scene: biopharma market trends, drivers & opportunities | Linda van de Burgwal / Kenneth Fernald | Introduction to the Finance for Growth course and why the biopharma market differs from traditionalmarkets in terms of financing | |
| Financial statement analysis | Marc Schauten / Arjen Siegmann | What to learn from financial statements? The basics of reading and interpreting balance sheets, profit and loss statements and cash flow statements | ||
Module 2. 7 November 2025 | Discounted cash flow analysis | Marc Schauten / Arjen Siegmann | Conducting smart calculations with a common spreadsheet tool: advanced use of Excel functions | |
| Venture capital deal terms | Harm de Vries/ Fien Hogewoning/ Rogier Ketelaars | What to look for when negotiating with venture capital? The most often used venture capital deal terms and the most overlooked clauses | ||
Module 3. 14 November 2025 | Investment risk and the cost of capital | Marc Schauten / Arjen Siegmann | Why the profits in pharma need to be high: the time value of money and capital budgeting | |
| Non-dilutive funding | Judith Smit/ Isabella Zampeta | How do I finance a business? Applying the dilutive and non-dilutive funding mix to finance life sciences ventures | ||
Module 4. 21 November 2025 The impact of risk and return: cost of capital and valuation by VCs | Introduction to options | Marc Schauten / Arjen Siegmann | To understand optionality this lecture introduces financial options. They provide the intuition and the machinery to deal with real options (week 6). | |
| Valuation by VCs | Bart Bergstein | How do venture capitalists valuate companies before they invest? Experiences from a seasoned investor. | ||
Module 5. 28 November 2025 Valuating your company: valuation approach and industry specific margins | Valuation techniques for the firm | Marc Schauten / Arjen Siegmann | How to determine the value of a company | |
| Valuations for life sciences and industry specific methods | Kenneth Fernald | Valuation approaches for life sciences ventures - DCF and rNPV method; industry specific calculations and risk profiling | ||
Module 6. 5 December 2025 Securing an exit: perspectives of investment bankers and valuation of M&A deals | Real options | Marc Schauten / Arjen Siegmann | When it might be better to wait. Using real options in the biopharma sector | |
| Valuation by investment bankers | Van Lanschot-Kempen | How do investment bankers valuate companies in order to get to an exit? A real-life example | ||
| Q&A | Linda van de Burgwal / Kenneth Fernald | Opportunity to ask questions | ||
Module 7. 12 December 2025 Get active: understanding and applying 24 financing modalities while optimizing your company’s position | Financing modalities for the firm | Linda van de Burgwal | Understanding and applying over 24 financing modalities for your firm (emphasis on non-dilutive instruments) | |
| How to scale up sensibly | Pieter Wijffels | How to balance R&D with sales & marketing in the life science industry | ||
| Q&A | Linda van de Burgwal / Kenneth Fernald | Opportunity to ask questions |
Faculty / Speakers
Linda van de Burgwal
VU
Eric Claassen
VU
Judith Smith
FFUND
Harm de Vries
Innovation Industries
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