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home > ebr > autumn 2002 > supplementary protection certificate - a patent's second life
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European Biopharmaceutical Review

Supplementary Protection Certificate - A Patent's Second Life

For the evaluation of biotechnology and pharmaceutical companies the life span of patents covering the products are considered in terms of established valuation models, like the discounted cash flow model or the real option theory. For the period of market exclusivity there is a high probability that the models will take a stable cash inflow through future revenues into account. A heavy discount is applied when the patent is scheduled to expire and it is expected that generic products will conquer the market at severely reduced prices. This has a direct consequence for the calculated value of an already listed company or an IPO candidate ready to go public. However, with the expiry of the patent's validity after a maximum of 20 years, there are still some legal instruments which can allow for the extension of the market exclusivity of a product.


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By Dr Armin Bohmann, Founder and Partner of Bohmann & Loosen, and Dr Ulrich Gerth, Vice President of Equity Corporate Finance at Hypovereinsbank Corporates & Markets

Dr Armin K Bohmann is Founder and Partner of Bohmann & Loosen, which was established in August 2000. Armin was previously Head of the Biotech Department of a leading German law firm specialising in intellectual property. His interests are IP matters related to biotechnology, chemistry and pharmacy; including prosecution, litigation and licensing.

Armin received a Diploma in Molecular Biology from the Technical University of Munich and a Doctorate Degree in Bioprocess and Biochemical Engineering, and spent one year as a postdoctoral in Japan.

Dr Ulrich C Gerth is Vice President of Equity Corporate Finance at HVB Corporates & Markets. He joined the company in April 2000, working in the biotech and life sciences sector on technology, products and business models. He moved to the corporate finance department in July 2001.

Ulrich previously worked as a Consultant for Ernst & Young's life sciences team. He was responsible for pre-IPO evaluations, consultation and market research, and was a co-author of two of their European Life Sciences Reports. After gaining a degree in Biochemistry from the University of Witten/Herdecke, Ulrich obtained his doctorate degree in Molecular Medicine at Oxford University, UK.




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Dr Armin K Bohmann
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Dr Ulrich C Gerth
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