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Investment & Commercial Due Diligence

Task:
Assess the risks of investing in the Target's capital
Task:
Assess the risks of investing in the Target's capital
Client:
EBRD
Region:
Ukraine
Business plan:
  • Reviewed Target's business plan and provided an opinion on the fundamental assumptions underlying its long-term financial and operating projections. This included assessing revenue growth, production costs, operating expenses dynamics, profitability, required capital expenditures for R&D modernization, and working capital management.
  • Compared Target's assumptions for key indicators with the industry standard to identify any deviations or areas of improvement.
Deliverables:
  • An independent assessment of the investment project was conducted together with providing a set of recommendations for the Client.
  • In-depth research of Target's core pharmaceutical market, including market trends, competition, and growth prospects locally and on export markets.
  • Conducted a series of interviews with Target's top management to gather insights and provide recommendations for its human resources capacities, sustainability of current organizational structure, and capabilities to execute the investment program.
Investment program:
  • Assessed the key components of the Investment Program related to the Client's financing of the R&D laboratory's modernization and Target's equipment procurement process. Supported in verifying whether the proposed CapEx costs of the project were in line with current market prices and represented good value for money.
  • Supported in verifying whether the proposed CapEx costs of the project were in line with current market prices and represented good value for money.
  • Evaluated whether Target would apply transparent procurement practices in the process.
Overview of operations, management resources, and staffing:
  • Interviews were conducted with Target's top managers to assess their management capacity and skills in implementing the company's business plan and long-term strategy.
  • Assessment of key functions within Target, including production, sales and marketing, and research and development (R&D).
Project scope:
  • Market trends assessment to evaluate the sustainability of Target's competitiveness and its ability to defend its market position.
  • Capacity evaluation of Target to implement a part of the investment program focused on the modernization of R&D laboratories, ensuring the presence of the required expertise.
  • Strategy, investment program, and business plan analysis for Target.
  • Evaluation of management competence and capacity to effectively implement this strategy.
Market analysis & competitive position:
  • General market overview, including key players, total expenditures on pharmaceuticals, GDP/capita expenditures, and the market size of the local pharmaceutical manufacturing industry. Description of market boundaries and competition.
  • Key drivers, growth trends, and prospects analysis of generic drugs for the next 5 years, with a particular focus on key segments and export countries targeted by Target.
  • Assessment of Target's competitiveness and the advantages of its products in key targeted market segments, including export countries (Poland, Uzbekistan, and Kazakhstan).
  • Description of the level of competition (local/international) and Target's market peers. Assessment of growth trends, market drivers, and assumptions for the main market segments targeted by Target, including data sources, key players, their market shares, and Target's existing and potential market share.
  • Analysis of export opportunities to neighboring markets, including market trends in Target's export countries (Poland, Uzbekistan, and Kazakhstan).
  • Evaluation of Target's marketing strategy for domestic and targeted markets and segments, including pricing policy, logistics, distribution channels, and advertising/promotion.
  • Assessment of the project's impact on the market.
  • Identification of potential competitive threats, including future market entrants and international competition, main international suppliers, import parity prices, import taxes and duties, and import/export regulations.
  • Analysis of market entry barriers locally and in targeted markets.
Product portfolio, pipeline, and production:
  • Review of Target's product portfolio, focusing on key products contributing to 70% of the company's consolidated revenues.
  • Assessment of Target's product pipeline and expansion plans, emphasizing its competitive advantage and launch program.
  • Evaluation of Target's registration capabilities in other targeted countries, including the European Union (EU), based on a sample of 2-3 dossiers. This included one developed dossier already compliant with EU standards and 1-2 dossiers upgraded to meet EU standards.
  • High-level review of Target's existing production facility, ensuring compliance with Good Manufacturing Practices (GMP) and evaluating production practices, procurement processes, quality control, and other relevant areas.
  • Benchmarking against industry best practices.


Project
leads

Yevgen Brovko
Co-founder, Market Access Partner (Pharmac/Biopharma, MedTech, Digital Health)
Anastasiia Maksymenko
Co-founder, Recruitment Partner (Pharma, Biotechnology, MedTech, Healthcare)
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