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Case study of Ipsen

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  1. Presentation of the sector and the company
    1. Introduction of L'Oréal
    2. Creating a company
    3. Brands
    4. The core of the group L'Oreal
  2. Methods of evaluation
    1. IFRS
    2. The valuation models
    3. The choice of model for the company studied
  3. Presentation of the employee stock option
    1. The characteristics of the plan
    2. The determination of assumptions
    3. The evaluation process of the Employee Stock Option

Ipsen is a European pharmaceutical group, which currently markets over 20 products with approximately 4,000 employees worldwide. Ipsen is specialized in research, development, manufacture and marketing of medicines. Its turnover for 2005 was as follows: sales of medicines (96.1%), sales of raw materials and active ingredients (3.9%). The Group's development strategy is based on a combination of products in targeted therapeutic areas (oncology, endocrinology and neuromuscular disorders) which are growth drivers and primary care products that contribute significantly to its research financing.

This strategy is also supported by an active policy of partnerships. The location of its four Research and Development centers (Paris, Boston, Barcelona, and London) can be related to leading university research teams and access to quality staff. In 2005, expenditure on research and development totaled 169 million euros, or 20.9% of consolidated sales, which totaled 807.1 million euros in pro forma Group prepared under IFRS. Nearly 700 people were assigned to R & D, for the discovery and development of innovative drugs for patient care. In December 2005, the shares were listed on the Eurolist of Euronext. The enthusiastic reception they received from investors demonstrates the confidence that they have in Ipsen. The Group is an international specialty pharmaceutical major leading in an innovation-driven environment. This is a major reason why this company was chosen for the study.

The growth drivers are based on Ipsen, especially in its international expansion. Ipsen is one of the few laboratories that will drop in the next few years, recording four records in the United States. The company prepares and seeks permission to market to the FDA for Somatuline Autogelin, the treatment of acromegaly with a deposit due in 2006. Concerning its botulinum toxin, two applications for registration are planned for 2007, one for the treatment of spasmodic torticollis (Dysport) and one for aesthetic medicine indications (Reloxin).

Finally, OBI-1 recombinant product intended for the emergency treatment of congenital and acquired haemophilia refractory to human factor VIII, will, after its development, be added to this portfolio. In this context, Ipsen is also preparing its next choice in the marketing of these drugs in the United States.

Upon obtaining the permission to market the product it will be promoted to dermatologists and plastic surgeons by one of the best sales force in this market in the United States. Reloxin will be marketed by its partner and in full synergy with Restylane, the leading dermal fillers. This major alliance, under which Ipsen should receive more than 190 million dollars of payments and charges corresponding to the sales, place the group in a very favorable position to enter the U.S. market. Ipsen is also working on setting up other types of alliances to market Somatuline Autogel in North America.

The Group, both in its targeted therapeutic areas in general practice, offers a diversified portfolio of leading medicines that have demonstrated a good and safe profile. Its products include drugs marketed worldwide to specialist physiciansin targeted s[ecifically at therapeutic areas (oncology, endocrinology and neuromuscular disorders) which are its primary areas of development.

Tags: Ipsen; case study; European pharmaceutical group; R & D, manufacture and marketing of medicines

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