14th February 2019

Farmantra is invited by Smile incubator, Medicon village, Lund, Sweden to give a talk on ‘Early stage valuation’.

In this workshop, we will explore how a good early stage valuation is actually a mix of building right narratives backed by numbers. We will also bust a few myths such as "early stage products cannot be valued" or "your product is so unique that it is difficult to find comparable companies".

Most of the time, valuation is considered a numbers’ game or building complex models or being too subjective. Does creating complex models lead to a good valuation? If it’s too subjective, how do some of the funds focused on Value investing make money? Farmantra is ready with all the answers and delighted to meet young Biotechs.


30th November 2018

Farmantra thanks all the Panelists, Speakers and audience for making the discussion on ‘Early stage value creation’ a tremendous success.


  • GuillemLaporta - Principal, Ysios Capital, Spain
  • Esteban Pombo-Villar - CEO, Targimmune, Switzerland
  • Christofer Adding - COO, Attgeno, Sweden
  • Raúl Insa - CEO, SOM Biotech, Spain

Keynote Speakers :

  • Jordi Naval, CEO of Biocat, Spain
  • Edoardo Negroni, Partner, Aurora TT, Italy


29th November 2018

Panel discussion on "Early stage value creation"

In the pursuit of enhancing value to the Biotech community, Farmantra brought together the Biotech companies and the investors through a panel discussion moderated by Saurabh Mishra, the managing partner of Farmantra. The Panel comprising successful Biotech entrepreneurs, senior executives and VCs provided valuable insights on key success factors for the Biotechs including:

  • Perception of diversification and what really matters to the investors.
  • Risks of overfunding and underfunding.
  • Importance of risk management strategy.


Guillem Laporta, CFA, Principal, Ysios Capital emphasizes "risk of permanent loss" and what investors really care about.


Esteban Pombo Villar, CEO, Targimmune shared his insights on"different risks to be addressed, perception of risk and the need for effective risk management strategy".


5th November 2018

LABIOTECH.eu published ‘Going Public: A Guide for European Biotechs’ which leveraged Farmantra’s expertise on exit strategies and IPO through Nasdaq vs Euronext.

Read More


25th October 2018

Farmantra organized a workshop ‘Early stage valuation: Narratives and Numbers’ in association with Danish Biotech association where Saurabh Mishra discussed:

  • Pre-money, pricing, and valuation
  • Negotiation strategy with investors
  • How narratives play important role in valuation
  • Risks and uncertainties

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10th September 2018

Breakfast session organized by Karolinska institute, Stockholm, Sweden.

Another interesting ‘Valuation’ session for Farmantra at Karolinska institute where Saurabh Mishra, Managing partner, Farmantra S.L delivered valuable information to the delightful entrepreneurs of KI DRIVE.

Takeaways :
  • Early stage valuation is storytelling backed by numbers.
  • Know your audience when you pitch.
  • The difference between the value of your company and the price investors are willing to pay.
  • Building Investor relationships take time - start early.

Read More



14th March 2018

Aleap, Norway’s largest community for health startups invited Farmantra to give a talk on early stage valuation and the challenges faced by young Biotechs where Farmantra delivered valuable insights on early stage companies and the role of interim CFO.


19th October 2017

LABIOTECH.eu published ‘Negotiating early stage Biotech valuation: VC vs Entrepreneurs’ authored by Saurabh Mishra, Managing Partner, Farmantra.

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4 July 2017 in Geneva, 5 July 2017 in Zurich : Saurabh Mishra, Partner at Farmantra volunteered to give a talk on Early stage Valuation for CFA society Switzerland.

Oct 29, 2015 : Optimize your Value from Discovery to Commercialization

Farmantra and Black Swan Consulting welcome you to attend our conference on October 29th on the following topic.

Optimize your Value from Discovery to Commercialization


December 2012: An Overview of Stem Cell Therapy

The stem cell market is expected to reach US $ 63.8 billion by 2015. Higher growth rate is expected from countries such as China, India, Spain, Greece and Sweden which are at the forefront in driving the sector with an annual growth of 27%. Cell based therapy is a brand new pillar of the health care system that can address the effective treatment of many chronic and unmet diseased conditions. However, to achieve these goals, a more profitable business model should be defined besides addressing the scientific challenges to attract the investors’ attention to this particular health care system.


June 2012: Internationalization of Life Science Companies: The India paradigm

We are pleased to share the news regarding our first conference organized on 7th June 2012 with the collaboration of Biocat and Barcelonactiva. The theme of the conference was: ‘Internationalization of Life sciences companies: the India paradigm’. The objective of the presentation was to share the key success factors for the companies of Spain to enter the Indian market and leverage the capabilities of India in the Bio-pharmaceutical Industry.With that objective in mind, we invited Biocat to share the scenario of biotech sector in Spain and a biotech company to provide a real case study of their partnership with an Indian company. We thank all of you for the support and we hope you enjoy this reading.


April 2012: The first compulsory license by the Indian government: boon or Bane?

This is indeed good news for the burgeoning middle class who could now afford the drug for their treatment. However there are many questions that are unanswered. It’s true that reducing the price by 97% will definitely help many but it might be more interesting if government adopts the model used by developed economies and provides health coverage to the entire population in the country. Currently 60% of the population is deprived of such health coverage. So, even with so much significant reduction in the price of the drug, there still might be barriers to access it.


January 2012: The keys to successful implementation of a telemedicine program

For a telemedicine program to be successful, the right environment is necessary in order to guarantee the implementation. Aspects such as human commitment and acceptance by clinicians and patients, technological aspects such as development of infrastructures, economic and institutional support, the existence of protocols that are adapted to the context of a particular country, the need to inform and educate the patients, the vision for the Innovation, standardization of the program in the organizational system and the need to uphold the principle of equity between clinicians and users are essential if any company wants to succeed in the implementation of a telemedicine platform in a country.


December 2011: Can telemedicine help ophthalmologists reduce visual impairment in Age-related Macular Degeneration?

Telemedicine may be a very effective tool in the ophthalmic health care programs set up, as well as many others, in particular for those countries with remote and isolated areas, and it is a very good business opportunity for those companies which can develop the correct technology and can implement the right strategy of marketing. Few people will understand the value of telemedicine unless telemedicine companies successfully deliver their message and then reinforce it effectively.


November 2011: Can rapid tests for infectious disease contribute to the rational use of antibiotics?

Thanks to the use of such diagnostic tests, the specialists in primary care or family physicians can have very valuable additional information that helps them in the decision to prescribe, or not to prescribe an antibiotic across various types of infectious diseases. Against this background, it seems clear that the use of such tests and generalized market will increase significantly in the coming years, especially in countries which has many rural areas and where the infrastructure is not up to the scratch, these tests are a very interesting niche market.


October 2011: The In Vitro Molecular Diagnostic market

India, one of the leading countries with the greatest potential for developing bio-industry and manufacturing diagnostic IVD systems, need to invest in research and development to compete in the international market and offer diagnostic solutions to the problems faced by patients and health professionals. Given the current scenario, it seems evident that there is a large market opportunity for companies that develop new technologies for the IVMD market, given the social and demographic conditions of the new emerging Indian society, particularly for those who are able to innovate when it comes to rapid testing (POC).


September 2011: Overview of the Biotechnology sector in India

Vaccine manufacturing is a major opportunity area as India is poised to become the world’s largest vaccine manufacturing hub. Stem cell research is another area where India provides opportunities. India is the second country after the US to allow the human clinical trials for drugs using stem cell technology. Major hospital like AIIMS and CMC Vellore has launched stem cell research centers. With the development of infrastructure through the biotechnology parks and building of human capital through postgraduate programs in biotechnology and related fields, India provides all the necessary ingredients required for growth. Government’s introduction of new regulations for biotechnological products, separating it from other Pharma products, will go a long way in establishing the country to the global biotechnology arena. With a current growth rate of over 20% CAGR, the market provides opportunities for both the domestic as well as global companies and investors to tap the opportunity.


August 2011: Evolution of the Hospital Market in India

Indian healthcare segment is witnessing a rapid growth brought by the changing demographics, increasing disposable incomes and increasing life style diseases. Hospital segment is one of the most dynamic business sectors with an anticipated annual growth rate of over 12%. Opening of the industry and removal of capping on FDI have led to investment from oversees. Though the quality of healthcare is very high, India lacks infrastructure in terms of hospital beds at the same time. India has one of lowest per capita hospital beds in the world compared to the other developed and developing countries. In the recent past corporate hospital chains have witnessed impressive growth. Many hospital chains have adopted innovative strategies of targeting population in the Tier II and Tier III cities. Lack of infrastructure and growing disease burden is expected to drive the hospital industry in the coming decades.


July 2011: “Over the Counter” Drug Market in India

People’s faith in reviving traditional ayurvedic medicines is going up, with druggists, pharmacists and special retailers including super markets and hyper markets stocking up the same. This along with the promotional activities by the companies has put the OTC market on strong growth path in India. A booming economy and increasing middle class, along with awareness and the desire for self medication due to increasing fees charged by the physicians are the major factors supporting the growth of this segment. This growth does come with some caution of widespread misuse of such products since these are not regulated by the government authorities. Recently initiatives have been taken by the government to curb the misuse of OTC products and such initiatives by the government are believed to strengthen the OTC market. Since the OTC products are sold through different sales channels and are promoted directly to the consumers, it is essential to create brand awareness through investments in marketing and promotional activities.


May 2011: Generics Pharmaceutical Industry in Spain

The cost of healthcare in the developed countries is increasing and the recent economic recession has put a strong financial pressure on the healthcare expenditures in many of these developed countries. Though it is the fourth largest market in EU5, Spanish market for generic medicines is underdeveloped compared to its European counterparts. The high growth rate of close to 20% CAGR along with the pro-generic policies of the Spanish Government also provides huge opportunities for the generic companies.


March 2011: Oncology Market: Evolution of Treatment, Commercialization and Managed Care

Oncology treatment has evolved over the last decades and has moved away from the evidence based treatment to the value based treatment system. It is also evident the patients and the payers are becoming more influential in deciding the treatment. Due to the varying expectations from the various stake holders the pharmaceutical companies are forced to respond with a risk sharing agreement for treatment using their drugs. Healthcare industry is slow in understanding and responding to the changing environment in the oncology treatment. Pharmaceutical companies are still spending huge amounts on promoting the treatments to physicians whose influence is decreasing with the advent of increasing cost and awareness of the other stakeholders.


February 2011: R&D outsourcing in the Pharmaceutical Industry

R&D outsourcing has become one of the key strategic objectives of the Pharmaceutical Industry and it plays a very important role in drug discovery value chain. The big MNCs and medium sized companies spend millions of dollars to outsource their projects and if done rightly, this could help the companies to gain competitive advantage over their peers.


January 2011: Pharmaceutical Distribution in India

The organized retail in India is on a strong growth path and is expected to improve the pharmaceutical distribution system in India by improving the standards and bringing in latest technologies for supply chain management. These chains are also expected to cut down the counterfeit medicine distributed in India. Some pharmaceutical companies like Zydus Cadilla also see this as a big opportunity to improve the margins by cutting down the huge commissions that are being offered to the retail pharmacy stores. The industry is expected to boom with the easing of the foreign direct investment (FDI) norms in the pharmacy retailing.