Doctorado en

Finanzas de Empresa
(ISSN: 1698-8183)

Documento de Trabajo
Universidad Complutense
0507 Universidad Autónoma

LAS OPCIONES REALES EN LA VALORACIÓN DE LAS

EMPRESAS BIOTECNOLÓGICAS. UN ANÁLISIS
EMPÍRICO DE EMPRESAS EUROPEAS

Autores: Gracia RUBIO y Prosper LAMOTHE

2005
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Volatilidad(Q)9 Beta Fuentes

Elan 66,11% 1,62 Yahoo Finance
Serono 32,30% 1,1 volatility.com
ARK Therapeutic 41,03% Nd focus.com
Celltech 47,64% 0,71 Yahoo Finance
Vernalis 150,62% 0,22 Yahoo Finance
GPC Biotech 44,17% 0,89 Yahoo Finance
Medigene AGN 44,30% 0,86 Yahoo Finance
Nicox 72,03% 0,79 Yahoo Finance
Zeltia 19,61% 0,77 Yahoo Finance
Medias 57,53% 0,87 Elab propia
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Volatilidad(Q)
Amgen 26,47%
Genentech 36,94%
Serono 32,30%
Biogen 37,27%
Genzyme 36,96%
Chiron 47,68%
Medimune 30,76%
Celltech group 47,64%
Gilead Science 36,76%
Medias 37,07%
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Moneda Benefico 03 Benefico 02 Benefico 01 Benefico 00 Volatilidad

Elan (mill $) -535,40 -2362,3 268,9 -294,5
Var Lg 148,44% -787,52% 633,40% 722%
Serono (mill $) 389,96 320,78 316,7 301
Var Lg 19,53% 1,28% 5,08% 10%
ARK Therapeutic (mill L) -8,11 -5,72 -4
Var Lg -34,91% -35,77% 35%
Celltech (mill L) -58,50 -54,8 -45,2 -426,2
Var Lg -6,53% -19,26% 224,38% 137%
Vernalis (mill L) -34,25 -29,99 -53,33 -40,97
Var Lg -13,28% 57,56% -26,37% 45%
GPC Biotech (mill ) -26,83 -32,94 -26,20
Var Lg 20,52% -22,89% 31%
Medigene AGN (mill $) VER -31,06 -38,87 -110,49 -9,26
Var Lg 22,43% 104,47% -247,92% 184%
Nicox (mill ) -19,48 -15,69 -11,52 -3,008
Var Lg -21,64% -30,89% -134,28% 63%
Zeltia (mill ) 2,85 4,68 9,13 12,71
Var Lg -49,60% -66,83% -33,08% 17%
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Medias 65%
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