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Always remarkable to see the difference between the founder/owner and the follower/non-owner during holiday periods. The founder/owner never stops.…
Always remarkable to see the difference between the founder/owner and the follower/non-owner during holiday periods. The founder/owner never stops.…
Liked by Barry Calhoun
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Reading this morning and this statement resonated strongly: A calm mind, a fit body, and a house full of love. These things cannot be bought…
Reading this morning and this statement resonated strongly: A calm mind, a fit body, and a house full of love. These things cannot be bought…
Liked by Barry Calhoun
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My wife and I, marking our 10th anniversary, took on the challenge of climbing Volcano Acatenango in Guatemala. As two 40-year-olds with little…
My wife and I, marking our 10th anniversary, took on the challenge of climbing Volcano Acatenango in Guatemala. As two 40-year-olds with little…
Liked by Barry Calhoun
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BLSQ Management
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Spanish
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I’m happy to share that I’ve obtained a new certification: GIAC Security Leadership Certification (GSLC) from GIAC Certifications. Time to add more…
I’m happy to share that I’ve obtained a new certification: GIAC Security Leadership Certification (GSLC) from GIAC Certifications. Time to add more…
Liked by Barry Calhoun
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A new article from American Banker rightly points to the Paycheck Protection Program as a well-deserved source of pride for the financial services…
A new article from American Banker rightly points to the Paycheck Protection Program as a well-deserved source of pride for the financial services…
Liked by Barry Calhoun
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I am truly humbled to share that I have joined First Bankers Trust Company, NA as Market President for the St. Charles Region!
I am truly humbled to share that I have joined First Bankers Trust Company, NA as Market President for the St. Charles Region!
Liked by Barry Calhoun
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Thanks and appreciation go out to my partners Brian Landzaat and Lincoln "L.A." Sorensen, as well as our MVP, Brendan McNab! Its been two years…
Thanks and appreciation go out to my partners Brian Landzaat and Lincoln "L.A." Sorensen, as well as our MVP, Brendan McNab! Its been two years…
Liked by Barry Calhoun
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Learn how you can minimize financial impacts and inconvenience by keeping your commercial structure operational during restoration:…
Learn how you can minimize financial impacts and inconvenience by keeping your commercial structure operational during restoration:…
Liked by Barry Calhoun
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MBJ 40 under 40 awards night. It was a fun and honoring moment to be recognized, but I’m more astounded and filled with gratitude as I reflect on…
MBJ 40 under 40 awards night. It was a fun and honoring moment to be recognized, but I’m more astounded and filled with gratitude as I reflect on…
Liked by Barry Calhoun
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Enough with the sarcasm. I’ve been triggered three times by sarcasm in the last week and it had me reflecting. Sarcasm is a completely useless act…
Enough with the sarcasm. I’ve been triggered three times by sarcasm in the last week and it had me reflecting. Sarcasm is a completely useless act…
Liked by Barry Calhoun
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To close out my conversation with former Assistant Treasury Secretary Mike Faulkender, we looked to the future. While Mike and his colleagues have…
To close out my conversation with former Assistant Treasury Secretary Mike Faulkender, we looked to the future. While Mike and his colleagues have…
Shared by Barry Calhoun
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We were really pleased that Paycheck Protection Program funds overwhelmingly went to the people who were intended to receive them, but it’s always…
We were really pleased that Paycheck Protection Program funds overwhelmingly went to the people who were intended to receive them, but it’s always…
Shared by Barry Calhoun
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When Treasury and the SBA made key changes to the fee structures on loans during PPP, it created more incentives for banks to fund the smaller loans…
When Treasury and the SBA made key changes to the fee structures on loans during PPP, it created more incentives for banks to fund the smaller loans…
Shared by Barry Calhoun
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In this part of my conversation with Michael Faulkender, we focus on the changes made in Round 2 of the Paycheck Protection Program that sought to…
In this part of my conversation with Michael Faulkender, we focus on the changes made in Round 2 of the Paycheck Protection Program that sought to…
Shared by Barry Calhoun
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Here’s another clip from my chat with Michael Faulkender, where he provided me with an “aha” moment while explaining why PPP was administered through…
Here’s another clip from my chat with Michael Faulkender, where he provided me with an “aha” moment while explaining why PPP was administered through…
Shared by Barry Calhoun
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Ilan Sender
$200M for four months. That’s what Jazz Pharmaceuticals grossed for selling a Priority Review Voucher. No new equity issued. No debt added. No royalty on future sales. In my view, financing using PRVs is one of the cleanest examples of non-dilutive value creation in biopharma, and is a good lens into how regulatory policy can create real financial instruments and market opportunity. From the seller's view, a PRV is a monetizable asset resulting from FDA policy which is designed to incent R&D into areas such as Rare Pediatric Diseases by granting transferable vouchers. Selling PRV vouchers have historically delivered up to nine-figures of cash without touching capital structure or encumbering future product economics. From the buyer's view, it's a time-value trade. A PRV can compress a FDA review from 10 months to 6 months. Four months sounds modest, that is, until you map it onto a launch curve with hundreds of millions in high-margin revenue. A PRV is most valuable in categories with steep launch ramps, where being first matters, or when a product has a short window of exclusivity and every month of protected sales counts. In these situations, the four-month acceleration can potentially translate into $100M–$200M in financial impact, based on reported PRV sales since 2016. Why did this PRV go for this record high? One factor is supply/demand. The program is set to expire in Sept ’26, unless Congress acts to renew it. A bill passed the House last year but did not make it through the Senate. As such, the supply of available PRVs may decrease and without a change in demand, we believe prices will stay strong. PRVs are niche. They help us see that biopharma goes beyond biology and trials. Policy creates instruments, and those instruments shape how companies finance themselves. Check out the Jazz Pharmaceuticals presentation at JPMorganChase Events / Presentations | Jazz Pharmaceuticals plc
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