French colonization played a huge role in the spread of...

French colonization played a huge role in the spread of communism in Vietnam, due to poor treatment. I’m writing about this topic because as Americans we know communism is wrong. Yet, I feel that it’s important for people to know why the Vietnamese people were communist and how it came about. French colonization lead to many rebellions in Vietnam. Since the Vietnamese people were in such a bad state and wanted to be liberated they turned to communism. The Vietnamese rebellions used communism to unite the people and push forth their rebellion. The French’s began to colonize Vietnam in 1874. The Vietnamese people gave the French a hard time during the â€Å"Pacification Period.† During this time the French tried to gain control of†¦show more content†¦The death of the man who betrayed Nghi started another uprising in Annam but this soon ended as well. The resistance in Tongking did not last as long as the resistance in Annam. The French were able to actually gain support in Tonking because they got rid of all the pirates there. In Tongking movement was never made to coordinate resistance under a central leadership. The rebels fought their own local wars. The French made deals with the rebel chiefs giving them the right to levy taxes and keep armies to stop the opposition of the Regime. Some of these Rebels became collaborates with the French, until the French were able to destroy them. Nothing in these rebellions were won or learned for either the French or the Vietnamese. The year 1900 became a point of departure in Vietnams political history. The French failed to realize their victory was only temporary. Leadership in Vietnam was now under new men. These men wanted to replace to have a legitimate national ruler who was able to combine Vietnamese values with western ideas. This identification only satisfied the countries elite though and not it’s peasants. The peasants only supported the elites because they had no other choice. The Ruler that first did this was a man named Phan Boi Chau. Chau began his political career in 1900. He was the first prominent Vietnamese nationalist. He figured Asia would always be victim of the west if they did not use western Ideas. After the warShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesreturn to trends reminiscent of the opening decades of the twentieth century and a major break from the prevailing dynamics of the cold war. In addition to the problems posed for conceptualizing the twentieth century as a discrete era of world history due to overlap with the preceding period and disconcertingly radical shifts in the course of global development in the 1900s, contradictory forces and trends, which perhaps more than any other attribute distinguish this turbulent phase of the human experience

Animal Farm By George Orwell - 845 Words

The Russian Revolution in 1917 was portrayed in Animal Farm, to show how the government is more unequal, totalitarian and brutal just like presently. Animal Farm is created by George Orwell, who displays this story as a ridicule, teaches a lesson by showing the dangers of propaganda, and uses animals to hide the original individuals. During the Revolution, Russians had lost hope in Czar Nicholas II due to his rampant behavior and how the government was slowing separating; therefore, he had a short-term. The Bolshevik s was a political party led by Vladimir Lenin who had led a revolution, successfully overthrown the Czarist regime and set up the new government. After Lenin s death, a bitter battle with Joseph Stalin who was head of the Communist Party and Leon Trotsky follower of Marxist theory had formed. Stalin gains control over the government and the country falls under totalitarianism. This dystopian novella is used by having disputable characters and shows the risks of abusing l anguage and power. In this book, George Orwell illustrates how his characters are involved in manipulation that leads to unfairness and corruption. Orwell exemplifies how Napoleon is an allegorical character named Joseph Stalin, who banishes Leon Trotsky created as Snowball; due to his animosity toward him. Napoleon is seen at first to be a good leader, but he is eventually taken over by greed. They dashed straight for Snowball, who only sprang from his place just in time toShow MoreRelatedAnimal Farm And George Orwell By George Orwell1034 Words   |  5 Pages Eric Arthur Blair, under the pseudonym of George Orwell, composed many novels in his lifetime that were considered both politically rebellious and socially incorrect. Working on the dream since childhood, Orwell would finally gain notoriety as an author with his 1945 novel Animal Farm, which drew on personal experiences and deeply rooted fear to satirically critique Russian communism during its expansion. Noticing the impact he made, he next took to writing the novel 1984, which similarly criticizedRead MoreAnimal Farm By George Orwell1397 Words   |  6 PagesAn important quote by the influential author of Animal Farm, George Orwell, is, â€Å"Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism.† George Orwell, a Democratic Socialist, wrote the book Animal Farm as an attack on the Communist country of Russia (â€Å"The Political Ideas of George Orwell,† worldsocialism.org). He had a very strong disliking of Communism and the Socialist party of Russia. However, he insisted on finding the truthRead MoreAnimal Farm, By George Orwell1545 Words   |  7 Pagesallow because an this elite institution of people often use this gear to dominate and oppress society. In George Orwell’s story, Animal Farm, Orwell demonstrates that education is a powerful weapon and is a device that can be used to at least one’s benefit. Living in a world where strength is a straightforward to benefit, the pigs quick use education to govern the relaxation of the animals on the farm to serve themselves worked to their advantage. This story in shows the underlying message that   firstRead MoreAnimal Farm By George Orwell944 Words   |  4 Pageslegs(Orwell 132). He carried a whip in his trotter(Orwell 133). In the novel Animal Farm by George Orwell, animals have the ability to talk and form their own ethos, Animalism. Animal Farm is an intriguing allegory by George Orwell, who is also th e author of 1984, includes many enjoyable elements. More knowledge of the author, his use of allegorical elements, themes, symbols, and the significance in the real world, allows the reader to get more out of this glance into the future. George OrwellRead MoreAnimal Farm by George Orwell1100 Words   |  4 PagesIntroduction: Widely acknowledged as a powerful allegory, the 1945 novella Animal Farm, conceived from the satirical mind of acclaimed author George Orwell, is a harrowing fable of a fictional dystopia that critiques the socialist philosophy of Stalin in terms of his leadership of the Soviet Union. Tired of their servitude to man, a group of farm animals revolt and establish their own society, only to be betrayed into worse servitude by their leaders, the pigs, whose initial virtuous intentionsRead MoreAnimal Farm By George Orwell1538 Words   |  7 PagesMecca Animal Farm The Russian Revolution in 1917 shows how a desperate society can be turned into a military superpower filled with terror and chaos. George Orwell uses his book, Animal Farm, to parallel this period of time in history. This book is an allegory of fascism and communism and the negative outcomes. The animals begin with great unity, working toward a common goal. The government then becomes corrupted by the temptations of power. George Orwell uses the characters in Animal Farm to showRead MoreAnimal Farm, By George Orwell876 Words   |  4 Pagesrebellious animals think no man means freedom and happiness, but they need to think again. The animals of Manor Farm rebel against the farm owner, Mr. Jones, and name it Animal Farm. The animals create Animalism, with seven commandments. As everything seems going well, two of the animals get into a rivalry, and things start changing. Food starts disappearing and commandments are changed, and the power begins to shift. Father of dystopian genre, G eorge Orwell writes an interesting allegory, Animal FarmRead MoreAnimal Farm by George Orwell1175 Words   |  5 PagesAn enthusiastic participant in the Spanish civil war in 1936, George Orwell had a great understanding of the political world and made his strong opinions known through his enlightening literary works, many of which are still read in our modern era. Inspired by the 1917 Russian Revolution and the failed society it resulted in, Animal Farm by George Orwell is an encapsulating tale that epitomises how a free utopian society so idealistic can never be accomplished. The novella exemplifies how influencesRead MoreAnimal Farm, By George Orwell1089 Words   |  5 PagesIn George Orwell’s â€Å"Animal Farm†, the pigs as the farm leaders, use unknown language, invoke scare tactics and create specific laws, thereby enabling them to control other animals, to suit their greedy desires, and to perform actions outside their realm of power. Because of the pigsâ⠂¬â„¢ use of broad language, and the implementation of these tactics they are able to get away with avoiding laws, and are able to convince other animals into believing untrue stories that are beneficial to the pigs. The firstRead MoreAnimal Farm By George Orwell999 Words   |  4 PagesAnimal Farm Essay George Gurdjieff was an influential spiritual teacher in the early twentieth century. He references in the following quote that when one is uneducated he will always remain a slave. â€Å"Without self knowledge, without understanding the working and functions of his machine, man cannot be free, he cannot govern himself and he will always remain a slave.† (Gurdjieff) This ties in with how the animals are treated in George Orwell’s Animal Farm. Animal Farm is a novella about animals who

The Economics of Running a Genomics Company Free Essays

string(76) " in that any other firm could discover the gene’s function and patent it\." Genset IPO Prof. Nahata FIN 9774 1. What are the economics of running a genomics company? What is the role of large pharmaceuticals in genomics? How competitive is the genomics industry? Running a genomics company is extremely capital intensive. We will write a custom essay sample on The Economics of Running a Genomics Company or any similar topic only for you Order Now Research and development, patenting, and developing marketable products cost a lot of money. The associated dangers of working with patents are also at issue here. Genset must be able to defend its patent in court against patent trolls, which can layer additional costs upon the capital intensive primary business activities of the firm. At this point in time, the patent situation surrounding mapped genes is also tentative. The US courts have yet to rule on the patent status of genes, making the market for patented genes suspect. The other difficulty of the genomics industry is turning research into revenue. It takes a very long time to turn a patented gene into a medical product, which has to pass through several rounds of scrutiny before entering the market. Even if Genset is able to find a major gene, they might not see returns for several years. Large pharmaceutical companies are integral to the genomics industry. Genset researches genes that are related to a wide variety of diseases. However, many mapped genes will not be linked to any underlying genetic disorder. The genes that are linked to treatable disorders must be researched to discover chemical compounds that interact with genes to treat the underlying disorder. While Genset has the intellectual capability to research the genes, they are not capable of developing drugs to interact with the genes they have mapped. Through licensing agreements, genomics companies could decrease the risk and amount of time before they could report positive earnings. The licensing agreements generated revenue immediately by selling some or all of the rights to future applications of specific genes. Thus the genomics companies did not have to wait for the future applications to mature before they could realize positive earnings. The industry is also extremely competitive. There are 114 biotechnology companies in France, with an additional 1,050 in the United States. Several genomic companies have already passed through their IPOs with mixed success. Competition is fierce to discover every human gene. It is a race to see who finds and catalogues all the human genes by the end of the millennium. By early 1996, there was an intense race to map all genes and genomics companies were getting closer to finishing the task every day. There is also heavy competition between the genomic companies and pharmaceutical companies. 2. What is happening at other genomics companies? What is Genset’s competitive position in the genomics industry? Many genomics companies have passed through IPOs and private funding rounds. At 250 employees, Genset is larger than all the other comparable companies provided in the case. Many other companies are operating in the sequencing business, developing libraries of sequenced genes. Beyond private companies, many research universities, government-sponsored facilities, and research institutions are also sequencing genes. While progress has not been lightening fast, it is worth noting that there is a finite supply of genes in the human genome. The amount of genes that are functional from Genset’s perspective is unknown. While competition to discover every gene was fierce, Genset was engaged in the systematic and comprehensive analysis of the genetic map of the humans to identify and patent genes and regulatory regions related to selected common diseases. Genset was a unique firm because it was both creating a library of genes and researching the genetic causes of diseases. They intended to discover drugs to treat these diseases and enter into strategic partnerships with pharmaceutical companies to develop and market these drugs. Genset not only researches genes, but it also is the world’s largest creator of synthetic DNA. Bradys believes that this line of business is extremely important to Genset’s future. Part of the desired $70 million will be devoted to tripling the output of synthetic DNA by updating its sequencing machines and increasing its workforce. Part of the money was needed to finance more equipment purchases and further research for its DNA mapping and sequencing operations to beat its competition. The industry is expanding quickly, with many small, nascent firms popping up, searching for private funding. The landscape is expanding quickly, with each firm trying to find ways to monetize their findings as quickly as possible. 3. What are the key success factors in genomics? What are the risk factors? What is the nature of cash flows in genomics? To be successful in genomics, a firm must have capital to acquire the necessary equipment and personnel to quickly map and patent genes. Given the finite amount of genes available to map, the genomics industry is truly deadlocked in a race to sequence the human genome. While raising the necessary capital is difficult, the more difficult aspect of the genomics industry is finding ways to monetize their research. Genset is fortunate to be the world leader in synthetic DNA. While their research may take years to pay off, their synthetic DNA operation gives them a reliable revenue stream. Genset is unique within the genomics industry in that respect and another: they are not just sequencing genes; they are also researching the genetic causes of diseases. This additional research makes their genetic patents and research more valuable to pharmaceutical companies that will be assured that they are pursuing worthwhile genes. To achieve profitability, Genset needed to successfully discover genes related to particular diseases, find partners to develop the products, conduct clinical trials, get regulatory approvals, and successfully manufacture and market such products. But the risk with this plan was that, Genset was based in France and patented its discoveries in France and the Euro zone countries. They were also unsure if the discovered gene fragments or genes (without known functions) could be patented. This was a BIG risk, in that any other firm could discover the gene’s function and patent it. You read "The Economics of Running a Genomics Company" in category "Papers" Also since they did not have any patents in America, where they were considering raising money put a big question on the viability of the plan. There was also the possibility that the patents, mainly on which the firm’s value was based on, were broad enough to give the firm a competitive advantage besides any patent could be challenged, invalidated or circumvented by others. . Are Genset’s cash flow projections reasonable? How much cash does the company need and when? To achieve profitability, Genset needed to successfully discover the genes associated with particular diseases and find appropriate strategic partners to develop products, conduct clinical trials and obtain regulatory approva ls. Genset entered into a three-year strategic alliance with Syntehlabo SA which focused on discovering genes associated with prostate cancer. They were also under discussions with an affiliate of Johnson Johnson to target schizophrenia. Their financial projections showed that in the future the company expected its revenues to come primarily from these types of contract revenues. The company has also filed three patent applications in France relating to its gene sequencing techniques. They are projecting their revenues based on successfully discovering these genes. Genset is looking to acquire approximately $70 million to finance more equipment purchases and further research. The company needed $30 million for capital expenditures including expansion of its TGS high throughput sequencing facility, the construction of a new mapping facility and polymorphism scanning lab. Another $40 million would fund ongoing research and development expenses. The funds were needed almost immediately. Without this technology and research, Genset would fall behind with no chance to recover. Raising this capital would be Genset’s largest financing project and would augment the $54. 2 million of funding raised through private equity (70. 4%), bank loans (13. 5%), government bonds (7. %) and other loans (8. 9%). We believe that Genset’s cash flow projections could be overstated since a major part of their cash flow source is contract revenues which would have to be made with Pharmaceutical firms. The case mentions that currently all the patents that Genset has are registered and protected in Europe. Most pharmaceutical firms on the other hand are based in North A merica with it being the largest market and unless all the patents that Genset are are registered and protected in North America, we believe they would not be in a position to achieve those cash flows. Hence we have discounted these cash flows by 40% initially. Also we believe that post an IPO and strategic investors from North America, Genset will develop the capability and expertise to pursue these patents listed in N. A and achieve the growth that they expect now. Thus we have a terminal growth rate of 5% factored in our model. However we have factored in the capital expenditure schedule that the firm has planned on the onset and that has been factored in the model since these expenses are essential in the pursuit of the firm’s future projections. 5. What is the current state of the financial markets? Are they conducive for an initial public offering by Genset? Would a private placement be a better alternative? The current state of the financial markets is healthy. Recent IPOs by other genomics firms have fared very well, despite the inherent risk in the business. Gene research is seen as the future of science, just as physics was the driving science of the early twentieth century. Given the success of recent offerings (with Human Genome Sciences and Myriad Genetics being the most successful), Genset is correct o investigate the possibility of a public offering. US capital is flowing into genomics at a steady clip, making it an appealing source of funding. The conditions associated with private funding make it less appealing to Genset. Genset is also unlikely to be able to raise their capital requirements through private funding alone. They have already received $54. 2 million in private funding, with 59. 3% of their shares owned by private investors. Private investment in biotechnology is at an all-time high, but funds are restricted from putting more than 10% of their total capital into any one business. This may require that Genset form deals with multiple funds, further dividing their remaining equity. Also there is a possibility that post these deals, while Genset would further dilute their equity there could be a situation where they could again be short of funds and raising funds in the future via this route could/could not be difficult. However once you access the public markets there is always the option of accessing the markets continuously for multiple capital raising activities. Thus going public sounds much more attractive. Also in the future, given the right strategic partner and if making continued contract revenue agreements becomes difficult they could also enter into a partnership or joint venture. Given that the firm would then have stock that is listed on the bourses makes this much more easier and hence going public is an extremely attractive choice. 6. Should Brandys take such extreme measures to issue stock in both France and the US? Why is he doing it? What additional costs and requirements are raised in doing so? Bradys is understandably weary about issuing stock in both France and the US. The offering would cost Genset twice as much, losing roughly 20% of their raised capital to fees and services. Before the offering, Genset would need to review their financials and prepare their past statements to comply with both US and French law. They would also need to secure accountants, lawyers, and underwriters in both France and the US, which will cost the firm a hefty price. Bradys is pursuing this option to expose the firm to as many possible sources of funding as possible. The US capital market is deeper than that of France. However, since the firm is French, it is able to draw some of the most talented French scientists to its firm. The US genomics market is deeper, making the pursuit of human capital more difficult. Bradys understands that if he were to only make an offering in France, he would be incapable of raising their required funds. Bradys needs the US market not just for capital. He also needs the US pharmaceutical industry and patent protection. By having American capital, Genset can more effectively lobby the US government for the patent protection they need to make their mapped genes intellectual properties. It is also worth noting that Genset has plenty of cash reserves and is not as badly in need for capital as Bradys believes. While the US has yet to weigh in on patent protection for genes, the increased amount of commerce on the side of genomics indicates that the courts will most likely uphold the rights of companies to patent their library of genes alongside their patented processed. 7. Why is Genset going public now? Does it make sense? Genset is going public now because they need $70 million in capital to advance their research and to not fall behind other genomics companies. There are some positive points to going public now. Tapping into the US market makes sense because of the higher amount of venture capital expenditures over their native France. If Genset does not find a way to raise this capital, they will most likely fall out of competition among their direct competition. The drawbacks to going public are many. No other similar genomics business has raised $70 million in their IPO. The highest previous offering was by Human Genome Sciences, which raised $66. 7 million. However, Human Genome Sciences did not face the challenges of Genset. Most offerings lose 10% of their raised capital to offering related services. Genset could conceivably lose 20% of their offering value, as they must prepare for offerings in both France and the US. A dual offering would require accountants, lawyers, and services for two different markets in two different languages. If Genset were to achieve their desired level of $70 million, they would need to raise roughly $87. 5 million in capital, before related costs are tabulated. It makes sense that Genset go forward with an IPO at this time, although it is not without its dangers. If their IPO fails, the firm would be tainted and they would be hard pressed to raise capital elsewhere. They could instead seek more private capital, which would not preclude an IPO in the future. Even if another round of private capital falls short of the $70 million mark, they could receive bridge funds that would carry them to another round of funding through venture capital or an IPO. However, given the amount of firms entering the market, Genset could easily hurt their value by waiting. The markets could grow weary of genomics companies and fail to pony up capital to even the best companies. Genset should strike while the iron is hot, not wait until the market has cooled down. Genset must firmly trust their advantage of having the most talented French scientists in the US market. The flood of US-based genomics firm has diluted the talent pool of American scientists. Genset has a strong advantage in this respect. Coupled with their superiority in synthetic DNA and competitive edge in DNA sequencing, Genset is certain to be a much sought after stock. 8. What valuation would you put on Genset’s stock? Be sure to support your valuation with specific analysis. You could try to be creative here! We estimate Genset’s stock to be priced at $10. 57 per share. We are using a beta of 1. 6 which is based on the weighted market capital of all comparable companies. The reasoning behind this is that the majority of the listed firms are in the US and hence it is difficult to find closely comparable firms. We also use the P/E based valuations since the value of the firm will also depend on how the comparable firms have performed in the market post IPO. The terminal growth rate is 5% which is reasonable since we haven’t accepted the revenue streams given to us by the firm. We have reduced them to 60% of the firm’s estimates since the numbers look highly optimistic and could be difficult to achieve given the fact that the firms’ patents are registered only in Europe and could not be easily marketable in the US where most development and pharmaceutical firms are based. The revenues depend on agreements with pharmaceutical firms and if these agreements are subjective then the associated revenues will also be subjective. The core valuation itself comes from a variety of inputs that we considered. While we also did comparable company valuations, we agreed upon considering using the adjusted present values method which realizes a share price closest to that using a range of share prices obtained using the multiples method. We used a range of discount rates and P/E values associated with them, from the range of comparable firms given to us. We believe this gives us a range of valuations and taking out the High-Low values, we use the median Net Present Value of the firm and the associated stock price derived from it thus ending with a share price of $10. 57 and a NPV of $44. 796mn. We believe this is fair onservative valuation and reflective of the risk as well as the potential associated with the firm. This reflects a good middle ground for the investors to get in on a company with great potential as well as for the firm to capitalize on its unique position in the biomedical space. Adjusted Present Value Approach Inputs Tax Rate Unlevered Cost of Capital Cost of Debt Growth Rate (Product Sales – 2001 – 2003) Terminal Growth rate Other Income/Loss Depriciation (Straight Line) CAPEX (every year) All Value in Thousands 40% Asset Beta (comps) Risk Free Rate Market Risk Premium Terminal growth rate 1. 7 6. 05 7. 09 13. 62% 16. 2% 15. 00% 5. 00% 0 20% 3% $10,000. 0 DEBT 20,000 Adjusted Present Value (APV) (A) NPV of Unlevered Investment Date Revenues Expense Other Income/Loss Depreciation and Amortization EBIT EBIT(1-T) Add: Depreciation Gross Cash Flow Less: Capex Less: Change in WC Free Cash Flow Terminal Value PV Factor PV of Future Cash Flows (at time 0) NPV of Unlevered Investment (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield Terminal Value of Tax Shield PV Factor PV of Tax Shields (at time 0) NPV of Tax shield Infinite Horizon 1996 1 $12,700. $23,300. 0 $0. 0 $15,662. 6 $26,262. 6 $15,757. 6 $15,662. 6 $95. 0 $20,000. 0 $0. 0 $20,095. 0 1997 2 $21,300. 0 $26,800. 0 $0. 0 $17,662. 6 $23,162. 6 $13,897. 6 $17,662. 6 $ 3,765. 0 $10,000. 0 $0. 0 $6,235. 0 1998 3 $44,600. 0 $31,500. 0 $0. 0 $19,662. 6 $6,562. 6 $3,937. 6 $19,662. 6 $15,725. 0 $10,000. 0 $0. 0 $5,725. 0 1999 4 $68,600. 0 $36,700. 0 $0. 0 $21,662. 6 $10,237. 4 $6,142. 4 $21,662. 6 $27,805. 0 $10,000. 0 $0. 0 $17,805. 0 2000 5 $129,200. 0 $46,500. 0 $0. 0 $10,000. 0 $72,700. 0 $43,620. 0 $10,000. 0 $53,620. 0 $10,000. 0 $0. 0 $43,620. 0 2001 2002 2003 6 $148,580. $53,475. 0 $0. 0 $12,000. 0 $83,105. 0 $49,863. 0 $12,000. 0 $61,863. 0 $10,000. 0 $0. 0 $51,863. 0 7 $170,867. 0 $61,496. 3 $0. 0 $10,000. 0 $99,370. 8 $59,622. 5 $10,000. 0 $69,622. 5 $10,000. 0 $0. 0 $59,622. 5 8 $196,497. 1 $70,720. 7 $0. 0 $10,000. 0 $115,776. 4 $69,465. 8 $10,000. 0 $79,465. 8 $10,000. 0 $0. 0 $69,465. 8 $673,852. 8 0. 3601 $267,668. 6 $71,549. 8 0. 8801 $17,686. 4 $331,280. 9 0. 7747 $4,829. 9 0. 6818 $3,903. 3 0. 6001 $10,684. 5 0. 5282 $23,038. 3 0. 4649 $24,108. 7 0. 4091 $24,393. 8 1 $12,163. 2 $1,965. 0 $786. 0 2 $33,437. 2 $5,401. 9 $2,160. 7 3 $4 2,913. $6,932. 8 $2,773. 1 4 $41,347. 9 $6,679. 9 $2,671. 9 5 $27,550. 7 $4,450. 9 $1,780. 4 6 $20,000. 0 $3,231. 1 $1,292. 4 7 $20,000. 0 $3,231. 1 $1,292. 4 8 $20,000. 0 $3,231. 1 $1,292. 4 $8,000. 0 0. 860916465 0. 74117716 0. 63809162 0. 54934358 0. 47293893 0. 407160916 0. 350531536 $676. 68 $1,601. 50 $1,769. 49 $1,467. 82 $842. 00 $526. 22 $453. 04 0. 301778371 $2,804. 25 $10,141. 00 NPV of Project $341,421. 92 total debt market cap genome therapeutics 1. 4 131. 4 human genome sciences 6 697. 4 incyte pharmaceuticals 0. 1 244. 8 millenium pharmaceuticals. 2 7 myriad genetics 0. 307 sequana therapeutics 4. 1 189. 9 cash 0. 01065449 0. 008603384 0. 000408497 0. 002931596 0. 021590311 9 107. 5 41 17. 8 72. 5 41. 3 EV (calc) 123. 8 595. 9 203. 9 -10. 6 235. 4 152. 7 revenue 11. 2 9. 6 11. 1 22. 9 3. 6 12. 4 revenue multiple (calc) EBITDA 11. 05357143 0. 6 62. 07291667 -31. 1 18. 36936937 -10. 1 -0. 462882096 65. 38888889 -5. 2 12. 31451613 -6. 1 28. 12273006 0. 053571 -3. 23958 - 0. 90991 0 -1. 44444 -0. 49194 EBITDA multiple (calc) 206. 3333333 -19. 1607717 -20. 18811881 -45. 26923077 -25. 03278689 19. 33648503 MEAN MEDIAN HIGH LOW 28. 12 15. 34 65. 39 -0. 46 19. 4 -20. 19 206. 33 -45. 27 Base Case Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value PV – 1996 5. 84 2173. 6575 0. 6771654 1996 12700 23300 15662. 6 -26262. 6 0 -26262. 6 15662. 6 20000 -30600 -30600 $313,353. 57 1997 21300 26800 17662. 6 -23162. 6 0 -23162. 6 17662. 6 10000 -15500 -15500 1998 44600 31500 19662. 6 -6562. 6 0 -6562. 6 1999 68600 36700 21662. 6 10237. 4 3378. 342 6859. 058 2000 129200 46500 10000 72700 23991 48709 0. 596237 0. 30626 depreciation capex Depreciation 1992 1991 0. 19413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 19662. 6 21662. 6 10000 10000 3100 18521. 658 10000 10000 4 8709 593323. 1 3100 18521. 658 642032. 1 51144. 45 Conservative 1996 Total Revenue Total Expense Depreciation Taxable Income Taxes After Tax Depreciation Capital Expenditures FCF Terminal Value FCF Post Terminal Value (B) PV of Interest Tax Shields Date Debt (D) Interest Expense Tax Shield NPV of Tax Shields FCF including tax shield Total Net income NPV of Plan $44,796. 5 7620 23300 15662. 6 -31342. 6 0 -31342. 6 15662. 6 20000 -35680 -35680 1997 12780 26800 17662. 6 -31682. 6 0 -31682. 6 17662. 6 10000 -24020 -24020 1998 26760 31500 19662. 6 -24402. 6 0 -24402. 6 19662. 6 10000 -14740 -14740 1999 41160 36700 21662. 6 -17202. 6 0 -17202. 6 21662. 6 10000 -5540 2000 77520 46500 10000 21020 6936. 6 14083. 4 depreciation capex Depreciation 1992 1991 0. 019413 0. 016384 0. 017899 0. 107211 0. 053256 0. 080234 includes patent purchase+investing activities 1 2 3 4 5 6 20 32 19. 2 11. 52 11. 52 5. 76 10000 10000 14083. 171549. 5 -5540 185632. 9 14787. 57 1 $12,163. 2 $1,970. 4 $788. 2 $10, 143. 89 ($34,892) 2 3 $33,437. 2 $42,913. 2 $5,416. 8 $6,951. 9 $2,166. 7 $2,780. 8 4 5 $41,347. 9 $27,550. 7 $6,698. 4 $4,463. 2 $2,679. 3 $9,785. 3 20000 $3,240. 0 $1,296. 0 $8,000. 000 $16,084 ($21,853) ($11,959) ($2,861) $23,869 PV – 1996 Shares Outstanding Share Price $34,652. 16 4,574 $7. 58 Present Value $28,139. 37 $118,630. 13 $7,862. 21 $68,507. 03 Rate 0. 2 0. 2 0. 3 0. 3 PE 11 25 11 25 Share Price $6. 15 $25. 94 high $1. 72 low $14. 98 10. 57 median How to cite The Economics of Running a Genomics Company, Papers

Dating Your Best Friend free essay sample

I ask myself sometimes why now and not then, I think this was how it was meant to be the whole time. We met in first grade and became real good friends right from the start. I remember playing a lot together with our friends. We also lived just across the street from each other so imagine, seeing each other at school and after school play even more outside after our homework was done, it was a great way of spending time together. Unfortunately after first grade, we somehow had to go to different schools, but we still got together after school and played together. It wasn’t until after 4th grade that I moved to a new neighborhood and didn’t see him again until 8th grade. We saw each other and recognized one another and again we became inseparable. We had a few classes together and we were always partners whenever we were assigned to grab a partner. We will write a custom essay sample on Dating Your Best Friend or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Also that same school year, all the rumors started; that we liked each other, we were going to end up going out, we were always together and so on. I did think about it but we were just fourteen year olds who had no age and no intention of dating. We were the best of friends in middle school and kept going strong. Our high school years came real quick as we kept on growing up together and watching each other blossom into young adults. We were still the best friends ever, and the same rumors still kept going around. We somehow managed to have classes together which were very good for the both of us because we never wanted to be apart. We still had no intention of going out, because we didn’t want to break that wonderful friendship we had made and kept for so long. It wasn’t until Valentine’s Day of freshman year when I started feeling a little something for him. He sent me a valentine with the following message â€Å"Happy Valentine’s Day! Thanks for being an awesome friend! † I thought at that moment â€Å"Oh, friend† but I let it slide because I felt it was not a big deal. Sophomore year rolled around, we were still the best friends ever, and the rumors and gossip continued. We had classes together again, nothing special happened until the very end of that school year. We were saying goodbye to each other and we hugged, but we hugged each other for a while. I honestly felt that â€Å"spark† between us. I thought he felt the same (he told me later on that he did). We parted ways and kept in touch a bit in the summer, and didn’t see each other again until next year, junior year. That year I couldn’t hide what I felt for him, I was actually becoming more and more in love with him. I can tell he was also falling for me as well. It’s one of those things a girl can tell without being told anything. We were still the best of friends, and the rumors were still going (I was very surprised, yet a bit amused). This year was different because we’re now sixteen/ seventeen and had grown up more. Yes we were inseparable, but those feelings were becoming more noticeable to everyone except to one another. Yet nothing happened and we were still the best of friends. Senior year was a big year for us; it was the last year that we might be together. My feelings for him were now stronger than ever, I wanted to be more that friends, but for some reason he always seemed to avoid me and not talk at all. I don’t know why, I was hoping for him to say something to me, since I had heard from many that he actually did love me. But nothing happened, so I gave up on him in that aspect of us. I had revealed to one of my good friends that I did love Isaac and wanted more. He revealed to that same person that he loved me too. I found out from her and I went to talk to him, he immediately got upset and denied everything. With that being said I also denied everything because I thought to myself that was his chance and he blew it. We got really mad at each other and said â€Å"we are friends and that is it†. We didn’t stay mad for that long; we got back to talking again. I decided to date a guy that year; it was going well until I saw Isaac. He saw us holding hands, I saw his face turn red with anger, and just walked away upset. I knew it upset him but I had no idea why, we had settled on being best friends. We still enjoyed all the senior activities like prom, boat trip, and finally graduation. We both graduated and saw each other for what could be the last time. He was going off to college and I was staying home. After those four years in high school we proved everyone wrong about going out with each other, or at least that’s what we thought. Time passed and I had broken up with my high school boyfriend and I started dating another guy here at ECC for a few months. I never heard from Isaac once during that time, I was a bit upset but I didn’t pay attention to it. It wasn’t until February 12 that I was on Facebook and I got talking with Isaac again via chat that night. We were talking and asked about my boyfriend, I told him I didn’t have one and that I had given up on guys for the moment. We kept talking and talking and then I asked him â€Å"For April Fool’s we should put as our status that we’re going out†. It took him a few minutes to say â€Å"Why not actually make it a reality? † I was shocked! I swear at that moment I had an instant flashback of our childhood all the way through high school. I had waited for so long for that moment that I said yes, it also took me a while to respond back. At that moment he confessed that he had loved me since the end of sophomore year when we said goodbye to each other. I was so happy that everything went the way it did. Unfortunately he was away at school and I wouldn’t see him until our one month anniversary when he came home. I didn’t mind, I did not wait all that time in high school for us to finally be together as a couple and not have the relationship work. We changed our Facebook status that we were officially a couple. It was an explosion of â€Å"It’s about time! †, â€Å"I knew it! †, and â€Å"I told you it would happen eventually! † We didn’t care though because we were just happy that our dream had finally come true. A month passed and it was our one month anniversary. We went out to dinner and had an amazing time together. That same night he took me to his home and I met his entire family. Since then me and his family have gotten along very well and we are practically like family. We definitely enjoyed that week together but he had to go back and I wouldn’t see him until May. My birthday came along and it happened to fall on a Saturday, which was nice because I planned to have a party. Isaac drove all the way home just for my birthday and surprised me. He called me before and said that he had sent a present. Then at around five in the afternoon he called and said that my gift has arrived and I had to open the door, sure enough it was him with a bouquet of flowers. I cried of joy, no one had ever done something like that for me. It was an awesome way to celebrate my birthday. The relationship has been going very well, and I’m positive that it will continue to stay like that. It just comes to show that that myth about how dating your best friend is bad isn’t always true. It can happen to anyone, and yes it doesn’t work out for some people, but in my case it worked out for the better. As I said before, I don’t think we were meant to be best friends, just something more.