The Importance of Valuation in Biotech

John MacIntosh: 90% of drugs that are first going into the clinic ultimately fail. And most people give up and just bet on the outcome of these binary events, but we take a different approach because I am a value guy. We think we are really good at defining where intrinsic value is," he says. "We can find companies with a significant margin of safety and yet have three to five X upside"