Biopharmaceutical innovation results from the interaction of a complex set of firms that both generate and finance early stage products. As potential scientific innovations move through the research and development process, the various firms require both the involvement of increasingly sophisticated managers and infusions of additional capital from the private and the public market. This can often involve acquisitions or licensing with existing players - many of which have effectively outsourced large portions of drug discovery to these early stage firms. As a result, determining how value is created and captured in this area requires understanding the incentives and motivations of all of the players in the system, including but not limited to small biotechs, large pharmaceutical firms, venture capitalists, pubic investors, and private equity firms. This is true whether one is interested in operating an early stage firm, undertaking business development activities at larger firms, or being an investor in the public or private market. This course combines elements of your previous strategy, finance, and healthcare curriculum with new concepts and techniques specific to biopharmaceutical that will allow you to better understand this market. Students will apply tools of valuation and strategic decision making to both large and small firms that are attempting to develop and market new biopharmaceutical innovations. This will include both individual and group coursework requiring the use of concepts from previous finance, strategy, and economics courses - where groups will include a mixture of students with more and less backgrounds in each of these areas. After this course students will have a thorough understanding of the early stage biopharmaceutical market from both the point of view of an investor and a manager.