FROM BENCH TO MARKET

A Biotech Valuation and Forecasting Playbook

How to smartly select biotech assets that will maximize your investment potential

Yen-Po (Harvey) Chin, MD, PhD • Tristan Yeung, MD • Jean Cruz, PhD

AMAZON

Transform Scientific Innovation Into Investment Success

Whether you’re a physician-scientist, biotech executive, founder, or aspiring professional, this practical, data-driven playbook teaches you to speak the financial language that drives investor decisions. Learn to make confident investment calls, pitch with credibility, structure high-value licensing deals, and build R&D portfolios that balance innovation with commercial viability. Master the skills that set top biotech professionals apart—and turn groundbreaking science into real-world impact.

Stop watching brilliant science stall at the funding stage. Get your copy today and navigate biotech’s financial landscape with clarity and confidence.

Email us at valuation@agmigroup.com regarding copies for educational, business, or sales promotional use.

Celebrating the launch of From Bench to Market at Harvard Innovation Labs
Allston, Massachusetts • July 2025

What Industry Leaders Are Saying

"A must-read if you are serious about starting, growing, or exiting a biotech startup. Evidence-based and data-driven."

— JOSEPH C. WU, MD, PhD

Director, Stanford Cardiovascular Institute

"The essential guide I wish existed when I began my own journey at the intersection of science, medicine, and business."

— JORGE CORTELL

Senior Advisor, Healthcare and Life Sciences, Harvard Innovation Labs

"Offers a rare and timely contribution to the biotechnology ecosystem. This work provides a much-needed bridge between scientific discovery and business execution."

— KO-CHUNG LIN, PhD

Founder and CEO, PharmaEssentia

"A fascinating playbook for biotech maturation. This is truly an important read for all stages of biotech growth."

— PETER J. FITZGERALD, MD, PhD

Co-founder and Managing Partner, Triventures

Essential Frameworks & Tools

Build expertise with industry-proven methodologies:

Core Valuation Methods

▶︎ Risk-adjusted NPV (rNPV) and Sum-of-the-Parts (SOTP) with step-by-step implementation
▶︎ Commercial forecasting, operating expense modeling, and discount rate selection

Market Analysis Frameworks

▶︎ Patient population sizing and market opportunity assessment
▶︎ Clinical development success rates and costs across therapeutic areas
▶︎ Competitive landscape analysis and positioning strategies

Strategic Planning Tools

▶︎ Product lifecycle modeling from launch through loss of exclusivity
▶︎ Practical case studies from oncology, neurology, and rare diseases
▶︎ Industry benchmarks backed by 190+ up-to-date references

Exclusive Downloadable Resources

Get immediate access to professional-grade tools that implement every methodology in the book

Complete Excel Valuation Toolkit

Ready-to-use Excel model that brings the book’s methodologies to life:

▶︎ Interactive assumption tables with industry-validated inputs
▶︎ Patient population calculators for precise market sizing
▶︎ Automated discounted cash flow (DCF) analyses for individual assets
▶︎ Integrated pipeline and company valuation capabilities
▶︎ Sensitivity and scenario analysis with Monte Carlo simulatio

Excel Toolkit

Practice Case Study

Apply your skills with a realistic biotech valuation scenario from our workshops:

▶︎ Complete single-asset valuation exercise
▶︎ Research using publicly accessible databases
▶︎ Practice developing defensible assumptions
▶︎ Interpret results and identify key value drivers
▶︎ Apply scenario planning and sensitivity analysis

Case Study

Download Instructions

  1. Turn to Chapter 5 in the book Bench to Market

  2. Look at the first paragraph of the chapter 

  3. Count to the 6th word in that paragraph

  4. Enter this word as your password (use lowercase letters only)

If you’re having trouble accessing the files, please verify you’re looking at the correct chapter and paragraph, and ensure you’re entering the password in lowercase format.

Dexter Yan

Transformation and Operational Excellence
Dexter Yan specializes in Implementation at AGMI, where he co-leads the Firm's global implementation and transformation arms. He partners with senior leadership teams across life sciences and MedTech to diagnose operational inefficiencies and deliver high-impact solutions in strategic implementation, digital transformation, and supply chain optimization. He has over a decade of experience driving measurable improvements in performance, efficiency, and resilience throughout the healthcare value chain.

Prior to AGMI, Dexter was an Implementation Management Consultant at McKinsey & Company, where he conducted in-depth operational analyses for leading life sciences clients: designing and executing optimized drug manufacturing programs that significantly boosted annual throughput; enhancing MedTech supply chain strategies to drive On-Time In-Full performance; and rolling out tiered huddle structures to embed sustainable performance management. Earlier in his career, Dexter led strategic assessments for large biopharmaceutical organizations (identifying millions in potential FTE savings and crafting actionable roadmaps to optimize capacity) and directed enterprise-wide digital transformations, including digital performance management and Electronic Batch Record (EBR) systems, yielding significant efficiency gains, labor-cost savings, and reductions in non-conformances.

Dexter holds an MS in Plastics Engineering from the University of Massachusetts and a B Eng in Polymer Science and Engineering from the South China University of Technology.

Dr. Thong Cao

Transformation and GTM strategy
Thong is an Engagement Manager at AGMI, where he drives life-sciences portfolio strategy, private-equity advisory, and biopharma commercialization, delivering value through M&A, business-building, omnichannel go-to-market initiatives, and large-scale transformations. He partners with senior teams to design and execute high-impact commercialization roadmaps and value-creation programs across novel therapeutic modalities.

Prior to AGMI, Thong led formulation and drug-product development for cell and gene therapies at Sanofi, including autologous CD34+ stem-cell programs for sickle-cell disease. He also managed technical due diligence, IP strategy, and CDMO/CRO partnerships. At Caribou Biosciences, he co-led iPSC-CAR-NK development for solid tumors, established CDMO sourcing partnerships, and defined go-to-market strategies and pipeline business-development plans for next-generation cell therapies. Earlier in his career, Thong supported end-to-end cell and gene-therapy manufacturing operations, optimized pricing frameworks for specialty biologics, and guided CDMO/CRO selection to accelerate scale-up. His cross-functional expertise spans process development, commercialization strategy, and financial modeling to maximize pipeline value.

Thong holds a PhD in Biomedical Engineering from Cornell University and a BS in Biochemistry from the University of California, Davis.

Dr. Changho Yoon

AI deployment strategy
Changho leads the firm's AI and advanced analytics initiatives, applying advanced statistical and machine-learning methods to diverse data modalities to design and implement bespoke AI models, drive real-world evidence generation, and empower clients with AI literacy.

Prior to AGMI, Changho enjoyed a career as a physician-scientist with research in AI & health informatics, most recently at Oxford University Hospitals, Oxford University's Big Data Institute, the Turing Institute for AI (UK), and QuantumBlack (McKinsey & Co.). Through these experiences, he has engineered explainable causal-AI tools for healthcare clients, led the development of smartphone apps for hospital doctors, and secured over $1 million in research grants. Changho consults for biomedical AI start-ups, routinely translating between data scientists, engineers, clinicians, investors, and other stakeholders. He remains an active researcher and invited speaker/teaching faculty in biomedical AI, having co-authored papers in Nature and other top journals; he has been invited to speak and teach about AI methods at flagship institutions, like the World Health Organization and ETH Zürich.

Changho holds a PhD (DPhil) in Biomedical Statistics and Clinical Sciences from the Big Data Institute, University of Oxford; a Master of Biomedical Informatics from Harvard University & MIT; and an MD (MB BChir) and a BA in Natural Sciences from the University of Cambridge.

Dr. Raghav Ram

Partner, Private Capital and Life Sciences, Global
Raghav leads the firm's Private Capital and Life Sciences practices in North America and Globally and advises software-enabled healthcare ventures on portfolio strategy, value creation, M&A, business building, and large-scale transformation. He combines deep scientific expertise with investment acumen to guide biopharma innovators and institutional investors through R&D portfolio design, asset development, and commercialization in a rapidly evolving therapeutic landscape.

Prior to joining AGMI, Raghav led teams in McKinsey & Company's Life Sciences and Private Equity practices, where he conducted buy- and sell-side due diligence, evaluated assets across modalities (e.g., CGT, ADCs, bispecifics) and indications (e.g., Oncology, Autoimmune, Neuroscience), and shaped commercial strategies for global Pharma, top global PE firms, and leading VCs. A co-founder of multiple software startups, he also brings hands-on operating experience, having served as fractional CBO/COO to early-stage ventures, Chief BD & Strategy at FactWise Health (driving $35 M+ in revenue), and COO of WAVVE Stream.

Raghav counsels CEOs, boards, and private investors on forging robust R&D roadmap – grounded in trends like AI-driven discovery, advanced proteomics, and novel modalities – and on executing complex transformations including M&A integration and CDMO/CRO partnerships. He has co-authored papers in Nature, Cell, and other top journals, presented at the plenary session at ASH, and secured nationally competitive funding from NIH, AFAR, and Baylor College of Medicine.

Raghav holds a PhD in Stem Cells and Heme-Oncology from Baylor College of Medicine and an MBA in Finance and Strategic Management from The Wharton School of the University of Pennsylvania.

Annie Lin

Private capital
Annie Lin is Chief of Staff at AGMI, where she co-leads the firm's US strategic priorities with deep expertise in business management, corporate finance, value creation, M&A, and healthcare commercialization. In this capacity, she partners with senior leadership to bridge strategy and execution, driving cross-functional initiatives across sales & marketing, data analytics, value-creation programs, and internal transformation efforts. She oversees project governance, shapes organizational frameworks, and ensures cohesive execution of key firmwide and client-facing initiatives.

Prior to joining AGMI, Annie advised US healthcare businesses at a boutique investment bank, where she led deal valuations and due diligence for strategic M&A engagements. Earlier, as a Manager at HSBC, she managed banking relationships for hundreds of corporate clients, including screening high-conversion leads, reporting area deal pipelines that supported over $20 million in annual revenue, and stress-testing credit projections for complex financing arrangements. Throughout her career, Annie has published market insights to guide C-suite decision-making, managed client groups across AI, cloud/edge computing, and robotics/automation, and supported sell-side healthcare M&A through detailed financial modeling and bid analysis. Her thought leadership in digital transformation and process optimization has helped firms streamline operations, improve governance through robust KPI tools, and achieve significant efficiency enhancements and compliance enhancements.

Annie holds an MBA from UCLA Anderson School of Management and a BBA in Finance from National Taiwan University.

Lin-Ga Tsan

Sustainability
Lin-Ga is Co-Founder & General Partner (APAC) at AGMI, driving the firm's work with clients' cross-border expansion and strategic initiatives in the Asia-Pacific. His efforts often focus on guiding clients in U.S. market entry for Asian enterprises and Southeast Asian market development, particularly within advanced manufacturing and infrastructure development (electronics, electric mobility, Cleantech, AI Infrastructure, and renewable energy). His expertise combines corporate strategic planning, industry operations, and investment management, offering comprehensive advisory services to the firm's clients.

Lin-Ga has directly facilitated key cross-border successes, including guiding a prominent Taiwanese publicly traded manufacturer in acquiring U.S. companies (US$10M-100M) to expand its presence in the North American market, and enabling a major conglomerate to successfully establish a joint venture for renewable energy infrastructure (US$1.5B CapEx planned) in Southeast Asia.

Before co-founding AGMI, Lin-Ga's career was marked by impactful roles across leading global institutions. As Head of Business Portfolio & Strategy at Delta Energy Inc. (a subsidiary of Delta Electronics), he was pivotal in architecting US$2B in 10-year top-line growth strategies and forging global partnerships to expand the firm's product portfolio in Asia. As a Senior Strategy Consultant at IBM, he advised clients in manufacturing (high-tech, electronics), infrastructure and mobility (energy, EV, aerospace) industries, covering strategic projects including 5-year new business incubation, R&D roadmaps and product portfolio restructuring, supply chain relocations, and enterprise-grade AI and operation process automation implementation. His financial expertise was honed at J.P. Morgan's Hong Kong office, where he contributed to managing over US$1 billion in assets, delivering capital market solutions to PE/VC fund managers, family offices, and ultra-high-net-worth clients.

Lin-Ga holds dual bachelor's degrees in Energy Engineering and Economics from National Cheng-Kung University (NCKU), Taiwan. During his academic training, he served as a multi-year co-op researcher at the Intelligent Embedded Systems (IES) Lab at the Department of Aerospace & Aeronautics. He developed and deployed shop-floor AI and IoT solutions for OEM/ODM clients in the aerospace and defense sector. Beyond his professional endeavors, Lin-Ga is committed to fostering future cross-disciplinary business leaders in Asia. He co-founded the AAC Talent Hub, a dedicated initiative that has helped 1,000+ young professionals and entrepreneurs achieve their career aspirations.

Guan-Lun Liao

Co-Founder & US Managing Partner
Guan-Lun is a Co-Founder and leads the firm's US operations and initiatives – including startup advisory, new-venture development, and alternative-investment strategies – while acting as a bridge between scientific innovation and business execution.

Prior to co-founding AGMI, Guan-Lun was an operator-turned-investor who worked with venture-capital firms in Silicon Valley, New York, and Europe on AI and FinTech investments. He led due diligence on more than ten financings, backed early-stage startups as an angel investor, and advised over 30 companies on growth and fundraising strategy. He has also scaled venture-backed MedTech and Climate-Tech startups (helping to raise over $10 million in private funding and growing team sizes tenfold) by leading business development and operations. Earlier in his career, Guan-Lun drove product and project management for leading electronics conglomerates, overseeing half a dozen complex launches. He identified manufacturing process improvements, managed cross-functional teams to meet global client timelines, and later co-led engineering teams to bring three products to market, boosting production efficiency by double digits and halving installation failure rates.

Guan-Lun holds an MBA from the University of California, Berkeley's Haas School of Business, an MS in Quantitative Management from Duke University's Fuqua School of Business, and a BSc in Management Science from National Chiao Tung University.

Dr. Jean C. Cruz

Co-Founder & Global Managing Partner
Jean Cruz (JC) is the Global Managing Partner of AGMI, defining and driving the firm's strategic vision, operations, and growth across North America, Latin America, and Asia-Pacific. He is a trusted advisor to boards, CEOs, and private-equity investors in life sciences and healthcare, helping clients unlock differentiated growth, navigate complexity, and lead transformative R&D, clinical-trial acceleration, and M&A initiatives.

Prior to AGMI, JC was a Manager in McKinsey & Company's Life Sciences and Healthcare practices, where he led strategic and operational transformations for Fortune 500 pharma companies, biotech scale-ups, and private-equity funds. His work included designing pioneering R&D roadmaps for cell and gene therapies, optimizing clinical-trial processes, conducting buy- and sell-side due diligence across oncology, neuroscience, and rare-disease portfolios, and integrating data-driven market strategies.

Earlier in his career, JC completed a PhD in Biomedical Engineering (Applied Physics & Neuroscience), where his research produced several US patents, over $5 million in sponsored grants, and publications in Nature. He subsequently undertook postdoctoral fellowships at Massachusetts General Hospital and Harvard Medical School, pioneering neurodegenerative diagnostic and imaging platforms.

Leading up to his PhD at Cornell University, JC earned a BSc in Industrial Biotechnology and Chemical Engineering (Double Major) from Universidad de Puerto Rico.

Dr. Yen-Po (Harvey) Chin

Co-founder & Executive Chairman
Harvey leads AGMI as Executive Chairman, architecting the firm's strategic vision and spearheading execution across high-value domains including cross-border licensing transactions, strategic M&A, and US market entry programs for innovative biopharma and advanced technology enterprises. With his rare convergence of expertise in clinical medicine, advanced analytics, management consulting, and enterprise AI deployment, Harvey has established himself as a trusted advisor to C-suite executives and board members seeking to transform breakthrough science and technology into commercial success and sustainable competitive advantage.

Before founding AGMI, Harvey was a practicing physician, medical AI entrepreneur and management consultant at McKinsey & Company within their Life Sciences and Private Equity practices, where he provided strategic counsel to global Top 20 pharmaceutical corporations, institutional healthcare investors, and emerging technology innovators. His portfolio encompasses comprehensive market penetration strategies, enterprise-wide commercial transformations that delivered consistent double-digit revenue growth, and the orchestration of over $1.5 billion in potential value through cross-border licensing arrangements and strategic partnerships. A pioneer in enterprise AI implementation, Harvey has designed and deployed advanced analytics solutions that optimize complex technology enterprise and biopharma process, enhance operational efficiency, and deliver documented EBITDA improvements of 20% across multiple therapeutic verticals.

 Harvey is one of the inaugural Harvard Healthtech Innovation Fellows, a Forbes 30 Under 30 honoree, and holds academic credentials including a Master of Biomedical Informatics (MBI) from Harvard Medical School, a PhD in Biomedical Informatics from Taipei Medical University, and an MD with specialized research concentration in regenerative medicine from National Yang Ming Chiao Tung University. He is also an invited speaker at Harvard, MIT, BIO Asia Conference, and Academia Sinica.

Beyond his business pursuits, Harvey is committed to developing the next generation of Asian leaders who can excel on the global stage. He co-founded the AAC Talent Hub, which has helped over 1,000 young professionals and entrepreneurs accomplish their career goals.