HealthBIO

Business plan and valuation guidance

March, 2010
Disclaimer

This presentation has been prepared by Ernst & Young as instructed by and agreed with Turku
Science Park Oy (HealthBIO cluster). The information and opinions contained in this document are
derived from public and private sources which we, without further investigation, cannot be warranted
as to their accuracy, completeness or correctness. This information is supplied on the condition that
Ernst & Young, and any partner or employee of Ernst & Young, are not liable for any error or
inaccuracy contained herein, whether negligently caused or otherwise, or for loss or damage suffered
by any person due to such error, omission or inaccuracy as a result of such supply. In particular any
numbers, initial valuations and opinions contained in this document are preliminary and are for
discussion purposes only.

This presentation was prepared by Ernst & Young exclusively for the benefit of Turku Science Park Oy
(HealthBIO cluster). The presentation is proprietary to Ernst & Young but Turku Science Park Oy
(HealthBIO cluster) may disclose it together with this disclaimer to third parties for general
discussion purposes. Such third parties should not use the presentation for any other purposes and
they should, if in need of more specific information, seek professional advise and other sources of
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third party does not create any liability for Ernst & Young to such a third party.

March, 2010 Page 2

Table of contents

Page
Section 1 Business plan guidance 4
Section 2 Valuation guidance 10
Section 3 Contacts 17

March, 2010 Page 3

 Section 1

Business plan guidance

March, 2010 Page 4

Business plan
Sales document justifying business idea in a logical framework

Purpose of a business plan Business plan characteristics

► A business plan is a sales document that fulfills internal and external
functions.
Business plan is a sales tool that looks good and
► Internally a business plan forces the business’ management team to fix their
reads well. The text should be cogent, concise
objectives with a clear map, complete with signposts and milestones against
and clearly laid out.
which progress can be monitored and evaluated.
► Externally a business plan is the main tool used by financial investors to
evaluate the prospects for the business.
The focus is on key issues and the plan states
► Private equity firms receive hundreds of business plans every year and thus clearly what makes product/service different and
a business plan must arouse the interest of the investors and tell them better compared to competing ones without
exactly why a unique business or project deserves their serious attention. hiding potential weaknesses and challenges.
► In its full version, the business plan will extend to some 30 or 40 pages.
The plan displays a clear understanding of target
► The precise content of a business plan depends on the special markets, competitors and investor’s needs and
characteristics of each business, but several points, which are discussed in interests. It formulates objectives that are
the following slides, are common to all of them. unambiguous, consistent, credible and
compatible with industry experience.
What readers of a plan want to know
The plan demonstrates that the management team
has competences to exploit the market
opportunity and is able to deliver the business
What do plan.
Who are you want to How will How is your What’s in it
you? you do it? cash flow? for me?
do?
The plan is intelligible and complete in itself, having
no need of additional data or explanation.

Note: please see e.g. European Private Equity & Venture Capital Association (www.evca.eu) for useful information

March, 2010 Page 5

 Writing a business plan (1/2)
Issues to encompass

Framework Key points to cover

• Cogent and concise statement of the business idea.
• The market at which you are aiming.
• The specific benefits offered by the product or service. The unique features or factors that enhance the chances of success.
• Status of pre-clinical/clinical/other required studies? Study costs and probability to pass the tests?
Summary • The competence of the management team.
• The stage that the business idea has reached.
• The financial requirements, the specific purposes to which the finance will be put and the dates at which it will be needed.
• The potential risks and return.

• How the business has evolved and its past performance? Where the company is now and what it has already achieved?
History • In the case of a start-up company, history section summarizes the stages leading to the creation of the company.

• Summary of who the owners/directors are and the degree of their control over the company.
• Evidence that the assembled team has the track record, experience and expertise to achieve its goals (put detailed CVs in an
Management appendix). Highly important to show that the team will be able to deliver the business plan.
• Confirmation that the interests and competence of the team members are complementary.
• Analysis of expected future staffing needs?

• A precise description of what the product or service is and what it will be used for. Do patents adequately protect the firm’s products?
• Stage of production: design, prototype, pre-production? How to manage the smooth transition from producing a prototype to producing
in volume?
• Status of pre-clinical/clinical/other required studies? Costs of required studies and probability to pass the tests?
Products and services • A realistic assessment of product's unique or distinctive competitive advantages and the way in which these advantages will translate
into benefits for customers.
• A simple, but not simplistic, analysis of the technology you are using and an appraisal of the risks associated with it. Confine technical
details to an appendix.
• Weaknesses?

• Estimated size and composition of the market, including geographical spread and major customer types.
• Recent history and likely future developments: growing, static etc.
• The ways in which the market operates and the principal axes of competition: price, quality, service, reputation.
• Regulatory constraints and how these are likely to develop?
• Who are the potential competitors, how large are they and how are they organized?
Market and competitors • On what basis do rivals compete: price, sales volume, reputation, product design, quality, reliability, service?
• How does the product compare with those already available in terms of price, performance, reliability and so forth?
• What makes the product superior or different and how is it possible to protect its unique features from imitation?
• What barriers does a new entrant face and how is the competition likely to react to the entrance into the market?
• In what areas are the competitors demonstrably competent? How do the potential customers see the competition?

March, 2010 Page 6

 Writing a business plan (2/2)
Issues to encompass
Framework
Commercialization
Production and operations
Finance
(Projections & capital
required)
Exit possibilities
March, 2010 Page 7
Key points to cover
• How the business will respond to the identified market potential?
• What is the target price? How is it set?
• What is the aim of promotion?
• What the mix of promotion should be?
• How this mix relates to the ways in which customers operate?
• What distribution channels exist? Which of these will be used?
• What is the proposed geographical coverage of the sales force?
• How the business is going to function on a day-to-day basis?
• How the production process operates?
• The proposed split between manufacturing in-house and using outside, sub-contractors?
• The nature of a plant and machinery to be used and the financing requirements associated with this. Leasing or buying equipment and
at what cost?
• Requirements in terms of premises; use, location, type, size, cost and expansion potential?
• How quality will be monitored, particularly as output increases?
• Key assumptions underpinning forecasts.
• Expected sales growth, year by year.
• Sensitivity of the forecast to any change in a significant variable: price, cost, sales volume etc.
• Cash flow, cash requirements and major items affecting this
• Capital investment needs and the anticipated payback on investment.
• Realistic and pessimistic scenarios in those areas where forecasting uncertainties are greatest: e.g. sales, cash flow
• Financial requirements, the purposes to which the finance will be put and estimated future needs, including the timing of these.
• Provide a history of financial results in order to give credibility to projections, if possible.
• The financial projections will determine the level and structure of capital requirements.
• How much finance and which sources are required?
• What it will be used for?
• When it will be needed?
• How the share capital will be divided before and after the operation?
• When and how the investor will be able to exit from the investment?
 Critical factors when investors evaluate business plan
Emphasis on validity and commercial viability of business plan

The analysis of a biotechnology firm includes a thorough study of both business strategy and financial health. In
contrast to companies in more mature industries, many biotech firms do not have commercial track records. Thus,
analysts sometimes have to rely more heavily on qualitative rather than quantitative methods of valuation.
• What are the company’s key products and features of the company’s technology platform?
• How is the research pipeline? Do patents adequately protect the products? Past research success?
Products, pipeline, patents, R&D, • Status of pre-clinical/clinical/other required studies? Study costs and probability to pass the tests?
alliances • Has the firm entered into any promising collaborations or partnerships?
• What are the key milestones that must be achieved on the company’s path to success?

• Estimated size and composition of the market?

• Recent history and likely future developments: growing, static, etc.? Market trends, drivers, dynamics?
Market and competition • Who are the key competitors? What is their market share?
• What makes the product superior or different and how is it possible to protect its unique features from
imitation?

• What is the quality of the management?

• Can the management adequately describe their ideas?
Quality of management team • If it is an existing business, how has it been managed up to now?
• Do they understand their business? Do they understand the market?
• Do they have an understanding of critical success factors?

• How much money has gone in already?

• How much came from the existing owners?
Funding history • Where else did it come from?
• How was it used? With what results?

• How much funding is required? How will further expansion be funded?

• What will the money be used for?
Funding requirements • What will investor be buying – in terms of fixed assets, intellectual property, dreams?
• Is there adequate security for loans?
• Will there be adequate cash flow to pay interest and repay principal?

• What percentage of the company is on offer? At what price?

• What short of shareholders are required? Passive or active? With specific skills, expertise, contacts?
Deal • How will investors unlock future value? What will be the return on investment?
• What are the risks of losing the investment?
• When and how the investor will be able to exit from the investment?

March, 2010 Page 8

 Instruction on how to contact sponsors
Background
► Financing high-tech businesses is not something to
be bought off the shelf, like a mortgage for homes.
► Each project has its own strengths and weaknesses,
scientific background, opportunities and risks and
people that affect investment decisions.
► Worldwide, there are several thousand venture
capitalists and maybe a handful of them would be
interested in just your project.
► The tricky part is to identify them, and get their
attention.
Why business plans fail
► The presentation is too scruffy or too slick and the
text is too long, with too many generalizations, too
much waffle.
► The text is too short, too weak and vague and there
are not enough hard facts and details and there are
errors of facts.
► The financial projections are unreasonably optimistic,
especially if sales or cash flow improve unrealistically
smoothly.
► The plan was produced by professional consultants
only, raising doubt about the management's own
skills.
March, 2010 Page 9
Steps to proceed
Involve professional help in the process from
people who understand your business and how
the venture capital industry works.
Form your story in a clear, effective and
convincing way taking into account on how
investors look at projects.
Define what type of investor is most likely to be
interested in your project and identify them.
Choosing advisor
► When choosing an advisor it is worthwhile to
consider qualification, brand, track-record, network,
knowledge and price of potential advisors.
► In Finland international and local consulting
companies, corporate finance and investment
banking service firms and M&A advisors are parties
that advise in transactions, fund-raising, producing
business plans, etc.
► Examples of companies in question include
Ernst&Young, PwC, KPMG, Tutor Partners,
Technopolis Ventures, Replicon Group, Biocelex and
Innomedica.
 Section 2

Valuation guidance

March, 2010 Page 10

Examples of valuation methods to apply

Method Short description Comments

► Estimated future cash flows of the ► Theoretically the “right” valuation method and
Discounted Cash Flow company are discounted to present value purely forward looking. Highly dependent on the
DCF with Weighted Average Cost of Capital quality of future estimates
(WACC)

► Real options valuation is a financial ► Flexibility to wait, abandon, or expand on an

Real options technique for evaluating investments under investment opportunity is captured in a real option.
conditions of uncertainty Relies on hypothesis

► Valuation multiples of listed peer ► Suitable peer group for biotechnology SMEs is not
Peer Group Valuation companies are used to calculate enterprise easily available. The multiples used must be selected
values carefully

Transaction Multiples ► Valuation multiples from executed ► Not always possible due to lack of comparable
transactions are used to calculate transactions. Supports and complements the
Valuation enterprise values findings of peer group valuation

Venture Capital ► Discounting optimistic future earnings to ► Appropriate for investments in a company with
present value at a subjective required rate initial negative cash flows at the time of investment
Method (VCM) of return specified by investors

► Valuation of biotechnology venture companies poses a range of challenges as there is limited operating history and many early stage
companies have never generated profit or revenues.
► Young companies bear significant risk that can not be easily quantified and thus appraisal of intangibles, such as the founders’
entrepreneurial skills, know-how, experience and patents form a significant role in the valuation.

Note: please see The International Private Equity and Venture Capital Valuation Guidelines (www.privateequityvaluation.com) for useful information

March, 2010 Page 11

 Discounted Cash Flow

DCF method Time factor and investors’ view

► DCF is a valuation method used to estimate the attractiveness Cash flow
of an investment opportunity by using future free cash flow
projections and discounting them to arrive at a present value. Investors aim to evaluate
► If the value arrived at through DCF analysis is higher than the different performance
scenarios of a company in
current cost of the investment, the opportunity may be a good medium and long term.
one.
► The discount rate used is generally the appropriate weighted
average cost of capital (WACC), that reflects the risk of the +
cash flows. The discount rate reflects: Present

► Time value of money (investors would rather have cash 0

immediately than having to wait and must therefore be Time
compensated by paying for the delay) -

► Risk premium (investors demand extra return because they

want to be compensated for the risk that the cash flow might
not materialize after all)
Discounting cash flows
► Discounted cash flow models are powerful and theoretically
the “right” valuation method. However, DCF is merely a CF2010E CF2011E CFn
mechanical valuation method, which makes it subject to the DCF = + + ... +
axiom "garbage in, garbage out“ and small changes in inputs (1 + r )1 (1 + r )2 (1 + r )n
CF = Cash flow
can result in large changes in the value of a company.
r = discount rate (WACC)
WACC parameters
E D
WACC = * Re + * Rd * (1 - Tc)
V V 2010E 2011E 2012E 2013E 2014E 2014E-> Total
Re = cost of equity, Rd = cost of debt, E = market value of the firm' s equity
D = market value of the firm' s debt, V = E + D, E/V = percentage of financing that is equity
D/V = percentage of financing that is debt, Tc = corporate tax rate

Note: Please see e.g. Valuation; Measuring and Managing the Value of Companies (Koller, Goedhart, Wessels) for useful information

March, 2010 Page 12

Real options

Real option method Comparison of DCF and real options

► Real option valuation is a pricing technique that takes account
of the uncertainty of cash flows prediction and the Advantages Disadvantages
management’s ability to react to a changed environment.
• Misses the value of
► In particular, the management is able to abandon a project or • Easy to implement and flexibility and market
to divest if the project is not profitable anymore, or to invest DCF understand uncertainty
once the project turns profitable. • Standard in all sectors • Not suitable for risk
management
► Different types of real options:
► Option to defer • Captures market
uncertainty and the
► Option to expand or contract
management’s ability to
Option to abandon or license • Relies on more
► react
hypothesis and requires
► Option to switch Real options • Suitable for risk
more data
management
► Option to stage investments • Improves strategic
• Technical
► Option to grow thinking if properly
► Financial mathematics offers formulas, binomial trees, understood
simulations and finite difference methods to value an option.
For real options valuation of biopharmaceutical projects and Tree example
companies trees are the most suitable.
► Binomial trees subdivide the time to maturity in small time Better potential than expected
steps and assume that in each time step the market can go
both up and down, each scenario with a certain probability.
► The option value is obtained by calculating the tree back from 30% Potential as expected
the final leaves to the root. 67%
R&D 2nd R&D
► Trees visualize what can happen to the market and allow
comprehending how and when a value driver impacts the 30%
33% Abandon
value.
40%
► Weaknesses of this method include the capability of putting
real world decisions into mathematically solvable problems. Abandon

Note: Please see e.g. Valuation in Life Sciences (Bogdan, Villiger) for useful information

March, 2010 Page 13

Peer group valuation

Method Best practices for using multiples

► A method for determining the current value of a company by
examining and comparing a company’s multiples versus those of
comparable companies.
► Strength of the method is that comparables are typically market
based and understood by most investors.
► A careful multiples analysis can help to test the plausibility of cash
flow forecast, explain mismatches between a company’s
performance and that of its competitors.
► In general a ”fair” value of a company is established by multiplying a
selected peer group average/median ratio (e.g. EV/EBITDA) by a
company’s comparable financial figure (e.g. EBITDA).
► The use of industry/peer average overlooks the fact that companies,
even in the same industry, can have different expected growth rates,
return on invested capital and capital structure.
► Understanding what drives differences in multiples is critical to using
multiples appropriately.
► P/e multiples are popular in part due to their wide availability.
The value of a business should, however, be reflected in
multiples based on enterprise value (e.g. EV/EBITDA,
EV/EBIT) of a company. These multiples reveal the rating of a
business independently of its capital structure, and are the
most commonly used in transactions on private companies.
► To apply multiples properly: Choose comparables with similar
prospects for ROIC and growth, use multiples based on
forward-looking estimates, use enterprise value (EV) multiples
to mitigate problems with capital structure and adjust
enterprise value multiple for non-operating items.
► Disruptive technology firms may be difficult to compare to
existing public firms.
► When comparing to public firms, the illiquidity of a new venture
or private firm should be taken into account.
► Peer group valuation might be difficult to apply to young
companies that do not generate profit or sales.

EV/Sales EV/EBITDA EV/EBIT

Com pany Country Mcap. 2008 2009e 2010e 2011e 2008 2009e 2010e 2011e 2008 2009e 2010e 2011e
AFFITECH A/S DENMARK 20 23,9x 12,0x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
BAVARIAN NORDIC DENMARK 277 9,0x 20,4x 3,8x 2,0x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
BIOTIE THERAPIES FINLAND 87 18,7x 17,1x 18,5x 41,8x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
EXIQON A/S DENMARK 40 2,0x 3,2x 2,9x 2,2x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
KARO BIO AB SWEDEN 102 81,5x 137,8x 8,4x 21,0x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
OREXO AB SWEDEN 81 3,5x 3,2x 3,1x 2,8x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
TOPOTARGET A/S DENMARK 88 13,4x 13,5x 4,0x 3,9x n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
VITROLIFE AB SWEDEN 76 3,7x 2,8x 2,4x 1,9x 22,8x 16,7x 10,6x 9,2x 35,6x 25,4x 13,6x 11,5x

Median 87 13,4x 13,5x 3,9x 3,3x 22,8x 16,7x 10,6x 9,2x 35,6x 25,4x 13,6x 11,5x

Source: Thomson Reuters

March, 2010 Page 14
Transaction multiples valuation

Method Using transaction multiples

► Transaction multiples are based on the multiples implied by
transactions in the same sector as the company being valued.
► Size, growth prospects, market position and geographical
characteristics of the deals should be similar to the one
contemplated.
► In addition, the selected transactions should not be too old or
they would reflect different market conditions.
► The difference between trading and transaction multiples is
that the latter will include the premiums and/or synergies paid
for obtaining control of the acquired firms.
► It should be noted that every transaction is unique and reflects
premium based on gaining a desired market position or
control, for example. The premium varies also depending on
the payment method used (shares vs. cash).

Target com pany EV m ultiples

Date Acquiror nam e Com pany Country Business description Sales EBITDA EBIT EV/ Sales EV/ EBITDA EV/ EBIT

18.2.2010 Albany Molecular Research Inc. Excelsyn Ltd United Kingdom Pharmaceutical chemical development 13,5 2,2 1,7 1,3x 7,8x 9,9x
18.12.2009 Launchchange Ltd Genetix Group plc United Kingdom Robotic gene research equipment supplier 29,9 3,1 1,3 1,8x 17,3x 40,7x
5.11.2009 Biovitrum AB Sw edish Orphan International AB Sw eden Pharmaceuticals research and development services 46,4 6,9 6,8 7,4x 49,3x 50,6x
12.10.2009 BH Holding SpA Sorin SpA Italy Medical equipment manufacturing 668,6 90,6 53,4 0,9x 6,8x 11,5x
25.9.2009 Omega Diagnostics Group plc Co-Tek (South West) Ltd United Kingdom Bacterial diseases diagnosing tests production services 0,2 0,1 0,1 2,1x 4,1x 4,4x
24.9.2009 Consort Medical plc Medical House plc, The United Kingdom Medical equipment designer 3,3 1,1 0,9 5,6x 16,7x 21,6x
14.7.2009 Laboratorio Reig Jof ré SA Bioglan AB Sw eden Pharmaceuticals research and development services 7,3 0,9 0,8 1,0x 8,4x 9,7x
30.1.2009 Gen-Probe Inc. Tepnel Life Sciences plc United Kingdom Biotechnology based on DNA analysis 27,1 4,2 3,1 3,6x 23,4x 31,2x
26.1.2009 Magnum Capital Partners Generis Farmacêutica SA Portugal Pharmaceuticals manuf acturer 39,8 6,7 4,2 6,7x 39,8x 63,7x
22.12.2008 RPS Spain SL Inf ociencia SL Spain Clinical research services 9,7 0,9 0,9 0,1x 0,7x 0,7x
9.12.2008 MBO Team - Portugal Farma APS-Produtos Farmacêuticos SA Portugal Pharmaceuticals manuf acturer 63,4 16,9 11,9 3,9x 14,5x 20,7x
2.12.2008 Intertek Group plc EKO-LAB Sp zoo Poland Microbiological and chemical analysis provider 1,4 0,4 0,3 2,8x 10,8x 13,3x
10.10.2008 Henry Schein España SA Prolavi SL Spain Animal medicine manufacturer 6,7 0,2 0,2 0,2x 8,1x 8,1x
4.7.2008 LinkMed AB Olerup SSP AB Sw eden Transplantation and biotechnical products developer 7,3 3,9 3,8 3,1x 5,8x 5,9x
17.6.2008 NeutraHealth plc Perrigo UK Ltd United Kingdom Pharamceutical and drug manufacturer 22,8 1,5 0,6 0,3x 5,0x 12,4x
20.3.2008 Pegasus Bidco Ltd Premier Research Group plc United Kingdom Pharmaceutical and biotechnological research 52,4 8,8 5,9 1,7x 10,3x 15,5x
29.2.2008 Optopol Technology SA Optotek doo Slovenia Ophthalmic and medical equipment manuf acturer 3,8 0,6 0,5 2,2x 14,0x 16,2x
22.2.2008 Castlerise Investments Ltd Alltracel Pharmaceuticals plc Ireland Biopharmaceutical research and development 19,9 1,2 0,3 1,3x 22,3x 85,2x
Median 16,7 1,9 1,1 2,0x 10,6x 14,4x

Source: Zephyr

March, 2010 Page 15

Venture Capital Method (VCM)

Method VCM steps

► Venture Capital Method is a popular method for valuing start- • Define post-money valuation
Step 1 • POST = V/(1+r)t
up firms from the perspective of fund return. It is simple to
understand and implement. • Define pre-money valuation
Step 2 • PRE = POST-I
► Method requires terminal value (i.e. value of a company in the
exit) to be generated from other methods e.g. relative • Define shareholdings
Step 3 • F = I/POST
valuation or DCF.
► VCM is generally calculated with a large discount rate. • Define number of shares
Step 4 • y = x[F/(1-F)]
Reasons for the use of large discount are high-risks, lack of
liquidity and added value that investors bring along to • Define subscription price
companies. Step 5 • p1 = I / y
► Discount rates vary between 40% and over 80% depending
POST = post - money valuation (€), PRE = pre - money valuation (€)
on the investment stage (e.g. seed >80%, start-up 50%-70%,
V = terminal value (€) (value in exit), t = time to exit (years)
expansion 40%-60%). I = Investment (€), F = shareholdi ng requiremen t of investor
► The two main concepts of the method are pre-money and r = discount rate (%), y = number of shares required by investor
post-money valuation: x = number of founder' s shares, p1 = share price in the issue directed to investor
► A pre-money valuation refers to the valuation of a company or
asset prior to an investment or financing. Investors use a pre- VCM example
money valuation to determine how much equity to demand in
return for their cash injection to an entrepreneur and his or her
► Assumptions: V=25 €m, t=4 years, r=50%, I=3 €m, x=1 m
start-up company.
► Step 1: POST = 25 €m / (1,5)^4 = 4.9 €m
► Post-money valuation is the value of a company after an
► Step 2: PRE = 4.9 €m – 3 €m = 1.9 €m
investment has been made. This value is equal to the sum of
► Step 3: F = 3 €m / 4.9 €m = 60.75%
the pre-money valuation and the amount of new equity.
20,1 ► Step 4: y = 1 m [0.6075 / (1 – 0.6075)] = 1.5 m (investor
► Usually, a company receives many rounds of financing rather 25,0 needs 1.5 m shares to have holding of 60.75%)
than a big lump sum in order to decrease the risk for ► Step 5: p1 = 3 €m / 1.5 m = 1.94 €/share
investors. Pre- and post-money valuation concepts apply to
each round.
4,9 3,0
1,9

V Yield POST Investment PRE

March, 2010 Page 16

 Section 3

Contacts

March, 2010 Page 17

Contacts
Ernst & Young Oy
Elielinaukio 5 B
FI-00100 Helsinki, Finland
Phone + 358 207 280 190
Timo Leivo
Director, M&A
Mobile: +358 50 1929
Email: timo.leivo@fi.ey.com
March, 2010 Page 18
Jukka Ropponen
Senior Analyst, M&A
Mobile: + 358 40 735 2260
Email: jukka.ropponen@fi.ey.com
Turku Science Park Oy
Itäinen Pitkäkatu 4 B
20520 Turku, Finland
Phone + 358 28 803 100
Tero Piispanen
Program Director, HealthBIO
Mobile: +358 400 781 683
Email:
tero.piispanen@turkuscience
park.com