This case involves evaluating the ethicality of a pharmaceutical company’s catch and kill strategy. As opposed to taking the perspective of an experienced executive at a large, successful company, this case is presented from the viewpoint of an inexperienced CEO at a small, cash-strapped research firm that has two promising drugs in early stages of development. However, the firm possesses neither the resources nor the experience necessary to bring the experimental drugs to market. This case introduces you to the timeline and steps associated with the Food and Drug Administration’s drug approval process. Additionally, the case asks you to review US GAAP and IFRS applicable to research and development costs, to analyze the appropriate accounting for intangible assets, and to perform discounted cash flow analysis under varying assumptions. It thereby introduces students to a variety of accounting and valuation issues that abound in the pharmaceutical industry.

此案例涉及评估一家制药公司的捕杀策略的道德性。与从一家成功的大型公司经验丰富的高管的角度出发，本案例是从一家资金短缺的小型研究公司的经验不足的首席执行官的角度提出的，该公司有两种处于早期开发阶段的有前途的药物。然而，该公司既不具备将实验药物推向市场所需的资源，也不具备必要的经验。本案例向您介绍与美国食品药品监督管理局药品审批流程相关的时间表和步骤。此外，该案例要求您审查适用于研发成本的美国公认会计原则和国际财务报告准则，分析无形资产的适当会计处理，并在不同的假设下进行贴现现金流量分析。