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Life Sciences
Life Sciences
Innovation meets practicality and financial know-how.
Overview
The life sciences industry teems with excitement and possibility. The stakes are high and uncertainty is a constant; that’s why clients count on Friedman’s Life Sciences Service Group to provide structure, accuracy, and assurance through premier accounting, audit and tax work.
Life science companies pay a high price for success: costly R&D cycles, complex clinical trials, lengthy government agency reviews, risky product launches and challenging financing and capital raises, just to name a few. Friedman knows what it takes to get you to the next level. We have participated in numerous initial public offerings, reverse merger/alternative public offerings, Reg. A+ offerings, as well as mergers and acquisitions.
Friedman enables life sciences companies and their bio-entrepreneurs in all stages of their lifecycles to do what they do best: innovate and work creatively. As that occurs, you can be assured that the complex and nuanced accounting, reporting and tax compliance issues associated with capital, financing, licensing and other collaborative arrangements are effectively managed.
The segments we serve:
- Branded and Generic Pharmaceuticals
- Biotech and BioPharma
- Medical Devices
- MedTech and Life Systems
- Agritech and Animal Health
- Nutraceuticals and Cosmeceuticals
- Other Advanced Manufacturing
Just as your company benefits from and values its intellectual property and intangibles, you will benefit from Friedman's intangibles:
- Senior-level engagement
- Industry Experience
- Personalized attention
- Prompt answers to questions
- Creative thinking
- Seamless execution
Break through to a new era of financial performance for your business - connect with a member of the Life Sciences team, or contact us.
Proud Members of:
Service Menu
Friedman offers comprehensive accounting and audit, tax and consulting services that support the groundbreaking advances of private and public life sciences companies.
Audit and Accounting Services
- Audit and assurance services
- Industry-specific accounting solutions (e.g., revenue recognition within collaboration agreements, etc.)
- SEC filing support for IPO’s, reverse mergers/APO’s and alternative raises
- Transactional and due diligence support
- Licensing and royalty audits
- Benefit plan audits
Tax Services
- R&D and other tax credits and incentives
- Tax provision assistance
- International and domestic tax planning and structuring
- Federal, state and local tax planning
- Intercompany pricing
Consulting Services
- Accounting and processing outsourced/co-sourced solutions
- Forecast and budget assistance
- IPO preparedness
- Internal audit outsourcing and co-sourcing
- Corporate governance and Sox 404a support/consulting
- Benefit plan consulting
Client Stories
- CASE STUDY: Making Sense of Multiple Deliverables and Revenue Recognition
Complexities in Collaboration Agreements
- The Challenge
Life Sciences and other technology-driven companies often enter into collaboration agreements to develop and bring pharmaceuticals, medical devices or other products to market which involve multiple deliverables. Generally, a license is granted to a customer (the Licensee) who provides that customer with the rights to use the intellectual property of the issuer (the Licensor).
Our client, the Licensor, was in the process of entering into an agreement which encompassed research and development services, manufacturing services as well as marketing/sales for the licensed technology. The cash consideration included upfront fees, milestone payments for R&D, payments for manufacturing services and future royalties.
The client was concerned about the revenue recognition complexities which were further compounded by the recent accounting guidance changes. - The Solution
After reviewing the draft agreement, we helped our client identify the deliverables of this multiple-element arrangement and determine whether the deliverables were separate units of accounting. - Outcome
This upfront review and assessment provided for a better allocation of the various considerations to those separate units of accounting which assisted the client with finalizing its financial statements as well as their audit preparation. Finally, as an added value, we noted that the draft agreement provided for a markup on “Cost of Goods” without cost of goods being adequately defined in the agreement. This early agreement review and joint effort also mitigated the potential for future discrepancies and disputes on this element of the contract.
- The Challenge
- TESTIMONIAL: S. Colin Neill, President & CFO – Pharmos Corporation
- As a smaller publicly traded biotechnology company, preservation of cash was critical, especially during the economic crisis when external financing was almost nonexistence. The management and the board were used to dealing with big four national firms. In reality, we did not need a national firm, and I agreed to meet with Friedman LLP.
After discussing our needs, Friedman came back to me with a competitive fee range and plan that was very attractive and much better than the big four national firm we were with. I suggested that Friedman come back the next day and review the general ledger to ensure that they were comfortable with the quote - they were. Next step was to ensure that this would not be a first year buy in, and I was assured it was not. Lastly, I had to sell the well-known and experienced Board and Audit Committee. The references all checked out and Friedman was engaged as our auditor.
Friedman’s practical working experience and extremely professional, knowledgeable and helpful staff were appropriate for the size and development stage of Pharmos Corporation. Through the years, from the management team to the Board members, we quickly learned that the level of service and expertise didn’t deteriorate and in fact access to key individuals and the overall efficiency of our filing process improved. Our Friedman engagement team treated us like their “A” client at all times and really invested time and effort to learn about our company and its specific needs.
I would recommend Friedman to any life science company, as they will surely benefit from their expertise and quality client service.
- As a smaller publicly traded biotechnology company, preservation of cash was critical, especially during the economic crisis when external financing was almost nonexistence. The management and the board were used to dealing with big four national firms. In reality, we did not need a national firm, and I agreed to meet with Friedman LLP.
Insights & Events
- September 26, 2019 PACT Capital Conference
Join us at the Friedman sponsored PACT Capital Conference in Philadelphia! This well-known event brings together players from the private...
Read more - September 8, 2019 21st Annual Global Investment Conference
We are proud to be a bronze sponsor at this year's Rodman & Renshaw 21st Annual Global Investment Conference. This conference brings together...
Read more - June 3, 2019 Xybion World 2019
Friedman is a proud Silver Sponsor of Xybion World 2019! Xybion is the leading provider of software, services and consulting for global...
Read more - May 8, 2019 9th Annual BioNJ BioPartnering Conference
Friedman is a proud sponsor of the Ninth Annual BioNJ BioPartnering Conference! This exciting conference brings together over 400 regional biopharmaceutical executives,...
Read more
- September 6, 2017 What BioPharma Investors Need to Know about Financial Disclosure
Stock News Now featured an exclusive article from Robert E. Fiorentino, CPA, Partner showcasing must-know financial disclosure insights for BioPharma Investors. For...
Read more
- September 26, 2019 PACT Capital Conference
Join us at the Friedman sponsored PACT Capital Conference in Philadelphia! This well-known event brings together players from the private...
Read more - September 8, 2019 21st Annual Global Investment Conference
We are proud to be a bronze sponsor at this year's Rodman & Renshaw 21st Annual Global Investment Conference. This conference brings together...
Read more - June 3, 2019 Xybion World 2019
Friedman is a proud Silver Sponsor of Xybion World 2019! Xybion is the leading provider of software, services and consulting for global...
Read more - May 8, 2019 9th Annual BioNJ BioPartnering Conference
Friedman is a proud sponsor of the Ninth Annual BioNJ BioPartnering Conference! This exciting conference brings together over 400 regional biopharmaceutical executives,...
Read more - March 19, 2019 29th Annual Oppenheimer Healthcare Conference
Friedman is excited to be a sponsor of the 29th Annual Oppenheimer Healthcare Conference! The event brings together over 100...
Read more - October 29, 2018 Life Sciences Future
Look for us at the Life Sciences Future annual event, in Philadelphia, PA. Friedman is excited to be part of...
Read more - October 25, 2018 BioNJ C-Suite Summit
We are a proud sponsor of the BioNJ C-Suite Summit in Bridgewater, NJ. This summit brings together leaders and their teams...
Read more - May 3, 2018 2018 BioNJ Partnering Conference | May 3
Friedman LLP is proud to sponsor and exhibit at the BioNJ Partnering conference on May 3! In partnership with J.P....
Read more - May 23, 2017 2017 BioPartnering Conference | May 23
Friedman LLP is proud to sponsor and exhibit at the BioPartnering conference on May 23. In partnership with J.P. Morgan,...
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