MassBio Annual Accounting & Auditing Update - 3 CPE Credits

Thursday, November 14 2013
2:00 pm – 5:30 pm

Location: MassBio, 300 Technology Square, 8th Floor, Cambridge, MA

The MassBio Business Development & Finance Working Group is once again providing a unique opportunity to benefit from the combined expertise of representatives of E&Y, BDO, PWC, KPMG and Deloitte as they bring their depth of knowledge and experience to this Forum. Join us for this rare opportunity to hear experts from the “Big Five” discuss a broad range of topics crucial to the knowledge base of anyone targeting success in our industry.

This Forum will be moderated by:

  • Christopher C. Kennedy, SVP of Business Development, inSegment Inc.

**This event is CPE Certified - 3 CPE Credits. This Forum is free to members and open to non-members for a $100 fee.**

PROGRAM

BDO will focus on the latest trends in R&D spending and considerations that companies within the biotechnology industry should be thinking about when it comes to R&D.  These considerations include accounting, disclosure and internal control considerations relative to clinical trials, purchasing and licensing technology, upfront costs, patents, development stage entities, SEC reporting of R&D in MD&A, critical accounting policies among other topics.

Presenters:

  • Todd J. Berry, CPA, Partner, Assurance Services, Practice Leader, Boston Life Sciences Practice, BDO
  • Douglas E. Gustin, CPA, Partner, Assurance Services, Member, Boston Life Sciences Practice, BDO

Deloitte will discuss recent key trends in life sciences and the related tax considerations.  We will cover topics such as the tax implications of entering into collaboration arrangements, latest developments in R&D credits and other incentives as well as other legislative developments.

Presenters:

  • Michelle K. Davis, Tax Principal, Deloitte
  • Jennifer Pollock, Senior Manager, Business Tax Services, Deloitte

Ernst and Young will provide its perspective on recent IPO trends and share best practices to execute a successful IPO.  The presentation will include recent hot topics of the SEC as seen through the comment letter process, for consideration by both public and private companies.

Presenters: 

  • Michael Donovan, Northeast Area Biotechnology Industry Leader, Ernst & Young 
  • Christopher Pereira, Assurance PartnerErnst & Young

KPMG will present on various valuation topics. This high-level discussion will cover valuations related to acquisition activity (financial reporting/tax); stock-compensation related valuations as well as other common valuations for life science / biotechnology companies. We will also briefly discuss a few emerging trends in valuation.

Presenters:

  • Sam Pambah, Managing Director, Economic & Valuation Services, KPMG LLP
  • Arto Suren, Senior Manager, Economic & Valuation Services, KPMG LLP

PwC will focus on the latest accounting considerations companies should be thinking about when entering into a collaboration. These considerations include defining deliverables, evaluating multiple element accounting, accounting for milestones, and current trends in reporting of collaborations.

Presenters:

  • Jeffrey Hemman, Audit Partner, PwC
  • Frank Loftus, Audit Senior Manager, PwC

 

 

This Forum is presented by the Business Development & Finance and Entrepreneur's University Forum Working Groups.

 

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Presenter Bios:

Todd J. Berry, CPA, Partner, Assurance Services, Practice Leader, Boston Life Sciences Practice, BDO

Todd has over 25 years of experience auditing and advising middle-market, privately held, venture backed and multi-national public technology companies.  In addition to Todd’s experience providing professional services to such companies, he also spent several years in financial operating positions with two technology start-ups.  Todd’s background includes significant experience auditing and advising companies in the area of revenue recognition, share-based compensation, pre-IPO planning, mergers and acquisitions, valuation issues, and complex equity and debt transactions.  His transactional experience in the area of venture capital transactions, initial public offerings and mergers and acquisitions has amounted to the generation of capital/value in excess of $1 billion.

Todd’s professional affiliations include the American Institute of Public Accountants, Massachusetts Society of CPAs, Association for Corporate Growth and MassBio. He holds a Bachelors in Accounting from Bentley College.

 

Michelle K. Davis, Tax Principal at Deloitte LLP

Michelle is a Principal at Deloitte Tax LLP and has over thirteen years of public accounting experience, specializing in multinational corporate clients in the life sciences, technology and manufacturing industries.  Michelle has experience with large tax consulting, tax compliance and tax provision engagements and is a member of Deloitte’s Federal Tax Accounting competency group.   Michelle is also a member of the life sciences practice and serves as a national firm resource on the medical device excise tax and branded prescription drug fee and frequently speaks on tax issues impacting the life sciences industry.  Michelle is also a member of the American, Massachusetts and Pennsylvania Bar Associations and has a B.A. from Marywood College, a J.D. from  Boston College Law School and an M.B.A. from Boston College Carroll Graduate School of Management.

 

Michael Donovan, Northeast Area Biotechnology Industry Leader, Ernst & Young 

Michael serves as an audit partner for Ernst & Young’s Biotechnology practice in New England and is the Northeast Area Industry Leader for Biotechnology. The Biotechnology practice, focused on biotechnology and medical device companies, is comprised of more than 150 audit, tax and finance professionals in the New England and Metro New York areas. Based in Boston, Mike has more than twenty two years of experience with a significant focus on working with privately-owned and publicly-held companies in the life science sectors including biotech, pharmaceutical and medical devices.

 

Douglas E. Gustin, CPA, Partner, Assurance Services, Member, Boston Life Sciences Practice, BDO

Doug has extensive experience with clients in the life sciences and technology industries. His client service experience includes working on SEC engagements that have significant mergers and acquisition activities and complex accounting arrangements. He has been involved with his clients with both private and public offerings with total resulting generated capital in excess of $1 billion. 

Doug has over 16 years of combined experience in public and private accounting. He has worked with both public and privately-held companies at various stages of development as well as companies with significant international operations. His private industry experience includes positions as a Director of Finance and as a Controller.

Doug’s professional affiliations include the American Institute of Certified Public Accountants, Massachusetts Society of Certified Public Accountants, Bentley Executive Club and MassBio. He received an M.S., Finance, Bentley College and B.S., Accounting, Bentley College.

 

Jeffrey Hemman, Audit Partner at PwC

Jeff is a partner in PwC's Health Industries practice working primarily with public and private companies in the Life Sciences/Pharmaceuticals industry sectors.  Jeff has assisted his clients with a range of issues including: initial public offerings, convertible debt offerings, SEC reporting, carve out audits, revenue recognition, initial pharmaceutical product launch issues, revenue reserves (including returns, chargebacks, Medicaid, and Third Party Payor rebates), joint venture accounting, accounting for equity issuances, income taxes, accounting for stock-based compensation, international growth, and the implementation and optimization of internal controls. From 2005 through 2007, Jeff was on tour with PwC’s National office as a subject matter expert consulting with engagement teams domestically and internationally on stock-based compensation awards, revenue recognition of multiple element collaboration arrangements in the Biotech/Pharmaceutical industries, income tax related matters, earnings per share, preferred stock, and other financial instruments. 

Christopher C. Kennedy, SVP of Business Development, inSegment Inc.

Chris Kennedy currently acts as Senior Vice President of Business Development for inSegment Inc., a full service digital marketing agency, located in Newton, MA. Chris is responsible for accelerating and supporting business development efforts and communicating inSegment’s unique ability to maximixe ROI related to a company’s digital marketing and advertising spend. 

Chris was previously Executive Director at Oppenheimer & Co. and had launched a Registered Investment Advisory Firm, Sturgeon Capital Management, which included an ongoing China partnership with Diebold & Associates, a Beijing based firm with over 27 years experience in the China markets.

Sturgeon Capital Management was founded by Chris to provide institutional clients, emerging growth companies and high net worth individuals with independent investment advice and quality investment opportunities. Prior to founding Sturgeon, Chris spent 16 years as Executive Vice President and Principal of Capital Advisors Group, a national investment firm with over $7 billion is assets under management.  During this 16 year period, he was instrumental in the firm’s operational direction and strategic development.  This involved actively guiding investment philosophy and the implementation of the firm’s portfolio management, technology infrastructure and trading platforms.

Prior to that experience, Chris managed $130 million in institutional assets invested primarily in the money markets and mutual funds as a Vice President with the Boston Company.  In addition, he marketed no load mutual funds, asset management services and an investment servicing program for CDs and other interest bearing instruments.

Chris began his career in financial services holding several senior management positions in lease financing for United States Leasing Corporation, American Finance Group, Inc., and International Funding Corporation. He holds a BS from Boston College and has actively held his 63, 65, 79, and 7 security licenses.

 

Frank Loftus, Audit Senior Manager, PwC

Frank is a senior manager in PwC's Health Industries practice with over 12 years of experience working primarily with public and private companies in the Life Sciences/Pharmaceuticals industry sectors. Frank has assisted his clients with a range of issues including: initial public offerings, SEC reporting, revenue recognition, revenue reserves, accounting for license and collaboration agreements, public and private debt and equity financings, accounting for stock-based compensation, mergers and acquisitions, and the implementation and optimization of internal controls. Frank is a member of the American Institute of Certified Public Accountants and Massachusetts Society of Certified Public Accountants and has a B.A. from the College of the Holy Cross.

Sam Pambah, Managing Director, Economic & Valuation Services, KPMG LLP

Sam Pambah is a Managing Director in KPMG’s Economic & Valuation Services (EVS) practice based in the Boston office. Sam joined KPMG in 2006 and spent several months on a short-term rotation with KPMG Canada. His experience includes valuation of businesses and business interests, intangible assets, stock options, preferred stock and financial instruments. He serves early-stage, middle market and large multinational clients across a range of industries. In the local New England and Upstate New York market, Sam has managed numerous engagements for clients in life science and broader healthcare industries both for financial reporting and tax regulatory purposes. He has presented at several internal (KPMG) and external events on various valuation topics. Sam attended Brandeis University’s International Business School and earned an MBA in International Finance. 

 

Christopher Pereira, Assurance Partner, Ernst & Young

Chris serves as an assurance partner in the Boston office of Ernst & Young and has more than 14 years of experience providing assurance services and advice to clients, primarily focused on the life sciences industry.  Chris’ experience with biotech companies includes product launches and various business and accounting issues, including license and collaboration agreements, public and private debt and equity financings, as well as various stock compensation issues.  Chris has also assisted several life science clients in the execution of initial and secondary public offerings.

 

Jennifer Pollock, Senior Manager, Business Tax Services, Deloitte

Jennifer has over ten years of public accounting experience, and primarily serves multinational corporations across multiple industries.  Her clients include large publicly traded corporations as well as clients in the early stage of development. She has extensive experience in accounting for income taxes, including accounting for uncertain tax positions and accounting for business combinations.  Jennifer is also a member of the American and Massachusetts Society of Certified Public Accountants; has a Bachelor of Science in Business Administration from Bryant College and a Masters in Tax from Bentley University.

 

Arto Suren, Senior Manager, Economic & Valuation Services, KPMG LLP

Arto Suren is a Senior Manager in the valuation services practice in KPMG’s Boston office. Arto serves a variety of clients from venture-backed start-up companies to publicly traded companies in the life science and healthcare industries as well as numerous other industries. He primarily assists clients with purchase price allocations, stock valuation, warrant/option valuation, debt valuation, goodwill impairment and business enterprise valuation needs. Internally, Arto is a member of KPMG’s national Valuation Services Technical Committee (VSTC) where he helps publish firm position papers and provide interpretive guidance on various valuation technical topics. Arto holds an MBA degree from Brandeis University’s International Business School.

 

 

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