Abstract
Abstract The paper puts forward a methodological approach to the evaluation of the effectiveness of venture capital investments in innovative projects in pharmaceutical industry using real options method. The proposed approach is tested on the real innovative project with venture financing in the pharmaceutical industry. The paper concludes that the value of the compound real option increases the overall value of the innovative project due to the factor of staged investment and a possibility to stop financing. The efficiency of using real options method when applied to the evaluation of the effectiveness of innovative projects by a venture investor is shown
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