Case | HBS Case Collection | September 2012 (Revised January 2014)

Aqua Bounty

by Lucy White and Stephen Burn-Murdoch


Valuation of a pre-revenue biotech company at IPO using probability trees and real option techniques. Company is based in Massachusetts and lists in London on AIM. Products are genetically-modified fast-growing salmon for fish farmers and disease-prevention drugs and diagnostic kits for farmed shrimp.

Keywords: IPO; valuation; real options; decision tree; biotech; genetically modified; salmon; Entrepreneurship; Finance; Agriculture and Agribusiness Industry; Biotechnology Industry; North and Central America; Europe; South America;


White, Lucy, and Stephen Burn-Murdoch. "Aqua Bounty." Harvard Business School Case 213-047, September 2012. (Revised January 2014.)