ABSTRACT
The decision by any pharmaceutical or biopharmaceutical company to embark on a capital building program is one that is made in an environment of continuing change-change in the regulatory environment, in the global market, and in the financial needs and expectations of the company. The technology may be promising but, nevertheless, may still be under development. Where the penalty for exceeding project budgets in a large pharmaceutical company may often only require a shifting of capital funds from one project to another, the same overrun in a start-up company can result in bankruptcy or the need for premature equity offerings that do not meet corporate expectations.
