Stout was engaged by a Chinese pharmaceutical company to value patents and trade secrets owned by a start-up out of Dartmouth University. The two companies planned to create a joint venture for which the start-up intended to contribute its intellectual property and the client intended to contribute cash. Stout's assignment was to value the intellectual property to assure the client that the value of the contributions of the two partners was consistent with the joint venture deal structure they had preliminarily agreed to. We implemented a hybrid valuation approach incorporating market data and a discounted cash flow model to value the intellectual property. We addressed the risk and uncertainty of the financial projections developing multiple scenarios that allowed for the determination of probability-adjusted cash flows. Stouts valuation supported the preliminary deal structure and allows the parties to move forward with the development of the joint venture.