Susan Johnson, the founder and largest shareholder of Medfield Pharmaceuticals (Medfield), a small pharmaceutical company, faces two related decisions: how best to extend the patent life of a key drug and how to respond to a recent takeover offer. With this offer, Johnson has the opportunity to exit the business on a high note. Before making her recommendation, Johnson has to determine the value of the company, with a careful review of its existing and potential future products. But this is more than simply a financial decision, since Johnson—and Medfield employees in general—believe that the company is engaged in critically important work. A central source of tension in the case is determining the appropriate balance between the firm’s financial objectives and the mission and culture of the founder and employees. The conflicts are made explicit and are given depth with sufficient information to value a drug reformulation strategy and to value the company’s pipeline. Background on the pharmaceutical industry and exploration of issues related to patent-life extensions provide a rich context for discussion. At the University of Virginia Darden School of Business, this fictional case is taught in the core course, “Financial Management and Policies”; it has also been used quite successfully as a class taught jointly by finance and ethics faculty, though it could be executed in the curriculum of either area. It is appropriate for undergraduate, MBA, executive education, and executive MBA audiences.