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1、October 2023InvestmentsSpotlight:Value-Based CareStrategics in HealthtechSubsector Trends and PredictionsGlobal ExitsAuthorsGlossaryFUTURE OF HEALTHTECH 20232FUTURE OF HEALTHTECH 2023We are pleased to bring you the Future of Healthtech 2023 Report,a comprehensive analysis of the trends,opportunities
2、 and challenges in todays healthtech innovation market.We began 2023 with a cautious outlook,and theres no disputing that this year has been difficult for stakeholders across the innovation economy.However,economic conditions have stabilized this summer and continue to show signs of strengthening.Pu
3、blic markets show early signs of improvement,inflation is decelerating,interest rates may be near their apex and the general pullback in investment has stabilized.Still,the current investment environment presents ongoing challenges,marked by fewer deals,slower investment pace,smaller check sizes and
4、 downward pressure on valuations.Companies face more scrutinous investors and are working against heightened demand for strong unit economics and paths to profitability.Many later-stage companies are revising growth projections and cutting costs to avoid fundraising this year to escape difficult val
5、uation conversations.Despite these challenges,there are reasons for optimism.Performance of healthtech publics started to demonstrate resiliency this year,representing the first positive trends in over a year(page 20).Similarly,the M&A market has started to show signs of life with rising deal volume
6、(pages 20-22).There are promising bright spots in investment,such as value-based care,with an uptick in strategic acquisitions by large payers and retailers leading the way(page 11).The new investment environment has reset valuations to match achievable growth and profitability targets.This adjustme
7、nt,while painful for many,will lead to more functional markets.Venture fundraising has rebounded after the late-2022 dip,and ample dry powder remains available for right-sized investment into the healthtech innovation economy.While the near-term outlook remains choppy,our belief in the resilience of
8、 the innovation economy remains unwavering.The most innovative companies will not only survive this new investment landscape but also emerge stronger because of it.Julie EbertManaging Director,Life Science&Healthcare Banking,Silicon Valley BankJackie SpencerHead of Relationship Management for Life S
9、cience and Healthcare Banking,Silicon Valley BankRaysa BousleimanVice President,Healthcare Venture Capital Relationship Management,Silicon Valley Bank3Nina KandilianVice President,Healthcare Venture Capital Relationship Management,Silicon Valley BankFUTURE OF HEALTHTECH 2023438
10、2382782672393072562$0$2B$4B$6B$8B$10B$12B$14B$16BQ119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223Healthtech investment and deal pace this year are relatively stable,following a steep drop in 2022.In 2022,the public markets dramatic pullback,global
11、geopolitical factors,and federal interest rate hikes caused sharp drops in investment dollars from 2021s historic highs.Hinting at a bottom,quarter-over-quarter(QoQ)investment has been relatively flat the last three quarters.This stabilization suggests we may be in a new investment environment marke
12、d by fewer deals,smaller check sizes and slower investment pace.There has been considerable downward pressure on valuations this year,with a marked increase in flat or down rounds.Later-stage companies priced in 2021s frenzied market especially felt the burn.In 2022,its likely that many companies ha
13、d enough runway from 2021 financings to avoid raising new capital in 2022.Now,the time has come for companies that previously avoided down rounds by raising insider extensions to seriously consider valuation resets.The new investment environment has reset valuations to match more modest growth and h
14、igher profitability targets in 2023.Venture fundraising has rebounded since its dip in H222,and ample capital remains available for right-sized investment into healthtech companies.Geography($M)20202021202220231US$16,289$40,051$18,485$6,886EU&UK$2,170$4,257$4,582$1,267Total$18,459$44,308$23,067$8,15
15、3Healthtech VC Deals and DollarsNotes:1)All 2023 data is through 8/1/2023.Source:PitchBook,SVB proprietary data and SVB analysis.USEU and UKDeal CountHealthtechFUTURE OF HEALTHTECH 2023551%51%56%63%78%38%39%39%32%15%9%9%4%5%9%200222023Percentage of dealsthat were flat or down roundsPercen
16、tage of dealsthat were up roundsPercentage of deals that were undisclosed valuation roundsNotable 2023 Healthtech Up RoundsUS,EU and UK1.0XSeries F$260MProvider Operations1.8XSeries B$80MHealthcare Navigation1.4XSeries D$80MProvider Operations2.2XSeries C$75MProvider Operations1.2XSeries D$71MAltern
17、ative Care2.6XSeries B$62MProvider Operations2.0XSeries B$60MClinical Trial Enablement2.3XSeries D$54MClinical Trial Enablement3.3XSeries c$45MProvider Operations1.4XSeries C$34MAlternative CareStep-Up1StageSectorHealthtechThis year has brought a wave of down and flat rounds that is,for the ones whe
18、re valuations were disclosed.Valuations have been increasingly unreported,with a record 78%of undisclosed valuation deals this year.The actual volume of down and flat rounds may be higher than the data suggests.While these valuation haircuts are undoubtably painful for companies and their stakeholde
19、rs,it has also led to a right-sizing of the market to a more sustainable future.Deal sizeNote:1)Step-up multiple calculated by dividing the pre-money valuation on the current venture round by the post-money valuation on the preceding venture round.Source:PitchBook,SVB proprietary data and SVB analys
20、is.Healthtech VC Up,Flat/Down and Undisclosed Valuation Rounds by YearUS,EU and UKFUTURE OF HEALTHTECH 20236It is not surprising that there has been a 116%decrease in mega-deal1investments from 2021 to 2022 and 80%decrease from 2022 to 2023 given the bolus of cash companies raised in 2021 and 2022.T
21、his year,just 1%of deals were mega-deals,down from 2022(4%)and 2021(8%).Further,just 23%of investment dollars were mega-deals,down from 2022(38%)and 2021(61%).Despite there being a lot of available investment dollars on the sidelines,investors are being disciplined on valuation.Many later-stage comp
22、anies are revising growth projections and cutting costs to avoid fundraising this year to escape difficult valuation conversations.Valuations were very generous in 2021 and 2022,supported by strong public markets,which we do not have today.High-quality companies that have been able to demonstrate st
23、rong unit economics have been able to secure late-stage funding rounds.Alternative care and provider operations earned the majority of mega-deals.Value-based care(VBC)was a bright spot,with half of this years mega-deals focused on value-based care delivery or enablement:Carbon Health,Monogram Health
24、,Strive Health,Aledade and Vytalize.Count of mega-dealsMega-deal percentage of total deal dollarsMega-deal percentage of total deal volume0%10%20%30%40%50%60%70%020406080100120Healthtech Mega-Deals by Top Subsectors,2023Alternative CareProvider OperationsClinical Trial EnablementHealthcare Navigatio
25、n20020202120222023$100M$375M$110M$166M$215M$200M$260M$100M$179M$203M$300MNotes:1)Mega-deals are venture-backed investments$100M.2)Shiftmeds$200M deal includes debt.Source:PitchBook,SVB proprietary data and SVB analysis.2HealthtechHealthtech Mega-Deal Volume by YearUS,EU and UKFUTURE OF HE
26、ALTHTECH 20237$14.0B$7.5BNotable deals(20231)West$13.2B$5.9B329243364328273370NortheastTop Cities 2021202220231Bay Area$11.7B(237)$6.2B(165)$6.2B(165)New York$8.4B(183)$3.0B(156)$1.1B(88)Boston Area$3.4B(92)$2.0B(87)$685M(56)Chicago$6.4B(17)2$657M(19)$115M(15)Austin$794M(26)$539M(25)$112M(9)Nashvill
27、e$369M(11)$284M(16)$462M(5)2022120222023Dollars and(deals)by top cities151208$1.0B$835M$234M385543Southwest202$1.3B$578M$382M222539Rocky Mountains202120222023Notes:1)All 2023 data is through 8/1/2023.2)On 4/1/2022,Chicago-based VillageMD raised$5.2B of venture funding from Walg
28、reens Boots Alliance.Source:PitchBook,SVB proprietary data and SVB analysis.$1.7B$1.8B$1.1B85103119Southeast202120222023$3.7B$1.9B$761M8864114Midwest882021220222023Healthtech$1.8B$2.5BFUTURE OF HEALTHTECH 20238$2.3B$1.8B$887M$815M$687M$575M$530MImprove quality and outcomesReduce physician burnout an
29、d administrative burdenExpand access to preventive careFocus on behavioral healthEnable consumers to better their own healthImprove womens health access and outcomesIntegrating tech solutions into clinical and research provider workflowsProviding the right care at the right time,driving better outco
30、mesIncreasing primary care to help prevent costly specialized careIncreasing awareness to health equity gaps&addressing underserved care needs,including specialized care for womenPutting consumers in charge of their health outside of clinical settingsImproving access to high-quality mental healthcar
31、eVC ivestment(20231)HealthtechNote:1)Investment into US,EU and UK-based companies as of 8/1/2023.Source:PitchBook,SVB proprietary data and SVB analysis.Clinical trial enablementUsing technology to empower clinical trial operationsProviderworkflow optimizationClinical decision supportBehavioral healt
32、hPrimary careClinical trial enablementHealth&wellnessWomens healthFUTURE OF HEALTHTECH 20239FUTURE OF HEALTHTECH 202310Mind the(care)gap The US healthcare system has long struggled with steadily rising healthcare costs,overburdened providers and poorer relative outcomes.Even though the US spends muc
33、h more of its GDP on healthcare than other countries,it has worseresults.Compared with other high-income countries,the US has the highest rate of preventable deaths and infant deaths.The US has a history of inequality in access to care,with people of color and low-income individuals more likely to e
34、xperience adversehealth outcomes than the rest of the population.These issues stem in part from an inefficient fee-for-service(FFS)reimbursement model,which dictates how providers are paid for the services they provide.Under FFS,providers are paid for eachservice they provide and are rewarded for vo
35、lume theyre paid more if they deliver more care,even if they dont achieve desired health outcomes.Because the FFS model focuses on volume rather than quality of care,it creates misaligned incentives for providers.Value-based care(VBC)aims to change this dynamic by tying the reimbursement providers r
36、eceive to the results they deliver to patients,rather than care volume.Providers are rewarded for hitting certain healthcare outcomes,quality and cost measures.Challenges Despite recent momentum,VBCs adoption comes with challenges.One of the biggest hurdles is the financial risk providers must take
37、on to participate in VBC contracts.Risk-based reimbursement models take time to achieve profitability,which is a risk that providers and investors are taking on at different levels.Most providers were built in a predominantly FFSsystem,and must take on the operational and technical challenges that c
38、ome with adapting to VBC,including care coordination,risk assessment and health outcomes measurement,all while navigating the limitations of the differing state CPOM1laws.Meaningful capital is also required to meet upfront capital reserves and there is a long delay in receiving cash payments.Undenia
39、ble pressure and momentum Though VBC adoption is still a work in progress,there is impressive recent momentum that is guiding the transformation.CMS is leaning further into VBC models,and in 2022 announced its aim to have all Medicare beneficiaries cared for by providers in value-based care models b
40、y 2030.Some changes are being made around the edges,but it appears that VBC is here to stay.Payers,who are feeling the squeeze of rising medical costs,are doubling down on VBC models and growing partnerships with primary and specialty care VBC companies.VBC enablers,which offer technology-driven sol
41、utions to help providers and payers adopt VBC models,are seeing substantial growth and VC investment.Providers are realizing that while VBC comes with risk,it also allows for better outcomes,less administrative burden and more predictablerevenue,with freedom to use those dollars more flexibly to mee
42、t patient needs.They can spend more time on preventive,holistic,equitable care that FFS models didnt adequately support.Several recent strategic acquisitions by large payers and retailers in the VBC space has contributed to the positive momentum.This momentum is likely to accelerate as we see more i
43、ncentives and government initiatives,outcomes measurement data from early adopters and innovative technology solutions.With the current strains on our system growing to unsustainable levels,the pressure has never been higher for VBC adoption and innovation in this space.HealthtechMedicaidMedicare Ad
44、vantageTraditional Medicare20242025203025%25%55%50%30%30%65%60%50%50%100%100%LAN Goal Statement2Commercial“Organizations who do not reshape their business and delivery model to support an outcomes-oriented approach to care will be less successful if not outright unsustainable in the future healthcar
45、e economy.”John Fryer(SVP and National Head of Markets,Lumeris)3Notes:1)Corporate Practice of Medicine.2)Health Care Payment Learning&Action Network(LAN).3)Pearl Healths Top 50 Value-Based Care Thinkers of 2023.Source:PitchBook,SVB proprietary data and SVB analysis.The percentage of US healthcare pa
46、yments tied to quality and valueFUTURE OF HEALTHTECH 202311The definition of VBC is subject to debate,but in the broadest sense,we consider it to include risk-taking entities,the companies caring for specific,high-cost populations(even if they do not take financial risk),as well as the technologies,
47、products and services that enable the shift to VBC.Thus,the business models of VBC companies vary widely:Some derive 100%of their revenues from shared savings,some receive a combination of FFS revenue and shared savings,while others contract with risk-taking entities and are paid on a per-member-per
48、-month(PMPM)basis.Full or global risk models involve two-sided risk,whereby providers share in both the upside of savings and the downside if care costs more than estimated.If costs come in lower than the benchmark,providers retain a predefined portion of the savings dollars.On the flip side,costs t
49、hat are higher than the benchmark result in loss.Moderate risk models can involve one-sided risk or a capitated amount.Others take on no direct risk but offer tech-powered solutions to enable providers and payers to adopt VBC models.As these tools evolve,we anticipate more payers and providers to di
50、ve deeper into VBC risk.Many companies have a combination of these various revenue models and risk levels,allowing providers and payers to dip their toes into VBC.We have also seen a recent burgeoning in specialty care VBC companies,which focus on patient populations that are both complex and high c
51、ost,such as kidney care,oncology and cardiology.Payers and primary care VBC companies are reducing risk by sub-contracting care to specialty care companies like Thyme Care and Strive Health.Note:List is not exhaustive,select healthtech companies represented.Source:PitchBook,SVB proprietary data and
52、SVB analysis.Value-Based Care Market MapEnd-to-end VBCCompanies with providers who deliver VBC to patients.Care often includes virtual options that reinforce and supplement in-person care.Care uses analytics,care coordination,patient engagement and provider integration to reduce costs and improve ou
53、tcomes.Care often includes a focus on patients social determinates of health to improve outcomes and promote health equity.The best platforms have an inviting user interface to meaningfully engage patients.Primary careInitial focus and investment in VBC have been in the primary care setting.As the g
54、atekeepers of the health landscape,they play a key role in preventive care,chronic condition management and care coordination with specialists.Specialty careFocus and investment are on specialties with high cost and complexities.VBC enablementCompanies with technology and services that help provider
55、s,payers,and patients adopt and perform in VBC models.They may also focus on patient engagement and participation.Enablers that generate a compelling return on investment and reduce provider pain points around VBC are likely to be attractive.Technology solutionsSolutions span across patient engageme
56、nt,care coordination,billing/coding,provider-payer connectivity,prior authorizations,virtual care offerings,real-time patient data,clinical decision-making,healthcare outcomes measurement and more.Senior careHome carePediatricsCardiovascularNephrologyBehavioral healthOncologyHealthtechFUTURE OF HEAL
57、THTECH 202312FUTURE OF HEALTHTECH 202313Acquisition+ProvidersPharmacyInsuranceBenefits managementData servicesMarket capTTM revenueInvestments and M&A since 2018$469B$349B28InvestmentDiagnostics/biopharma/devicesPayers want to capitalize on recent industry changes and innovation and are actively acq
58、uiring/investing/partnering with healthtech companies to help them engage with members more frequently/effectively and to ultimately lower costs.Payer investments are commonly paired with a contract,pilot or partnership,as most of,but not all,venture investment is earmarked for strategic investment.
59、Some solutions are better received by providers when they come from an“independent”company rather than from the payer directly.Payers are interested to see how these smaller,more nimble companies are able to affect change.By investing/partnering,they can get a seat at the table to see whats most eff
60、ective.There is some evidence of point solution fatigue,so investment may slow in some verticals as they wait to see how their various bets play out.Note:List is not exhaustive,select healthtech companies represented.Source:PitchBook,SVB proprietary data and SVB analysis.FUTURE OF HEALTHTECH 202314H
61、ealthtechMarket capTTM revenueInvestments and M&A since 2018$86B$186B34Market capTTM revenueInvestments and M&A since 2018$104B$166B28AcquisitionInvestmentPartnershipRetail giants and big tech are increasingly pushing into healthcare,leveraging the trust they have built with consumers in their respe
62、ctive specialties/domains to control more of the healthcare journey.Retailers like CVS and Walgreens are leveraging their broad brick-and-mortar networks and close proximity to their local communities to deliver superior,more accessible care for patients.Weve seen both take large steps in the form o
63、f hefty investments and acquisitions underscoring interest in both primary and specialty care.Similarly,Amazon has been seeking to deploy its virtual prowess into healthcare with various forays over the years,including its acquisition of One Medical/Iora health.As these market moving acquisitions co
64、ntinue to be digested,it will be interesting to monitor how effective these non-traditional healthcare entities are in winning longitudinal patient trust away from traditional health systems.Joint venture founded by Amazon,Berkshire Hathaway,and JPMorgan Chase in 2018.It was later disbanded in 2021.
65、Note:List is not exhaustive,select healthtech companies represented.Source:PitchBook,SVB proprietary data and SVB analysis.ProvidersPharmacyInsuranceBenefits managementData servicesDiagnostics/DTxFUTURE OF HEALTHTECH 202315HealthtechMarket capTTM revenueInvestments and M&A since 2018$91B$339B31Marke
66、t capTTM revenueInvestments and M&A since 2018$18B$136B22Market capTTM revenueInvestments and M&A since 2018$1.3T$538B101FUTURE OF HEALTHTECH 202316Healthtech VC Deals by SubsectorUS,EU and UKInvested CapitalDeal Count4259379290$0$2B$4B$6B$8B$10B$12B$14B$1
67、6BQ119Q319Q120Q320Q121Q321Q122Q322Q123Notes 1)All 2023 data is through 8/1/2023.Source:PitchBook,SVB proprietary data and SVB analysis.Total Raised(2023):1$2.2BProvides primary or specialty care outside of a hospital or private practiceAlternative CareTotal Raised(2023):$4.1BIncreases efficiency and
68、 accuracy of provider-provider,provider-patient interactions,including clinical decision supportProvider Operations Total Raised(2023):$687MSolutions to accelerate digitization of clinical trialsClinical Trial EnablementTotal Raised(2023):$102MAids users in access and adherence to theirprescribed me
69、dicine Medication ManagementTotal Raised(2023):$383MGuides users to relevant providers and/or payers based on their needsHealthcare NavigationTotal Raised(2023):$1.3BInforms users of healthy lifestyle and medical best practices,often with a diagnostic or device elementWellness&EducationTotal Raised(
70、2023):$90MDevelops novel models for privately insured,Medicaid and/or Medicare populations InsuranceHealthtechFUTURE OF HEALTHTECH 202317Notes:1)Most active investors defined as count of new deals in which investor participated(no follow-on deals).All 2023 data is through 8/1/2023.2)Additional inves
71、tors have the same number of deals but are not included because of space limitations.Source:PitchBook,SVB proprietary data and SVB analysis.Number of New Healthtech Deals1US,EU and UK(2022-2023)OverallAlternative CareProvider OperationsClinical Trial EnablementWellness&Education4013872991
72、086248867644146764Healthtech22222FUTURE OF HEALTHTECH 202318FUTURE OF HEALTHTECH 20231901/01/2301/31/2303/02/2304/01/2305/01/2305/31/2306/30/2307/30/2308/29/23Last year marked the sudden end to the strong healthtech venture-backed IPO activity seen in 2019-2021.This year,the IP
73、O window remains closed with zero IPOs in 2023.Macroeconomic factors affecting market volatility hit healthtech stocks harder than other sectors,with median performance of-67%in 2022.This year,however,despite ongoing public market headwinds,the healthtech sector started to demonstrate resiliency,tra
74、ding up+6%in Q1 and+25%in Q2 as many notable names posted double-digit gains.Similarly,the M&A market has started to show signs of life with rising deal volume.Activity started strong in Q1(39 deals)but tapered off in Q2(12),with Q2 down 340%from the peak in Q4 2021(54).We anticipate increased activ
75、ity in H223 and H124 as companies run out of cash and are forced to raise at a lower valuation or sell.While the market remains challenging for financing and deal activity,the signs of life witnessed in H123 represent the first positive trends in more than a year.The slow but steady thawing of the m
76、arket is marked by rising levels of investor dry powder,high demand for new capital,and a narrowing bid/ask between investors/buyers and companies.Healthtech VC-Backed Exits by YearGlobalM&A1IPOs2De-SPACs382437757672772000222023Notes:1)M&A data only includ
77、es private,venture-backed M&A.2)IPO data includes venture-backed IPOs with a minimum$25M proceeds raised.3)De-SPACs graphed by date of announcement of intent to de-SPAC.4)IPO data only includes venture-backed IPOs since 2015 with minimum$25M proceeds raised.Performance measured by change in index va
78、lue as of 1/1/2023.Source:S&P Capital IQ,PitchBook,SVB proprietary data and SVB analysis.Healthtech YTD Stock PerformanceGlobalS&P 500VC-backed healthtech IPOs4+17%+6%HealthtechFUTURE OF HEALTHTECH 202320While healthtech acquisition volume has tapered slightly in H123,median prices were significantl
79、y down.There were only four publicly disclosed private healthtech M&As over$50M in 2023(2022 had 8 and 2021 had 36)and zero over$1B(2021 had 4).Acquirers have struggled with valuation disconnect,driven by big step-ups and resulting in lofty post-money valuations we saw with regularity in 2020 and 20
80、21.Three deals this year had larger prior private round post-money valuations than exit values:Flame Biosciences(0.8X),1MedAware Systems(0.7X)and Glide Health(0.2X).Deals with strong multiples include InstantScripts(4X)and DW Aligners(4X).Deal pricing will likely remain unsettled as private valuatio
81、ns correct.Of note,there were several AI-powered ultrasound analysis tech acquisitions this year by healthcare publics.Caption Health was acquired by GE HealthCare for$150M in February.DiA Imaging Analysis was acquired by Philips for$100M in May.Healthtech VC-Backed M&A Deals2by Top SubsectorsGlobal
82、202020212022Notable Healthtech VC-Backed M&A2in Most Active SubsectorsGlobal(2023)Notes:1)Return multiple defined as the acquisition price divided by the post-money valuation on the preceding private venture round.2)M&A data only includes private,venture-backed M&A.Source:PitchBook,SVB proprietary d
83、ata and SVB analysis.20232380974351211845Provider OperationsAlternative CareWellness&EducationClinical Trial EnablementHealthcare NavigationMedication ManagementProvider OperationsAlternative CareWellness&EducationAcquisition$100MHealthtechFUTURE OF HEALTHTECH 202321Private hea
84、lthcare companies led private healthtech M&A activity in 2023,comprising 53%of deal acquirers,down slightly from 62%in 2022.However,public healthcare were more active this year,acquiring 20%of targets in 2023,up from 17%in 2022.Healthtech acquirers were much less prevalent this year,comprising just
85、56%of healthcare acquirer activity,down from 72%in 2022 and 74%in 2021.Instead,healthcare services,diagnostics and biopharma acquirers were more active.Private healthtech acquirers,once flush with cash on their balance sheets from 2021 mammoth rounds,may have hit pause on acquisitions to slow cash b
86、urn and preserve cash on hand.In prior years,tech giants Alphabet,Amazon,Appleand Microsoft accelerated their pursuits into healthtech with notable acquisitions:Amazons$3.5B acquisition of One Medical(announced in 2022,completed in 2023)and Microsofts$16B acquisition of Nuance Communications.This ye
87、ar saw less activity by tech giants but notable activity from private tech companies.Strategic acquirers led the way in notable public M&A,both in H123:CVS acquisition of VBC provider Oak Street Health for$10.6B and Amazons acquisition of One Medical for$3.9B.M&A Deals1by Acquirer TypeGlobalHealthca
88、re Acquirers by Sector Notes:1)M&A data only includes private,venture-backed M&A.2)All 2023 data is through 8/1/2023.Source:PitchBook,SVB proprietary data and SVB analysis.HealthcareTechPE firmOther00H118H222H218H119H219H120H220H121H221H122H1232Healthtech0%20%40%60%80%100%202120222023Dx/T
89、oolsDeviceServicesBiopharmaNotable M&A Deals1by Acquirer IndustryPrivate equity acquirerHealthcare acquirer1/9/2023Undisclosed deal value.Acquirer:Jellyvision6/1/2023Undisclosed deal valueAcquirer:Kerauno4/24/2023Undisclosed deal valueAcquirer:LexisNexis Risk Solutions4/12/2023Undisclosed deal value
90、 Acquirer:TwentyEight3/4/2023$132M deal valueAcquirer:Weight Watchers3/6/2023$100M deal valueAcquirer:Transcarent7/17/2023Undisclosed deal valueAcquirer:Revelation Partners and Thoma Bravo3/30/2023$40M deal valueAcquirer:Eir PartnersTargetAcquirer(s)DetailsFollowing a bankruptcy filing in April,Thir
91、tyMadison acquired the Pill Club,which was once valued at$402M.Harvest BIOLess than two years after Pear Therapeutics went public via a de-SPAC worth$1.6B,its assets were sold in an auction in May for$6M.Notable 2023 Healthtech Asset SalesHealthtechTechnology acquirerFUTURE OF HEALTHTECH 202322Jacki
92、e SpencerHead of Relationship Management for Life Science and Healthcare Banking,Silicon Valley BankJackie Spencer heads up the US Relationship Management team for Life Science and Healthcare Accelerator and Growth.Jackie and her team are focused on providing banking and financing solutions to innov
93、ative companies in the sector.Since joining SVB in 2007,Jackie has worked across both the technology and healthcare practices from emerging market to late-stage corporate finance.Jackie graduated from St.Marys College of California with honors,receiving a bachelors in finance.Julie EbertManaging Dir
94、ector,Life Science&Healthcare Banking,Silicon Valley BankJulie Betts Ebert provides specialized banking services and debt-financing solutions,as well as advice on strategic growth,to life science companies across all sectors and life stages.Previously,she led SVBs Strategic Advisory efforts.Prior to
95、 SVB,Julie worked for 10 years at Greenhill&Co LLC,a boutique investment bank,advising public and private companies on M&A and restructuring transactions.Before Greenhill,she worked at Prudential Securities and J.P.Morgan.Julie received an MBA with honors from Columbia Business School and a bachelor
96、s from the McIntire School of Commerce at the University of Virginia with a concentration in finance.Nina KandilianVice President,Healthcare Venture Capital Relationship Management,Silicon Valley BankNina Kandilianmanages relationships with traditional venture capital firms focused on healthcare and
97、 life science investments.Prior to SVB,she led product marketing and strategy at various healthtech startups and was part of the founding team at the MassChallenge Healthtech startup accelerator program.Nina started her career at the Mass General Brigham health system in various product and digital
98、transformation roles.Nina received her MBA at Babson College and bachelors degree from Suffolk University.Raysa BousleimanVice President,Healthcare Venture Capital Relationship Management,Silicon Valley BankRaysa Bousleiman manages relationships with traditional venture capital firms focused on heal
99、thcare and life science investments.She is also responsible for conducting data-driven analyses on the global healthcare innovation economy that SVB serves.Prior to SVB,Raysa worked as a healthcare consultant focusing on health systems revenue cycle management and operations.Raysa graduated from the
100、 University of Southern California with honors,receiving a bachelors in human biology.FUTURE OF HEALTHTECH 202323Deal DescriptionsVenture-backed defined as any company that has at least one venture capital investor within its private financing deal history.Corporate Investor defined as both corporat
101、e venture and parent company investment into venture-backed companies.Series A defined as all first-round institutional or corporate venture investment and all first-round investments equal to or greater than$2M,regardless of investor.Years to Exit defined as the time from the close of a companys fi
102、rst institutional round of financing to the M&A,IPO or de-SPAC.Alternative Care DefinitionsPrimary Care defined as solutions for preventive health measures by a provider or licensed care coach for adults(ages 18 to 64).Senior Care defined as solutions for preventive health measures by a provider or
103、licensed care coach for elders(ages 65 and older).Pediatrics defined as solutions for preventive health measures by a provider or licensed care coach for children(18 years of age).Platform Care defined as companies that combine primary care and specialty care.Mental Health defined as companies treat
104、ing psychiatric disorders and substance use.Neurology defined as solutions for pain,Alzheimers disease,motor functions,autism,motion sickness,fall prevention and select sleep disorders.Womens Health defined as reproductive monitoring and primary care for women.Gastrointestinal defined as disorders o
105、f the digestive system,such as irritable bowel syndrome.Digital Therapeutics(DTx)defined as companies that have clinically validated software-based solutions to prevent,manage or treat conditions.Subsector DefinitionsWorkflow Optimization defined as the automation and/or integration of a providers d
106、ay-to-day processes.Clinical Decision Support defined as solutions that help a provider make the right decision at the right time.Drug Discovery Platform defined as data-driven drug discovery.Mobile Trials defined as decentralized clinical trials.Health&Wellness defined as solutions that encourage a
107、 healthier lifestyle;users do not directly interact with a provider.Medication Compliance defined as solutions for medication adherence and tracking.Pharmacy Benefits defined as solutions to increase access to prescription drugs and increase affordability.Acquirer DefinitionsHealthcare Acquirer defi
108、ned as a company whose main business segments are within the life science and healthcare industry.Geography DefinitionsBay Area defined as all the cities within the Alameda,Contra Costa,Marin,Napa,San Francisco,San Mateo,Santa Clara,Solano and Sonoma counties.Boston Area defined as Boston,Cambridge
109、and Waltham,Massachusetts.FUTURE OF HEALTHTECH 202324DefinitionsProviders defined as physicians,nurses,pharmacists and licensed therapists.Patients defined as individuals who are prescribed healthtech solutions by their healthcare provider(s).Direct-to-Consumers defined as individuals having direct
110、access to healthtech solution(s)and the solution does not require provider consent.Employers/Payers defined as companies,hospitals,health plans and insurance providers.Omni-Channel defined as a combination of the following target customers:providers,patients,direct-to-consumers and employers/payers.
111、Anxiety and Depression defined as companies that primarily target anxiety and depression disorders.Substance Use defined as companies that primarily focus on solutions for addiction and drug use.Mindfulnessdefined as companies that primarily focus on improving overall well-being and happiness,often
112、offering meditation guidance,sleep therapy and stress regulation practices.Platform defined as companies that target a combination of mental and behavioral health conditions such as ADHD,anger,anxiety,bipolar disorder,depression,eating disorders,OCD,PTSD,schizophrenia,sleep disorders,stress and subs
113、tance use,and may also include mindfulness and overall well-being practices.FUTURE OF HEALTHTECH 202325See complete disclaimers on following page.2023 First-Citizens Bank&Trust Company.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.3003 Tasman Drive,Santa Clara,CA 95
114、054 Silicon Valley Bank(SVB),a division of First-Citizens Bank,is the bank of some of the worlds most innovative companies and investors.SVB provides commercial and private banking to individuals and companies in the technology,life science and healthcare,private equity,venture capital and premium w
115、ine industries.SVB operates in centers of innovation throughout the United States,serving the unique needs of its dynamic clients with deep sector expertise,insights and connections.SVBs parent company,First Citizens BancShares,Inc.(NASDAQ:FCNCA),is a top 20 U.S.financial institution with more than$
116、200 billion in assets.First Citizens Bank,Member FDIC.Learn more .FUTURE OF HEALTHTECH 2023#SVBHealthcareSilicon Valley B26FUTURE OF HEALTHTECH 202327The views expressed in this report are solely those of the authors and do not necessarily reflect the views of SVB.This material,including without lim
117、itation to the statistical information herein,is provided for informational purposes only.The material is based in part on information from third-party sources that we believe to be reliable but which has not been independently verified by us,and,as such,we do not represent the information is accura
118、te or complete.The information should not be viewed as tax,accounting,investment,legal or other advice,nor is it to be relied on in making an investment or other decision.You should obtain relevant and specific professional advice before making any investment decision.Nothing relating to the materia
119、l should be construed as a solicitation,offer or recommendation to acquire or dispose of any investment,or to engage in any other transaction.All non-SVB named companies listed throughout this document,as represented with the various statistical,thoughts,analysis and insights shared in this document
120、,are independent third parties and are not affiliated with Silicon Valley Bank,division of First-Citizens Bank&Trust Company.Any predictions are based on subjective assessments and assumptions.Accordingly,any predictions,projections or analysis should not be viewed as factual and should not be relie
121、d upon as an accurate prediction of future results.Investment Products:2023 First-Citizens Bank&Trust Company.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.3003 Tasman Drive,Santa Clara,CA 95054Are not insured by the FDIC or any other federal government agencyAre not deposits of or guaranteed by a bankMay lose value