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1、Trends in Healthcare Investments and Exits Innovations Spur Healthcare Investment and Fundraising Paul Schuber Senior Associate SVB Analytics Written by: Jonathan Norris Managing Director Silicon Valley Bank Caitlin Tolman Senior Associate Silicon Valley Bank Visit Follow SVB_Financial Engage #SVBHe
2、althcare Mid-Year 2017 Table of Contents Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 20172 2 Mid-Year 2017 Key Highlights3 Healthcare Investments and Fundraising4 Healthcare Big Exit M these returns now are approaching what we see from
3、 biopharma M if that holds through year-end, this would be a record. Device also appears likely to match 2016 in deals and dollars. Cardiovascular declined significantly in 1H 2017. Dx/Tools Series A has been strong through 1H 2017. Almost 40% of the deals did not disclose investors, which suggests
4、significant angel investment. Median deal value for Dx/Tools is about $6M, double the device median but behind biopharma at $9M. 58 31 # of Deals 51 30 # of Deals Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 U.S. Company Formation:
5、 Deals and Investments in Series A 126 64 20162017 # of Deals Immuno-oncology Dominates Biopharma Series A 2016 1H 2017 Series A Oncology Financings Amazingly, since 2016, $1.3B has been invested in Immuno-oncology. This represents about a third of all biopharma Series A investment but only 18% of t
6、otal deals. The median deal size of $30M signals that larger VC syndicates of institutional investors are putting money in new Immuno-oncology startups. From a geographic perspective, Massachusetts had the most deals with 10, followed by Northern California (8) and Southern California and Texas (3 e
7、ach). Corporates have the highest Series A interest in Oncology deals compared to other indications. Interestingly, there is a lower percentage of corporate investment in Immuno- oncology (48%) than “Other Oncology” (61%). Invested CapitalInvested Capital ($ Millions)($ Millions) Median Round SizeMe
8、dian Round Size ($ Millions)($ Millions) 8 8Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 33 20 Immuno-oncologyOther Oncology $1,268 $467 Immuno-oncologyOther Oncology $30 $18 Immuno-oncologyOther Oncology Source: PitchBook and SVB
9、proprietary data. Number ofNumber of FinancingsFinancings 5 6 7 8 9 10 11 14 19 Corporate Investors Step Up Dealmaking 9 9 Top venture and corporate investors are about evenly split in terms of deals, signaling robust corporate activity in the biopharma ecosystem. A large number of investors tied wi
10、th five new investments in 1H 2017, so we only included investors on the chart that also had appeared on last years active list. Unlisted active funds to watch that each had five new investments 2016 - 1H 2017: SV Health Investors, Life Science Partners, Aisling Capital and Sofinnova Partners. *Most
11、 Active New Investors in biopharma defined as Top 60 venture and corporate investors based on new investments in 20162017. Source: PitchBook and SVB proprietary data. # of Deals Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 Most Act
12、ive New Investors* in Biopharma 2016 1H 2017 1 6 7 9 12 15 44 1 3 1 2 3 2 1 2 1 4 3 00 Ophthalmology Auto-Immune Anti-Infective Neuro Orphan/Rare Disease Platform Oncology Early StageLate StageUndesignated Oncology, Orphan/RareCardiovascularTrends: Oncology and Orphan/Rare Attract Most In
13、vestments 1010 Most Active New Investments* in Biopharma by Indication 2016 1H 2017 $1,788M$1,788M $633M$633M $821M$821M $412M$412M $482M$482M $200M$200M $172M$172M *Most Active New Investments in biopharma defined as Top 60 venture and corporate investors based on new investments in 20162017. Sourc
14、e: PitchBook and SVB proprietary data. A continuing trend since 2013: Active investors are funding Oncology deals at double the rate of the next most popular indication. Orphan/Rares ranking by deal volume has moved from #5 in 2015 and #4 in 2016 to #2 (along with Platform) in 1H 2017. Already, Plat
15、form has more deals in 1H 2017 than in full-year 2016. Platform refers to drug discovery technologies that have yet to choose a lead indication. We see fewer deals in Anti-Infective. In 1H 2017, 28 deals raised more than $50M. Of these companies, the leaders are: Oncology (11), Anti-Infective (4), P
16、latform (4) and Neuro (3). Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 3 4 7 Investors See Promise in Device Sector Across Stages 1111 *Most Active New Investors in medical device defined as Top 21 investors based on new investmen
17、ts in 20162017. Source: PitchBook and SVB proprietary data. # of Deals Johnson Cardiovascular Declines 1212 Most Active New Investments* in Device by Indication 2016 1H 2017 *Most Active New Investors in medical device defined as Top 21 investors based on new investments in 20162017. Source: PitchBo
18、ok and SVB proprietary data. $157M$157M $160M$160M $89M$89M $110M$110M $239M$239M $235M$235M $153M$153M $113M$113M $33M$33M Non-Invasive Monitoring, which uses sensor-based data gathering technology, is sparking investor interest. Surgical leads device investment. Most of these deals are closure-bas
19、ed technologies. Orthopedic rises from #7 to #3 (tied with Neuro). Four of the six neuro deals raised at least $25M. Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 Surgical, Neuro and Non- Invasive Monitoring Cardiovascular Trends: 2
20、 3 5 7 Tech Investors Increase Dx/Tools Activity 1313 *Most Active New Investors in Dx/Tools defined as Top 20 investors based on new investments in 20162017. Source: PitchBook and SVB proprietary data. # of Deals Tech-focused firms continue to invest heavily in Dx/Tools. AME Cloud Ventures, Data Co
21、llective, Innovation Endeavors, FelicisVentures and Khosla Ventures have been among the top investors. Viking Global Investors, a large hedge fund, has partnered with Illumina Accelerator to back early-stage Dx/Tools companies with promising technology. Crossover investor Cormorant Asset Management
22、had two later-stage deals. There was significant investment from a wide range of corporates, including biotech (Lilly Ventures), tools (Illumina), general healthcare (GE Ventures) and tech (Googles venture arm, GV). Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and E
23、xits Mid- -Year 2017Year 2017 Most Active New Investors* in Dx/Tools 2016 1H 2017 Deep Dive: Tech Investors Seek Dx/Tools Companies Involved in AI/ML 1414Source: PitchBook and SVB proprietary data. Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 20
24、17Year 2017 AccuraGen AltheaDx AMRA Arterys Atomwise Baebies Biosyntia CellMax Life Clear Labs Cohero Health Color Genomics DiACardio DNAnexus Echolight Edico Genome Eko Devices ElMindA Freenome Genomind Ginkgo Bioworks Grail Guardant Health Human Longevity Klarismo Leaf Healthcare Lifecode Lineagen
25、 MiNDERA Molceular Stethoscope Natera Neurotrack NX PharmaGen Ortho Kinematics Perlara PBC Personal Genome Diagnostics Precision Image Analysis Recursion Pharmaceuticals Sequence Bio SigTuple Strata Oncology Synaptive WuXi NextCODE $1.0M $10.0M $100.0M $1,000.0M Jan-15Jul-15Feb-16Aug-16Mar-17Sep-17
26、TOTAL FUNDING RAISED TO DATE MONTH OF LAST FINANCING AI/ML Investment Landscape for Dx/Tools 2015 1H 2017 Since 2015, $2.2B has been invested in 44 deals involving Dx/Tools companies that use AI/ML as part of their underlying technology. Median deal size in this subsector was $12M. Grail, Guardant H
27、ealth and Human Longevity have raised multiple $100M rounds, and 11 individual companies raised more than $30M. Most of the top investors are tech-focused funds, including Data Collective (7), Khosla Ventures (6), AME Cloud Ventures (5) and Y Combinator (3). SVB prediction: We expect aggressive fund
28、raising in 2H 2017 and in 2018, led by corporates (biotech and also potentially large tech companies) and traditional healthcare VCs. 1515 Healthcare Big Exit M Johnson these returns now are approaching what we see from biopharma M it does not include milestones. Big Big Exit Milestones to be Exit M
29、ilestones to be EarnedEarned The milestones to be earned refer to payments in a structured deal that are made after the predetermined goals are met. Total Deal Total Deal ValueValue The total deal value of a structured deal includes both the upfront payment and the milestones to be earned. Time to E
30、xitTime to Exit Company time to exit, measured from the close of its first institutional round of financing. Regulatory NonNon- -approvedapproved Non-approved refers to a device company that has no regulatory approval for its product. CE Mark OnlyCE Mark Only This refers to a device company that has
31、 a CE Mark approval but has not received FDA approval. CE Mark is a European Union designation that is less difficult to obtain than FDA approval, and the approval process typically has a faster timeline. U.SU.S. . CommercialCommercial Commercial refers to a device company that has an FDA-approved p
32、roduct and typically is in commercial stage. Series A Series A companies are defined as U.S. companies raising their first round greater than $2 million in equity or backed by institutional or corporate venture capital. Corporate Investor Corporate investor is defined as both venture and parent comp
33、any investment into venture-backed companies Indication Definitions NeurologyNeurology CNS, pain and psychology comprise neurology. NonNon- -Invasive MonitoringInvasive Monitoring Defined as medical data collection through sensors and other technology. Trends in Healthcare Investments and Exits MidT
34、rends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 About the Authors 2626 As a Managing Director, Jonathan Norris oversees business development efforts for banking and lending opportunities and also spearheads strategic relationships with many healthcare venture capital firms. In add
35、ition, he helps SVB Capital through sourcing and advising on limited partnership allocations. Norris speaks at major investor and industry conferences and authors widely cited analyses of healthcare venture capital trends. He has more than 16 years of banking experience working with healthcare compa
36、nies and venture capital firms. Norris earned a bachelors degree in business administration from the University of California, Riverside, and a juris doctorate from Santa Clara University. Jonathan NorrisJonathan Norris Managing Director Silicon Valley Bank As a Senior Associate with SVB Analytics,
37、Paul Schuber leads strategic advisory and valuation engagements, specializing in the life sciences. Prior to joining SVB Analytics, Schuber facilitated clinical trials on behalf of pharmaceutical sponsors and pre-clinical trials to advance medical school research, which included writing and implemen
38、ting IRB and IACUC protocols. Schubers healthcare experience also includes working as an emergency medical technician and an electrocardiogram technician. He has a background in technology as well, working in many roles, including chief technology officer of an e-commerce company. Schuber earned a m
39、asters degree in the business of bioscience from Keck Graduate Institute of Applied Life Sciences while also studying at Claremont McKenna College at the Robert Day School of Economics and Finance. Schuber earned a bachelors degree in biology, emphasis in physiology and minor in chemistry, from Cali
40、fornia State University, Long Beach. Paul Paul SchuberSchuber Senior Associate SVB Analytics Caitlin Tolman is a Senior Associate with SVBs Life Science and Healthcare team. A five-year veteran of the team, she provides market research and targeted analysis of historic and current investment trends
41、within the life science and healthcare venture capital industry. Tolman works to strengthen and deepen relationships to build the SVB network and offer meaningful connections for both VC firms and SVB clients. Her passion for innovation is evident in the work she does every day to identify emerging
42、industry and market trends. After graduating with honors from the University of Massachusetts, Amherst, Tolman joined SVB as a client service advisor in 2007. She then held a role in SVBs Global Sales and Solutions group and helped to drive various product and service solutions, particularly in cash
43、 management and payments. Caitlin Caitlin TolmanTolman Senior Associate Silicon Valley Bank Trends in Healthcare Investments and Exits MidTrends in Healthcare Investments and Exits Mid- -Year 2017Year 2017 About Silicon Valley Bank For more than 30 years, Silicon Valley Bank has helped innovative co
44、mpanies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. This material,
45、including without limitation 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 have not been independently verified by us and for this reason we do not re
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49、cense. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). CompID-659 About SVB Analytics SVB Analytics, a non-bank affiliate of Silicon Valley Bank, serves the strategic business needs of entrepreneurs, corporates and investors in the global innovation economy. For more than a decade, SVB Analytics has helped global business leaders make informed decisions by providing market intelligence, research and consulting services. Powered by p