大健康&浦發硅谷銀行：2019年中醫療健康行業投資與退出趨勢(40頁).pdf

1、2019 2019 SVB_Financial#SVBHealthcare 20192 20193 5 IPO24 201935 36 37 20193 3 2019 2018 96 IPO 20192018 A IIPO A 2019 2018 2018 /A2018/ 2019 *A * 20194 4 2019 201930IPO5613IPO FDA42% 2019IPO610 10 2019IPO58Auris 2018 140% PersonalisAdaptive Biotechnologies/ 2019IPO 2015IPO10/86 410 IPO 20195 5 2019

2、6 6 2009-2019* * 20192019614 PitchBook A 2019 10 2018 10 Third Rock VenturesFlagship PioneeringHealthQuestCapital 5AM Ventures Arboretum VenturesAtlas Venture 2019 B IPO AIPO 2018 2019/ $52 $18 $37 $36 $39 $61 $75 $72 $91 $96 $58 $0B $5B $10B 2009201020112012201320142015201620172018 1H 2019 0% 50% 1

3、00% 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 $50M$25-$50M$10-$25M$5-$10MUnder $5M A 2019 $5000$2500-$5000$1000-$2500$500-$1000$500 $100$100 $50 $0 20172019B 0 0 100100 200200 300300 $0B$0B $3B$3B $6B$6B $9B$9B 2017Q12017Q12017Q22017Q22017Q32017Q32017Q42017Q42018Q12018Q12

4、018Q22018Q22018Q32018Q32018Q42018Q42019Q12019Q12019Q22019Q2 BiopharmaDx/ToolsMedical DeviceTotal Deals 20197 7 / 20172019/ 領域（億美元）美國歐洲合計美國歐洲合計美國歐洲合計 生物制藥$63.42$18.41$81.83$150.35$27.38$177.73$64.10$13.24$77.34 診斷/工具$43.67$3.63$47.30$50.75$4.40$55.15$17.84$3.75$21.64 醫療器械$25.33$4.97$30.30$35.85$5.11$

5、40.94$20.38$2.24$22.62 總計$132.42$27.01$159.44$236.95$36.90$273.84$102.37$19.23$121.60 2019 2019614 PitchBook 20172018 20181210Rakuten, Relay23andMe2018 274 2019 201810% IPO2018IPO AB/ 2019 $90$90 $60$60 $30$30 $0$0 / 20198 8 2017-2019A* A A *A200 20192019614 PitchBook 1010A A A C 美國交易20172018 2019年

6、上半年 投資數量13314962 A輪融資總額（億美元）$26.39$45.87$18.71 企業創投投資占比（%）29%17%27% 融資額中位數（萬美元）$1000$1200$1000 A A2019 B 2013A IPO C 15IPO 歐洲交易數20172018 2019年 上半年 投資數量704222 A輪融資總額（億美元）$8.67$6.86$4.69 企業創投投資占比（%）32%24%32% 融資額中位數（萬美元）$800$1300$900 17 21 17 29 54 10 16 27 35 48 1 7 13 20 21 Anti-Infective Orphan/Rare

7、 Disease Neurology Platform Oncology 201720181H 2019 $10.29$14.73 $4.83 $5.31$11.45 $6.59 $2.73$6.15 $2.59 $5.73 $6.5 $3.71 $3.09$1.14 $0.03 美國和歐洲A A輪投資額（按適應癥類別） 交易數量（投資額/ /億美元） B 2019 34 20 18 17 16 14 13 12 11 20199 9 AB 20182019* *20182019 20192019614Alexandria 2002018930AREE, Inc. PitchBook RA C

8、apitalPerceptive AdvisorsRedmile DeerfieldEcoR1CormorantFidelity Foresite15 2019 201921 IPO A 20185A ARCH Venture PartnersF- PrimeOrbiMedVersant Ventures5AM VenturesBioInnovationCapital Longitude CapitalMPM CapitalNew Enterprise AssociatesSofinnovaPartners Third Rock Ventures 2018 A B 202 438 333 To

9、tal Biopharma 5 20 26 42 57 31 36 55 73 118 27 35 28 47 97 Anti-Infective Orphan/Rare Disease Neurology Platform Oncology 201720181H 2019 20191010 20172019 2019614 PitchBook | | $55.14 $25.13 1541%8000 BioNTechSanofiPfizerTizonaAbbVieKynCelgene /20172018AlexionCaelum Vivet152019 CFIUS2019201923% 201

10、8 $26.47 $41.86 $11.27 $16.73 $14.09 $4.97 $8.09 $16.68 $11.18 $9.22 $10.80 $6.41 $2.06 $177.73 $81.83 $77.34 2019Deals $125M $200M 2019Deals $80M $100M 2019Deals $100M $125M 201920192 2 201920191.251.25- -2 2 201920191 1- -1.251.25 20198000-1 2019 / / 20191111 2018-2019 *PitchBook2019 2019614 Pitch

11、Book 202018187 72525 $1.33$1.33 $9.13$9.13 202019193 32727 $5000$5000 $4.50$4.50 202018188 81313 $1.43$1.43 $7.29$7.29 / / 201920195 52121 $1.21$1.21 $7.31$7.31 202019191 12828 $1$1 $11$11 / / 202018185 54 4 $1.25$1.25 $71.25$71.25 202018183 31 1 $1.01$1.01 $9.51$9.51 202018183 32323 $8200$8200 $4.0

12、1$4.01 202019193 36 6 $1.35$1.35 $6.75$6.75 202018186 62525 $1.01$1.01 $5.76$5.76 202018182 21515 $2.50$2.50 $4.80$4.80 202018187 72020 $2.30$2.30 $6.50$6.50 201920191 11515 $ $50005000 $ $5 5 201820183 35 5 $1$1 $4$4 4* 9 6 2015 201985.3 1.15 2.6 6.23 15 8 4 IPO 98 IPO Peloton97 /10 202018181212202

13、0 $3.50$3.50 $8.34$8.34 202018184 41919 $4.12$4.12 $6.87$6.87 202019192 22020 $1.50$1.50 $5$5 202018189 92828 $8000$8000 $4.15$4.15 202019194 42222 $1.42$1.42 $5.68$5.68 202019195 58 8 $1.08$1.08 $6.23$6.23 20191212 2019 A200 20192019614 PitchBook A 3131$17.61$17.61 7 7A A$3.17$3.17 1919$6.08$6.08 6

14、 6A A$ $1.071.07 1313$ $3.173.17 3 3A A$ $1.331.33 3838$18.31$18.31 1414A A$ $7.537.53 7 7$8900$8900 6 6A A$7400$7400 7 7$5.42$5.42 5 5A A$ $2.422.42 1111$1.5$1.5 9 9A A$1.24$1.24 1010$5.27$5.27 6 6A A$2.49$2.49 7 4 10 9 4 8 10 4 6 8 9 5 14 9 3 5 3 3 12 5 10 Vascular Non-Invasive Monitoring Surgical

15、 Neurology Imaging Cardiovascular Orthopedic 201720181H 2019 20191313 A 2017-2019A* A A201920172018 2019EloupesProprio B 20192018 /7/5 C 10A3VergentElucidaOnconanoA XandexHyalexBiolinq 美國交易2017年2018年 2019年 上半年 投資數量577838 A輪投資總額（億美元）$4.38$6.79$2.97 企業創投投資占比（%）19%8%18% 融資額中位數（百萬美元）$4$7$4 *A200 2019201

16、9614 PitchBook A A 1010A A A C 歐洲交易2017年2018年 2019年 上半年 投資數量252013 A輪投資總額（億美元）$1.92$2.57$0.63 企業創投投資占比（%）8%0%0% 融資額中位數（百萬美元）$4$6$5 $41$62 $7 $57 $50$34 $71$112$7 $78$56$14 $29 $41$134 $42$172$30 $41$92$60 A A / / B 2019 7 5 4 3 20191414 20182019* *20182019 20192019614 PitchBook 2019 Beta Bionics Dex

17、com, Novo Nordisk Cala HealthNovartis HistoSonicsVarian Medical SystemsTrice Medical Smith & Nephew Deerfield USVPLife Science PartnersRTW Investments Khosla Ventures Medical Technology Venture Partners Heuristic Capital Accelerator/VC SOSV Portfolia Alliance of Angels 147 244 175 Total Medical Devi

18、ce 13 19 16 10 10 21 18 12 10 15 25 27 29 33 6 10 17 20 20 19 26 Non-Invasive Monitoring Imaging Vascular Surgical Neurology Orthopedic Cardiovascular 201720181H 2019 2019 1515 20172019 2019614 PitchBook 2018 20195000 10201815 43Beta BionicsBiolinq OptiScan/Think SurgicalOrthoSensor BarricaidActive

19、Implants 20191 $4.14 $6.51 $3.13 $2.37 $3.37 $3.58 $3.53 $5.05 $1.73 $5.04 $5.05 $1.36 $3.17 $2.36 $2.86 $1.19 $3.60 $2.55 $1.02 $1.97 $1.86 $30.30 $40.97 $22.62 | 2019 20195000-1 20191616 20182019 *PitchBook2019 201961420192019614 PitchBook 2018 1.5 * 2019Auris Myoscience AvedroIPO 15 DeerfieldFide

20、lity WellingtonPerceptive Cormorant /Viking KKRArrowMark Eventide NFLS- PivotalRichardKing Mellon Mubadala Investment Company Endeavor VisionLife Science Partners LightstoneGildeAlly BridgeLongitudeSV Health 20182018年7 7月3 3日 $5$50000萬融資 $1.55$1.55億投后估值 20182018年7 7月1010日 $31$310000萬融資 $1.66$1.66億投后

21、估值 2018201811112828 $2.20$2.20 $21.60$21.60 201820183 32828 $55$550000 $1.65$1.65 20182018年8 8月2828日 $1.32$1.32億融資 $6.07$6.07億投后估值 20182018年2 2月2121日 $1.18$1.18億融資 $3.98$3.98億投后估值 / / 20182018年3 3月9 9日 $75$750000萬融資 $4.50$4.50億投后估值 202019195 51010 $3900$3900 $5.09$5.09 201820183 37 7 $4500$4500 $ $2

22、.352.35 201820187 72525 $13$130000 $3.88$3.88 2018201812126 6 $68$680000 $1.68$1.68 201820185 53131 $2000$2000 $1.60$1.60 201820185 52 2 $2500$2500 $1.50$1.50 2018201812122020 $20$200000 $1.50$1.50 201820189 92727 $2.50$2.50 $12.50$12.50 20192019年1 1月9 9日 $63$630000萬融資 $2.13$2.13億投后估值 20192019年4 4月2

23、626日 $65$650000萬融資 $3.15$3.15億投后估值 A 20191717 2019 3131$6.87$6.87 9 9A A$ $70700000 1111$ $1.191.19 4 4A A$ $15001500 1010$ $1.561.56 3 3A A$20$200000 1010$ $55550000 3 3A A$19$190000 A200 20192019614 PitchBook 4 4$ $51510000 3 3A A$14$140000 3 3$ $14140000 2 2A A$ $9 90000 1717$ $3.393.39 4 4A A$31

24、$310000 6 6$ $66660000 2 2A A$11$110000 20 21 57 18 29 39 18 14 20 Dx Test Dx Analytics R&D Tools 201720181H 2019 $2.21$1.80$1.37 $1.22$2.59$5.50 $1.05$2.73$3.61 20191818 / /A2017-2019 * A200 20192019614 PitchBook 美國2017年2018年2019年上半年 投資數量656836 A輪投資總額（億美元）$8.36$6.25$3.65 企業創投投資占比（%）22%17%36% 融資額中位數

25、（百萬美元）$6$6$5 A A 1010A A A C A 20172018/A2018 /6/43 B Thrive Earlier Detection1.1Sherlock Biosciences3100 2019 C 10A4BilliontoOneBostonGeneExscientiaOnera/ / 歐洲2017年2018年2019年上半年 投資數量331816 A輪投資總額（億美元）$2.11$0.87$0.82 企業創投投資占比（%）0%28%19% 融資額中位數（百萬美元）$3$4$4 A A / / B 2019 10 8 7 6 4 20191919 / 2018-20

26、19/* *最活躍的新投資者定義為20182019有新投資（首次投資）的投資者。2019年融資數據截至2019年 6月14日。融資的日期可根據后續附加投資進行調整。Alexandria200 2018930AREE, Inc. PitchBook / 2019/ / / / F-PrimeEmbarkLunaPBC Nebula GenomicsOwkin Casdin CapitalGenome Medical CelsiusProminexThrive Earlier Detection 171 231 119 Total Dx/Tools 37 44 38 72 55 104 40 41

27、 90 Dx Analytics Dx Test R&D Tools 201720181H 2019 20192020 2019 20172019/ 2019614 PitchBook $ $24.8824.88 $ $12.7812.78 2019/ 201950002018145000 IPO2019 2019 TempusVeranaSophiaGeneticsDNAnexus $ $6.566.56 $ $11.5711.57 $ $21.0221.02 $ $5.555.55 $ $18.7018.70 $ $13.5013.50 $ $9.539.53 $ $55.1455.14

28、$ $47.3047.30 $21.64$21.64 201920191 1 | | 2019 / / 2019201975007500- -1 1 2019201950005000- -75007500 20192121 /10 2018-2019/ . *PitchBook2019 2019614 PitchBook. 2 * 1510 Grail Twist 2018IPO 2019 IPO 20 9 17 3 / 2019 10 201820188 82929 $1.10$1.10 $20$20 201820182 21414 $2.40$2.40 $15$15 201920195 5

29、3030 $2$2 $31$31 201820183 32323 $80$800000 $10.30$10.30 201820189 92121 $83$830000 $6$6 201920194 41010 $80$800000 $2.30$2.30 201920191 14 4 $64$640000 $4.94$4.94 201820185 51111 $3$3 $32$32 201820184 42 2 $1.25$1.25 $4.74$4.74 201920191 17 7 $35$350000 $12.80$12.80 201820184 42626 $1.25$1.25 $10$1

30、0 201920194 41010 $1.31$1.31 $2.51$2.51 201920194 41717 $60$600000 $3.75$3.75 201820189 92525 $58$580000 $3.08$3.08 201820186 61919 $36$360000 $2$2 201820188 82323 $6$60000 $2.10$2.10 201820185 53 3 $20$200000 $2.10$2.10 201820186 62828 $95$950000 $7.97$7.97 /A 20192222 / 2019/ 2323$ $4.854.85 9 9A

31、A$ $56005600 7 7$ $64006400 2 2A A$1200$1200 1515$5.19$5.19 7 7A A$2.14$2.14 1111$ $1.691.69 5 5A A$ $36003600 5 5$ $84008400 2 2A A$1000$1000 8 8$ $73007300 5 5A A$2100$2100 A200 20192019614 PitchBook. 5 5$ $53005300 3 3A A$1100$1100 3 3$ $27002700 2 2A A$ $ 900900 0 0 5050 100100 150150 200200 $0B

32、$0B $1B$1B $2B$2B $3B$3B 2017Q12017Q12017Q22017Q22017Q32017Q32017Q42017Q42018Q12018Q12018Q22018Q22018Q32018Q32018Q42018Q42019Q12019Q12019Q22019Q2 Invested CapitalTotal Deals 20192323 2017-2019 20172018 2019 行業（億美元）美國歐洲合計美國歐洲合計美國歐洲合計 數字醫療* *$34.94$6.02$40.96$71.80$6.73$78.53$45.42$7.16$52.58 *10%/ 20

33、192019614 PitchBook / /OscarOneMedicalDevoted Health141 20182017 20192017100Clover Health5 $30$30 $20$20 $10$10 $0$0 20192424 IPO IPO $0B $25B $50B 201420152016201720181H 2019 M&A UpfrontM&A MilestonesIPO Market Cap 6666 4242 2828 3131 5454 2323 1414 2222 2020 1414 1414 5 5 2014 2015 2016 2017 2018

34、1H 2019 IPOIPOM&AM&A 20192525 IPO 20142019IPO 7500 IPO2500IPO IPO PitchBook 2014201420192019 A 5613IPO IPO IPOPeloton 10 B 2018IPO70%2019 C 2014 /20185IPO 2019 20192018IPO- 47% $ $263263 $ $303303 $ $281281 $ $217217 $ $493493 28 68 45 64 6262 31313030 2727 1717 2323 1212 1212 6 6 3 3 OncologyOrphan

35、/Rare DiseaseNeurologyPlatformAnti-Infective IPOIPOM&AM&A A BC 80 48 $ $189189 IPOIPO 2019 IPO $500$500 $250$250 $0$0 2019 / / 5 5 7 7 2 2 5 5 4 4 3 3 4 4 8 82 2 6 6 3 3 4 4 1010 9 9 5 5 3 3 2 2 1 1 1 11 11 1 20142014201520152016201620172017201820181H 20191H 2019 20192626 20142019* 7500 * PitchBook

36、2019IPO IPO IPO4 3I2II43IFM TreMyonexus TherachonA2.38.5 Peloton Therapeutics2019251.5 10 IIIIII II II I I $ $8080 $ $166166$ $212212 $ $8989$ $148148 首筆付款中位數（億美元）$2.25$2$2$1.71$1.53$3.10 交易總金額中位數（億美元）$4.13$5.70$6$4.61$5.28$8.10 退出年限中位數4.04.25.93.53.12.3 $ $5252 1 1 2019 $62 $71 $53 $85 $100 $89 $0M

37、$0M $50M$50M $100M$100M $150M$150M 20142014201520152016201620172017201820181H 20191H 2019 IPO 20192727 IPO 2014-2019IPOIPO PitchBook IPO2500IPO IPOI *IPOPitchBook IPO IPOIPO 2019IPO3.39IPO10.89 23132019IPO6 10BridgeBioGossamer BioTurning Point TherapeuticsAlectorCstoneCortexyme 1565%IPO2019IPO107 II

38、POIPO5 PrevailAlectorIIKarunaIIITreviCortexyme $1.35 $1.93 $1.40 $2.94 $3.25 $3.39 $0M$0M $200M$200M $400M$400M $600M$600M 20142014201520152016201620172017201820181H 20191H 2019 IPOIPO 適應癥類別交易數早期階段百分比最后一輪私有融資額中位數IPOIPO倍數中位數* 腫瘤學989%$9400萬1.03x 平臺公司450%$1.51億1.06x 神經學540%$8000萬1.13x 2019IPO $6$6 $4$4

39、 $2$2 $0$0 $15$150 0 $1$10000 $50$50 $0$0 2019201920192019 20192828 201910 2013201910IPO 10IPO53 10 22/13 1020132013IPO10 2019628 * PitchBook 10201962019IPO10 20172018IPO201520164102019 1020184Clementia2017Spark2015 201920183102016310 AudentesRa PharmaNovanta 2014201420152015201620162017201720182018

40、2019201920132013 20172017201420142015201520162016201820182013201320192019 * 0%0% 20%20% 40%40% 60%60% 80%80% 0 0 2020 4040 6060 8080 20092009201020102011201120122012201320132014201420152015201620162017201720182018 Not Venture-BackedVenture-Backed US Orginator & Venture-BackedEurope Orginator & Ventu

41、re-Backed 20192929 42% 20092018FDA FDA *HBM PitchBook PitchBookHBM 風投支持情況 美國藥物 研制公司* 歐洲藥物 研制公司* 銷售額峰值 （億美元） 孤兒病/罕見疾病 藥物首創藥物腫瘤藥物 風投支持11116$1,596.55605638 非風投支持8292$1,494.80675548 風投支持占比58%15%52%47%50%44% 21 42602009FDA1600 52 50%2009/II 10 11 3 3 8 5 18 19 13 14 19 10 2014 2015 2016 2017 2018 1H 2019

42、 IPOIPOM&AM&A $0B $5B $10B 20142014201520152016201620172017201820181H 20191H 2019 M&A UpfrontM&A MilestonesIPO Market Cap 20193030 20142019IPO 5000 IPO2500IPO IPO PitchBook $ $7171 $ $8484 $ $5151$ $5151 $ $7474 27 17 16 30 15 年度IPO數 IPOIPO值 中位數 IPO融資 中位數 20195$233$91 20188$217$86 20173$59$26 20163$

43、164$75 201511$156$77 201410$189$70 A A 201995IPO2018 B 58Auris 942019 IPO2019 C 2019IPOIPO2019 IPO54 ShockwaveSilk Road235% 140%2018 IPO250% 150% 30%80% 28 $ $9494 IPOIPO BC IPOIPO 2019 IPO $100$100 $50$50 $0$0 1 1 4 4 2 2 3 3 2 22 2 1 1 5 5 4 4 3 3 2 22 2 1515 1010 7 7 8 8 1515 6 6 2014201420152015

44、2016201620172017201820181H 20191H 2019 首筆付款中位數 （億美元） $1.80$1.25$1.20$1.13$1.90$1.15 交易總金額中位數 （億美元） $1.85$1.41$3.80$2.75$2.25$2.20 退出年限中位數6.97.08.17.78.18.3 CE 20193131 Auris 20142019* 5000 *FDACEFDA PitchBook 2019 Auris3458 3500B4500 AB AHighland Capital PartnersKleiner PerkinsB Lux CapitalMithril C

45、apital 2019 2018 Stryker2019 20183 2019 201710 2017 LivaNovaMerit Smith & Nephew $ $4343 $ $3737 $ $4444 $ $4747 $ $4848 $ $7777 20192019 2015年 2019年 上半年 退出時 所處階段 投資額 中位數 （百萬美元） 首筆付款 中位數 （億美元） 首筆付款 增值倍數 中位數 交易總額 中位數 （億美元） 交易總額 增值倍數 中位數 退出時間 中位數 （年） 510（k）普通路徑 器械并購 39起退出交易 $46$1.103.4x$1.404.7x8.9 De

46、 Novo 510（k） 新路徑并購 4起退出交易 $46$3.604.6x$4.356.1x8.8 PMA并購 31起退出交易 $51$2.003.4X$3.155.8x6.7 20193232 510k 2015 2019 1 4 36 2 CEFDA 5 1214 510kFDAPMA FDA20196510k5FDA 4PMA3FDA 20152017510k18 500041009.07.3510k 2019510k16510k5 5000 510kFDADeNovo 510k PMA PitchBook 7 5 1 2 2 10 8 5 10 4 2014 2015 2016 20

47、17 2018 1H 2019 IPOIPOM&AM&A $0B $3B $5B 20142014201520152016201620172017201820181H 20191H 2019 M&A UpfrontM&A MilestonesIPO Market Cap 20193333 /IPO 20142018/IPO 5000 IPO2500IPO IPO*2019628 PitchBook $39 $34 $15 $3 $40 6 17 A 公司 IPO發行價/日期 （美元） 2019/6/28 股價 （美元） 股價 升降 幅度 19/6/28市值* （億美元） Guardant He

48、alth $19 18年10月4日$86352%$79.10 Twist Bioscience$14 18年10月31日$29107%$9.42 Personalis$17 19年6月20日$2759%$8.08 Adaptive Biotechnologies $39 19年6月27日$4823%$57.20 12 13 $32 A /201943 IPO PersonalisAdaptive Biotechnologies B IPO5.3 104/ 10 C IPO/2015 10/82019 8.94 10 20182019/IPO BC IPOIPO 2019 IPO $50$50

49、$30$30 $0$0 2019 20193434 / 20142019/ 首筆付款中位數（億美元）$1.33$1.64$2.25N/A$1.26$0.68 交易總金額中位數（億美元）$2.39$1.64$3.25N/A$1.61$0.83 退出年限中位數6.03.68.5N/A9.16.7 $0B $1B $2B $3B 20142014201520152016201620172017201820181H 20191H 2019 $28 $14 $15 $23 5000 PitchBook $5 EvotecJust BiotherapeuticsInvitaeSingular Bio Invisible SentinelBeckman Coulter Labcyte JustSingular2900 AJust3.7Singular5.2 $30$30 $20$20 $10$10 $0$0 20192019 20193535 2019 2019 2018 20182019 2018 2018 2019 A2019 Adaptive BiotechnologiesPersonalis /2019 10 / 201920172019 10 2019363