2019年中医疗健康行业投资与退出趋势-2019.8-40页.pdf

20192019SVB_Financial#SVBHealthcare20192201935IPO24201935363720193 32019201896IPO 20192018AIIPOA201920182018/A2018/2019*A*20194 42019 201930IPO5613IPOFDA42%2019IPO61010 2019IPO58Auris2018140%PersonalisAdaptive Biotechnologies/2019IPO 2015IPO10/86410IPO20195 520196 62009-2019*20192019614PitchBookA 201910201810Third Rock VenturesFlagship PioneeringHealthQuestCapital5AM VenturesArboretum VenturesAtlas Venture2019B IPOAIPO20182019/$52$18$37$36$39$61$75$72$91$96$58$0B$5B$10B2009201020112012201320142015201620172018 1H 20190%50%100%2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2$50M$25-$50M$10-$25M$5-$10MUnder$5MA2019$5000$2500-$5000$1000-$2500$500-$1000$500$100$100$50$020172019B0 0100100200200300300$0B$0B$3B$3B$6B$6B$9B$9B2017Q12017Q12017Q22017Q22017Q32017Q32017Q42017Q42018Q12018Q12018Q22018Q22018Q32018Q32018Q42018Q42019Q12019Q12019Q22019Q2BiopharmaDx/ToolsMedical DeviceTotal Deals20197 7/20172019/领域（亿美元）美国欧洲合计美国欧洲合计美国欧洲合计生物制药$63.42$18.41$81.83$150.35$27.38$177.73$64.10$13.24$77.34诊断/工具$43.67$3.63$47.30$50.75$4.40$55.15$17.84$3.75$21.64医疗器械$25.33$4.97$30.30$35.85$5.11$40.94$20.38$2.24$22.62总计$132.42$27.01$159.44$236.95$36.90$273.84$102.37$19.23$121.6020192019614PitchBook2017201820181210Rakuten,Relay23andMe20182742019 201810%IPO2018IPOAB/2019$90$90$60$60$30$30$0$0/20198 82017-2019A*A A*A20020192019614PitchBook1010A AAC美国交易201720182019年上半年投资数量13314962A轮融资总额（亿美元）$26.39$45.87$18.71企业创投投资占比（%）29%17%27%融资额中位数（万美元）$1000$1200$1000A A2019B 2013AIPOC 15IPO欧洲交易数201720182019年上半年投资数量704222A轮融资总额（亿美元）$8.67$6.86$4.69企业创投投资占比（%）32%24%32%融资额中位数（万美元）$800$1300$9001721172954101627354817132021Anti-InfectiveOrphan/Rare DiseaseNeurologyPlatformOncology201720181H 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美国和欧洲A A轮投资额（按适应症类别）交易数量（投资额/亿美元）B201934201817161413121120199 9AB20182019*2018201920192019614Alexandria2002018930AREE,Inc.PitchBookRA CapitalPerceptive AdvisorsRedmileDeerfieldEcoR1CormorantFidelityForesite152019201921IPOA20185AARCH Venture PartnersF-PrimeOrbiMedVersant Ventures5AM VenturesBioInnovationCapitalLongitude CapitalMPM CapitalNew Enterprise AssociatesSofinnovaPartnersThird Rock Ventures2018AB202438333Total Biopharma520264257313655731182735284797Anti-InfectiveOrphan/Rare DiseaseNeurologyPlatformOncology201720181H 201920191010201720192019614PitchBook|$55.14$25.131541%8000BioNTechSanofiPfizerTizonaAbbVieKynCelgene/20172018AlexionCaelumVivet152019CFIUS2019201923%2018$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$77.342019Deals$125M$200M2019Deals$80M$100M2019Deals$100M$125M201920192 2201920191.251.25-2 2201920191 1-1.251.2520198000-12019/201911112018-2019*PitchBook20192019614PitchBook202018187 72525$1.33$1.33$9.13$9.13202019193 32727$5000$5000$4.50$4.50202018188 81313$1.43$1.43$7.29$7.29/201920195 52121$1.21$1.21$7.31$7.31202019191 12828$1$1$11$11/202018185 54 4$1.25$1.25$71.25$71.25202018183 31 1$1.01$1.01$9.51$9.51202018183 32323$8200$8200$4.01$4.01202019193 36 6$1.35$1.35$6.75$6.75202018186 62525$1.01$1.01$5.76$5.76202018182 21515$2.50$2.50$4.80$4.80202018187 72020$2.30$2.30$6.50$6.50201920191 11515$50005000$5 5201820183 35 5$1$1$4$44*962015201985.31.152.66.231584IPO98IPOPeloton97/102020181812122020$3.50$3.50$8.34$8.34202018184 41919$4.12$4.12$6.87$6.87202019192 22020$1.50$1.50$5$5202018189 92828$8000$8000$4.15$4.15202019194 42222$1.42$1.42$5.68$5.68202019195 58 8$1.08$1.08$6.23$6.23201912122019A20020192019614PitchBookA3131$17.61$17.617 7A A$3.17$3.171919$6.08$6.086 6A A$1.071.071313$3.173.173 3A A$1.331.333838$18.31$18.311414A A$7.537.537 7$8900$89006 6A A$7400$74007 7$5.42$5.425 5A A$2.422.421111$1.5$1.59 9A A$1.24$1.241010$5.27$5.276 6A A$2.49$2.4974109481046895149353312510VascularNon-Invasive MonitoringSurgicalNeurologyImagingCardiovascularOrthopedic201720181H 201920191313A2017-2019A*A A2019201720182019EloupesProprioB 20192018/7/5C 10A3VergentElucidaOnconanoAXandexHyalexBiolinq美国交易2017年2018年2019年上半年投资数量577838A轮投资总额（亿美元）$4.38$6.79$2.97企业创投投资占比（%）19%8%18%融资额中位数（百万美元）$4$7$4*A20020192019614PitchBookA A1010A AAC欧洲交易2017年2018年2019年上半年投资数量252013A轮投资总额（亿美元）$1.92$2.57$0.63企业创投投资占比（%）8%0%0%融资额中位数（百万美元）$4$6$5$41$62$7$57$50$34$71$112$7$78$56$14$29$41$134$42$172$30$41$92$60A A/B201975432019141420182019*2018201920192019614PitchBook2019Beta BionicsDexcom,Novo NordiskCala HealthNovartisHistoSonicsVarian Medical SystemsTrice MedicalSmith&NephewDeerfieldUSVPLife Science PartnersRTW InvestmentsKhosla VenturesMedical Technology Venture PartnersHeuristic CapitalAccelerator/VC SOSVPortfoliaAlliance of Angels147244175Total Medical Device13191610102118121015252729336101720201926Non-Invasive MonitoringImagingVascularSurgicalNeurologyOrthopedicCardiovascular201720181H 201920191515201720192019614PitchBook2018201950001020181543Beta BionicsBiolinqOptiScan/Think SurgicalOrthoSensorBarricaidActive Implants20191$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|201920195000-12019161620182019*PitchBook2019201961420192019614PitchBook20181.5*2019AurisMyoscienceAvedroIPO15DeerfieldFidelityWellingtonPerceptiveCormorant/VikingKKRArrowMarkEventideNFLS-PivotalRichardKing Mellon Mubadala Investment CompanyEndeavor VisionLife Science PartnersLightstoneGildeAllyBridgeLongitudeSV Health20182018年7 7月3 3日$5$50000万融资$1.55$1.55亿投后估值20182018年7 7月1010日$31$310000万融资$1.66$1.66亿投后估值2018201811112828$2.20$2.20$21.60$21.60201820183 32828$55$550000$1.65$1.6520182018年8 8月2828日$1.32$1.32亿融资$6.07$6.07亿投后估值20182018年2 2月2121日$1.18$1.18亿融资$3.98$3.98亿投后估值/20182018年3 3月9 9日$75$750000万融资$4.50$4.50亿投后估值202019195 51010$3900$3900$5.09$5.09201820183 37 7$4500$4500$2.352.35201820187 72525$13$130000$3.88$3.882018201812126 6$68$680000$1.68$1.68201820185 53131$2000$2000$1.60$1.60201820185 52 2$2500$2500$1.50$1.502018201812122020$20$200000$1.50$1.50201820189 92727$2.50$2.50$12.50$12.5020192019年1 1月9 9日$63$630000万融资$2.13$2.13亿投后估值20192019年4 4月2626日$65$650000万融资$3.15$3.15亿投后估值A2019171720193131$6.87$6.879 9A A$707000001111$1.191.194 4A A$150015001010$1.561.563 3A A$20$2000001010$555500003 3A A$19$190000A20020192019614PitchBook4 4$515100003 3A A$14$1400003 3$141400002 2A A$9 900001717$3.393.394 4A A$31$3100006 6$666600002 2A A$11$110000202157182939181420Dx TestDx AnalyticsR&D Tools201720181H 2019$2.21$1.80$1.37$1.22$2.59$5.50$1.05$2.73$3.6120191818/A2017-2019*A20020192019614PitchBook美国2017年2018年2019年上半年投资数量656836A轮投资总额（亿美元）$8.36$6.25$3.65企业创投投资占比（%）22%17%36%融资额中位数（百万美元）$6$6$5A A1010A AACA 20172018/A2018/6/43B Thrive Earlier Detection1.1Sherlock Biosciences31002019C 10A4BilliontoOneBostonGeneExscientiaOnera/欧洲2017年2018年2019年上半年投资数量331816A轮投资总额（亿美元）$2.11$0.87$0.82企业创投投资占比（%）0%28%19%融资额中位数（百万美元）$3$4$4A A/B201910876420191919/2018-2019/*最活跃的新投资者定义为20182019有新投资（首次投资）的投资者。2019年融资数据截至2019年6月14日。融资的日期可根据后续附加投资进行调整。Alexandria2002018930AREE,Inc.PitchBook/2019/F-PrimeEmbarkLunaPBCNebula GenomicsOwkinCasdinCapitalGenome MedicalCelsiusProminexThrive Earlier Detection171231119Total Dx/Tools3744387255104404190Dx AnalyticsDx TestR&D Tools201720181H 201920192020201920172019/2019614PitchBook$24.8824.88$12.7812.782019/201950002018145000IPO20192019TempusVeranaSophiaGeneticsDNAnexus$6.566.56$11.5711.57$21.0221.02$5.555.55$18.7018.70$13.5013.50$9.539.53$55.1455.14$47.3047.30$21.64$21.64201920191 1|2019/2019201975007500-1 12019201950005000-7500750020192121/102018-2019/.*PitchBook20192019614PitchBook.2*1510GrailTwist2018IPO2019IPO209173/201910201820188 82929$1.10$1.10$20$20201820182 21414$2.40$2.40$15$15201920195 53030$2$2$31$31201820183 32323$80$800000$10.30$10.30201820189 92121$83$830000$6$6201920194 41010$80$800000$2.30$2.30201920191 14 4$64$640000$4.94$4.94201820185 51111$3$3$32$32201820184 42 2$1.25$1.25$4.74$4.74201920191 17 7$35$350000$12.80$12.80201820184 42626$1.25$1.25$10$10201920194 41010$1.31$1.31$2.51$2.51201920194 41717$60$600000$3.75$3.75201820189 92525$58$580000$3.08$3.08201820186 61919$36$360000$2$2201820188 82323$6$60000$2.10$2.10201820185 53 3$20$200000$2.10$2.10201820186 62828$95$950000$7.97$7.97/A20192222/2019/2323$4.854.859 9A A$560056007 7$640064002 2A A$1200$12001515$5.19$5.197 7A A$2.14$2.141111$1.691.695 5A A$360036005 5$840084002 2A A$1000$10008 8$730073005 5A A$2100$2100A20020192019614PitchBook.5 5$530053003 3A A$1100$11003 3$270027002 2A A$9009000 05050100100150150200200$0B$0B$1B$1B$2B$2B$3B$3B2017Q12017Q12017Q22017Q22017Q32017Q32017Q42017Q42018Q12018Q12018Q22018Q22018Q32018Q32018Q42018Q42019Q12019Q12019Q22019Q2Invested CapitalTotal Deals201923232017-2019201720182019行业（亿美元）美国欧洲合计美国欧洲合计美国欧洲合计数字医疗*$34.94$6.02$40.96$71.80$6.73$78.53$45.42$7.16$52.58*10%/20192019614PitchBook/OscarOneMedicalDevoted Health1412018201720192017100Clover Health5$30$30$20$20$10$10$0$020192424IPOIPO$0B$25B$50B201420152016201720181H 2019M&A UpfrontM&A MilestonesIPO Market Cap666642422828313154542323141422222020141414145 5201420152016201720181H2019IPOIPOM&AM&A20192525IPO20142019IPO7500IPO2500IPOIPOPitchBook2014201420192019A 5613IPOIPOIPOPeloton10B 2018IPO70%2019C 2014/20185IPO201920192018IPO-47%$263263$303303$281281$217217$49349328684564626231313030272717172323121212126 63 3OncologyOrphan/Rare DiseaseNeurologyPlatformAnti-InfectiveIPOIPOM&AM&AABC8048$189189IPOIPO2019IPO$500$500$250$250$0$02019/5 57 72 25 54 43 34 48 82 26 63 34 410109 95 53 32 21 11 11 11 120142014201520152016201620172017201820181H 20191H 20192019262620142019*7500*PitchBook2019IPOIPO IPO43I2II43IFM TreMyonexusTherachonA2.38.5Peloton Therapeutics2019251.510IIIIIIII III I$8080$166166$212212$8989$148148首笔付款中位数（亿美元）$2.25$2$2$1.71$1.53$3.10交易总金额中位数（亿美元）$4.13$5.70$6$4.61$5.28$8.10退出年限中位数4.04.25.93.53.12.3$5252112019$62$71$53$85$100$89$0M$0M$50M$50M$100M$100M$150M$150M20142014201520152016201620172017201820181H 20191H 2019IPO20192727IPO2014-2019IPOIPOPitchBookIPO2500IPOIPOI*IPOPitchBookIPOIPOIPO2019IPO3.39IPO10.8923132019IPO610BridgeBioGossamer BioTurning Point TherapeuticsAlectorCstoneCortexyme1565%IPO2019IPO107IIPOIPO5PrevailAlectorIIKarunaIIITreviCortexyme$1.35$1.93$1.40$2.94$3.25$3.39$0M$0M$200M$200M$400M$400M$600M$600M20142014201520152016201620172017201820181H 20191H 2019IPOIPO适应症类别交易数早期阶段百分比最后一轮私有融资额中位数IPOIPO倍数中位数*肿瘤学989%$9400万1.03x平台公司450%$1.51亿1.06x神经学540%$8000万1.13x2019IPO$6$6$4$4$2$2$0$0$15$150 0$1$10000$50$50$0$02019201920192019201928282019102013201910IPO10IPO531022/131020132013IPO102019628*PitchBook10201962019IPO1020172018IPO2015201641020191020184Clementia2017Spark2015201920183102016310AudentesRa 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2019IPOIPOM&AM&A$0B$3B$5B20142014201520152016201620172017201820181H 20191H 2019M&A UpfrontM&A MilestonesIPO Market Cap20193333/IPO20142018/IPO5000IPO2500IPOIPO*2019628PitchBook$39$34$15$3$40617A公司IPO发行价/日期（美元）2019/6/28股价（美元）股价升降幅度19/6/28市值*（亿美元）Guardant Health$19 18年10月4日$86352%$79.10Twist Bioscience$14 18年10月31日$29107%$9.42Personalis$17 19年6月20日$2759%$8.08AdaptiveBiotechnologies$39 19年6月27日$4823%$57.201213$32A/201943IPOPersonalisAdaptive BiotechnologiesB IPO5.3104/10C IPO/201510/820198.941020182019/IPOBCIPOIPO2019IPO$50$50$30$30$0$0201920193434/20142019/首笔付款中位数（亿美元）$1.33$1.64$2.25N/A$1.26$0.68交易总金额中位数（亿美元）$2.39$1.64$3.25N/A$1.61$0.83退出年限中位数6.03.68.5N/A9.16.7$0B$1B$2B$3B20142014201520152016201620172017201820181H 20191H 2019$28$14$15$235000PitchBook$5EvotecJust BiotherapeuticsInvitaeSingular BioInvisible SentinelBeckman Coulter LabcyteJustSingular2900AJust3.7Singular5.2$30$30$20$20$10$10$0$0201920192019353520192019201820182019201820182019A2019Adaptive BiotechnologiesPersonalis/201910/201920172019102019363675005000/IPOIPOIPO2500IPOA AA A200CE CE CEFDACEFDA510kFDADe Novo 510kFDAPMAFDA/1515151515Casdin Capital,Cormorant Asset Management,Deerfield Management,EcoR1 Capital,Fidelity Investments,Foresite Capital Management,Perceptive Advisors,RA Capital Management,Redmile Group,Rock Springs Capital,Softbank,T.Rowe Price,Viking Global Investors,Wellington Management Woodford Investment Management.Jonathan NjonnysvbRitish Patnaikrp2616stanford.eduDhruv K.V20193737Jonathan NorrisSVB CapitalLPNorrisNorris18University of California,RiversideSanta Clara UniversityRitishPatnaik/RitishLusoLabsRitishDhruv K.VigVigSRI InternationalEC2A 1BR Finsbury14-18AlphabetaFC029579577295AktiengesellschaftC1175907VorstandGregory W.BeckerAufsichtsratsvorsitzenderRoger F DunbarHRB 112038Gesch ftsleiterOscar C.JazdowskiJohn K.PeckBaFinGraurheindorferStra e10853117BonnGermany 2019 SVBSVBSVBMAKE NEXT HAPPEN NOWVSVBFDICNasdaqSIVB20193838 2019 SVBSVBSVBMAKE NEXT HAPPEN NOWVSVBFDICNasdaqSIVB35SVBSVBSIVB20193939#SVBHealthcareSVBHSVB_FinancialSVB_FinancialSilicon Valley BankSVBFinancialGroup扫码关注：金融干货精选获取更多干货资料