Strategic Trends in Private Equity and Venture Capital Funding for Healthcare

Strategic Trends in Private Equity and Venture Capital Funding for Healthcare


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Executive Summary

Strategic Trends in Private Equity and Venture Capital Funding for Healthcare

Summary

GBI Research's latest report, "Strategic Trends in Private Equity and Venture Capital Funding for Healthcare" provides a comprehensive analysis on emerging investment trends within the healthcare industry. Private equity (PE) and venture capital (VC) funds have been important participants in a wide range of industries for many decades-particularly the healthcare industry. They remain one of the few sources of funding for innovative start-up companies, which often bring disruptive technologies and life-saving medical interventions to the market.

This report provides in-depth qualitative and quantitative analyses of global and regional trends that have shaped the current healthcare PE and VC landscape, particularly from 2006 to 2015. It provides multilevel analyses that identify geographical markets and therapy areas attracting noteworthy investments. Analyses of key investment indicators in the US, including levels of fundraising activities by PE and VC companies, VC investments by industry sector, and VC-backed exits and venture financing trends-particularly for early-stage healthcare companies-are also included.

Information from our robust, industry-leading databases shows that global values of completed equity offerings in the healthcare industry are continuing their upward trend, reaching record highs in recent years. Quantitative analyses of equity offerings in the healthcare sector from 2006 to 2015 are provided alongside trends in healthcare VC-backed initial public offerings (IPOs) in the US. Top healthcare IPOs are reviewed in detail, with company profiles that include product pipelines showing therapy areas of focus, indications and product development stages.

The report also includes forecasts for the outlook for PE and VC firms investing in the healthcare sector. VC investment in early-stage healthcare companies continues to decline, and has almost completely disappeared in certain countries. The report discusses new financing models that are emerging and replacing traditional VC financing models, including case studies showcasing recent success stories.

GBI Research conducted extensive research in order to provide a comprehensive view of the strategic trends in PE and VC funding for healthcare. This new report adds to our unique portfolio of trusted industry analyses that enable our clients to assess the most promising areas in the market and exploit key business opportunities.

Scope

How important are PE and VC funds to the future development of the healthcare industry?

How does the venture-backed healthcare innovation model work?

What have been the global trends in healthcare PE and VC over the last decade in terms of deal activity (volume) and value?

Which geographical markets are attracting noteworthy healthcare investments from PE and VC firms, and which will drive investments in the future?

Which therapy areas attracted the most PE and VC investments by value in the last two years and what are the reasons for these trends?

How much capital did the top healthcare PE and VC deals raise in 2015, and which investment and healthcare companies were involved?

What are the new financing models being adopted by early-stage healthcare companies in the face of the declining availability of VC funds?

How did the 2008 global financial crisis affect VC and PE investments in healthcare, in both the short and longer term?

How is the healthcare industry performing compared with other industry sectors in terms of attracting VC investments in the US?

What are the risks if investments in the healthcare industry decrease significantly?

How are VC firms likely to react to increasing competition in the healthcare sector in the coming years?

What specific factors will continue to drive investment in the healthcare industry in the coming years?

Reasons To Buy

This report will allow you to

Gain insightful analyses and understanding of PE and VC dynamics in the healthcare industry. The report comprehensively describes and assesses the most important factors driving and restraining investments in this industry by assessing key investment information and parameters over the last decade.

Assess quantitative and qualitative trends shaping deal activity in the healthcare sector. GBI Research employed a multi-faceted research approach that involved the analysis of a variety of secondary research sources and the interrogation of proprietary databases, to provide a complete and objective view of industry and investment dynamics.

Gain insight on upcoming trends and factors influencing global healthcare investments.



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1 Table of Contents

1 Table of Contents 3

1.1 List of Tables 5

1.2 List of Figures 6

2 Introduction 7

2.1 Overview of Private Equity and Venture Capital 7

2.1.1 Private Equity and Venture Capital: Similarities and Differences 7

2.1.2 The Importance of Adequate Fundraising for PE and VC firms 8

2.2 The Significance of Private Equity and Venture Capital in the Healthcare Industry 8

2.2.1 The Venture-Backed Healthcare Innovation Model 9

2.2.2 Critical Factors to Consider when Selecting a Venture Capital Firm 11

2.2.3 What Are the Types of Private Equity Firms Operating in the Healthcare Industry? 12

3 Global Trends in Private Equity and Venture Capital Investments in the Healthcare Industry 13

3.1 Is R&D Productivity in Healthcare Still Declining? 13

3.2 What is Causing the Increase in the Cost of Bringing Medical Interventions to Market? 13

3.3 Global Healthcare Private Equity Deal Trends: Volume and Value, 2006-2015 14

3.4 Regional Healthcare Private Equity Deal Trends: Volume and Value, 2006-2015 15

3.5 Which Therapy Areas Are Receiving Noteworthy Private Equity Investment? 17

3.6 Top 10 Healthcare Private Equity Deals, 2015 17

3.7 Top 10 Healthcare Venture Capital Deals, 2015 19

3.8 Are New Companies in the Healthcare Industry Living in a Post-VC Era? 20

3.9 What are the Risks if Investments in the Healthcare Industry Decrease Significantly? 20

3.10 New Funding and Investment Models Emerging in the Healthcare Industry 21

3.10.1 The Role of Crowdfunding in Early-Stage Healthcare in the Post-VC Era 21

4 US Private Equity and Venture Capital Industry Dynamics 23

4.1 Immediate Aftermath of the 2008 Global Financial Crisis on the Value of Capital Commitments to Private Funds in the US 23

4.2 Venture Capital Fundraising Trends in the US: Volume and Value of Funds, 2006-2015 23

4.3 US Venture Capital Investment Trends 24

4.4 Is Biotechnology Still Playing Second Fiddle to the Software Sector? 25

4.5 Trends in Seed Stage VC Financing in the US by Volume and Value, 2015 27

4.6 US Venture-Backed Exits, Volume and Value, 2006-2015 28

4.7 US Venture-Backed Healthcare Acquisitions 2006-2015 30

5 Equity Offerings in the Healthcare Sector, Value and Volume, 2006-2015 31

5.1 US Venture-Backed Initial Public Offerings in Healthcare, 2006-2015 31

5.2 Company Profiles and Initial Public Offer Details 33

5.2.1 Axovant Sciences (Stock Symbol: AXON) 33

5.2.2 NantKwest (Stock Symbol: NK) 33

5.2.3 Adaptimmune Therapeutics (Stock Symbol: ADAP) 34

5.2.4 Spark Therapeutics (Stock Symbol: ONCE) 36

5.2.5 Aimmune Therapeutics (Stock Symbol: AIMT) 37

5.2.6 Blueprint Medicines (Stock Symbol: BPMC) 37

5.2.7 RegenxBio (Stock Symbol: RGNX) 38

5.2.8 ProNAi Therapeutics (Stock Symbol: DNAI) 39

5.2.9 Seres Therapeutics (Stock Symbol: MCRB) 40

5.2.10 Global Blood Therapeutics (Stock Symbol: GBT) 41

6 Private Equity Firms, Company Drill-Downs 43

6.1 TPG Capital 43

6.1.1 Overview and Portfolio Management 43

6.1.2 TPG Capital, Historical Healthcare Deal Trends 45

6.2 The Carlyle Group 45

6.2.1 Overview and Portfolio Management 45

6.2.2 The Carlyle Group, Historical Healthcare Deal Trends 47

6.3 Apax Partners 47

6.3.1 Overview and Portfolio Management 47

6.3.2 Apax Partners, Historical Healthcare Deal Trends 48

6.4 KKR & Co 48

6.4.1 Overview and Portfolio Management 48

6.4.2 KKR & Co, Historical Healthcare Deal Trends 49

6.5 Warburg Pincus 49

6.5.1 Overview and Portfolio Management 49

6.5.2 Warburg Pincus, Historical Healthcare Deal Trends 50

6.6 Bain Capital Private Equity 51

6.6.1 Overview and Portfolio Management 51

6.6.2 Bain Private, Historical Healthcare Deal Trends 51

7 Venture Capital Firms, Company Drill-Downs 52

7.1 New Enterprise Associates 52

7.1.1 Overview and Portfolio Management 52

7.1.2 New Enterprise Associates, Historical Healthcare Deal Trends 55

7.2 OrbiMed Advisors 55

7.2.1 Overview and Portfolio Management 55

7.2.2 OrbiMed Advisors, Historical Healthcare Investment Trends 57

7.3 Kleiner Perkins Caufield & Byers 57

7.3.1 Overview and Portfolio Management 57

7.3.2 Kleiner Perkins Caufield & Byers, Historical Healthcare Investment Trends 59

7.4 Flagship Ventures 59

7.4.1 Overview and Portfolio Management 59

7.4.2 Flagship Ventures, Historical Healthcare Investment Trends 61

7.5 Third Rock Ventures 61

7.5.1 Overview and Portfolio Management 61

7.5.2 Third Rock Ventures, Historical Healthcare Investment Trends 63

7.6 Versant Ventures 63

7.6.1 Overview and Portfolio Management 63

7.6.2 Versant Ventures, Historical Healthcare Investment Trends 65

8 Future Outlook 66

8.1 What Factors will Drive Investment in Healthcare Industry in Coming Years? 66

8.2 Will New Financing Models Provide Sustainable Growth for Early-Stage Healthcare Companies? 66

8.3 Which Geographical Markets will Drive Investment in Healthcare in Foreseeable Future? 66

8.4 How will Venture Capital Firms React to Increasing Competition in Healthcare Sector? 66

9 Conclusions 68

10 Bibliography 69

11 Appendix 71

11.1 Global Healthcare Private Equity Deal Trend (Volume and Value), 2006-2015 71

11.2 Global Healthcare Private Equity Trends by Region, Volume, 2006-2015 71

11.3 Global Healthcare Private Equity Trends by Region, Value ($bn), 2006-2015 72

11.4 Global Healthcare Private Equity Deal Value by Therapy Area ($m), 2014 and 2015 72

11.5 US Capital Commitments to Private Equity Firms ($bn), 2006-2015 73

11.6 US Venture Capital Fundraising, Volume and Value, 2006-2015 73

11.7 US Venture Capital Investment Trends, Volume and Value, 2006-2015 74

11.8 Composition of Venture Capital Investments in the US by Sector, 2015 74

11.9 Value of Venture Capital Investment in the US by Company Stage of Development, 2015 75

11.10 Volume of Venture Capital Investment in the US by Company Stage of Development, 2015 75

11.11 Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Volume, 2006-2015 76

11.12 Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Value ($bn), 2006-2015 76

11.13 US Venture-Backed Acquisitions, Total Transaction Value ($bn), 2006-2015 77

11.14 Equity Offerings in the Healthcare Sector, Value and Volume, 2006-2015 77

11.15 US Venture-Backed IPOs, Healthcare and Total, 2006-2015 78

11.16 Contact Us 78

11.17 Disclaimer 78

1.2 List of Figures

Figure 1: Venture-Backed Healthcare Innovation Model 10

Figure 2: Global Healthcare Private Equity Deal Trend (Volume and Value), 2006-2015 14

Figure 3: Global Healthcare Private Equity Trends by Region, Volume, 2006-2015 15

Figure 4: Global Healthcare Private Equity Trends by Region, Value ($bn), 2006-2015 16

Figure 5: Global Healthcare Private Equity Deal Value by Therapy Area ($m), 2014 and 2015 17

Figure 6: US Capital Commitments to Private Equity Firms ($bn), 2006-2015 23

Figure 7: US Venture Capital Fundraising, Volume and Value, 2006-2015 24

Figure 8: US Venture Capital Investment Trends, Volume and Value, 2006-2015 25

Figure 9: Composition of Venture Capital Investments in the US by Sector, 2015 26

Figure 10: Value of Venture Capital Investment in the US by Company Stage of Development, 2015 27

Figure 11: Volume of Venture Capital Investment in the US by Company Stage of Development, 2015 28

Figure 12: Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Volume, 2006-2015 29

Figure 13: Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Value ($bn), 2006-2015 29

Figure 14: US Venture-Backed Healthcare Acquisitions, Total Transaction Value ($bn), 2006-2015 30

Figure 15: Equity Offerings in the Healthcare Sector, Value and Volume, 2006-2015 31

Figure 16: US Venture-Backed IPOs, Healthcare and Total, 2006-2015 32

Figure 17: Global Healthcare Private Equity Deal Trend (Volume and Value), 2006-2015 71

Figure 18: Global Healthcare Private Equity Trends by Region, Volume, 2006-2015 71

Figure 19: Global Healthcare Private Equity Trends by Region, Value ($bn), 2006-2015 72

Figure 20: Global Healthcare Private Equity Deal Value by Therapy Area ($m), 2014 and 2015 72

Figure 21: US Capital Commitments to Private Equity Firms ($bn), 2006-2015 73

Figure 22: US Venture Capital Fundraising, Volume and Value, 2006-2015 73

Figure 23: US Venture Capital Investment Trends, Volume and Value, 2006-2015 74

Figure 24: Composition of Venture Capital Investments in the US by Sector, 2015 74

Figure 25: Value of Venture Capital Investment in the US by Company Stage of Development, 2015 75

Figure 26: Volume of Venture Capital Investment in the US by Company Stage of Development, 2015 75

Figure 27: Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Volume, 2006-2015 76

Figure 28: Venture-Backed Initial Public Offerings and Merger and Acquisition Exits, Value ($bn), 2006-2015 76

Figure 29: US Venture-Backed Acquisitions, Total Transaction Value ($bn), 2006-2015 77

Figure 30: Equity Offerings in the Healthcare Sector, Value and Volume, 2006-2015 77

Figure 31: US Venture-Backed IPOs, Healthcare and Total, 2006-2015 78

1.1 List of Tables

Table 1: Main Differences and Similarities between Private Equity and Venture Capital Companies 8

Table 2: Types of Private Equity Firms Typically Operating in the Healthcare Industry 12

Table 3: Top 10 Healthcare Private Equity Deals in 2015 18

Table 4: Top 10 Healthcare Venture Capital Deals in 2015 19

Table 5: Emerging Sources of Funding for Early-Stage Healthcare Companies 21

Table 6: Venture Capital Investment in the US Life Sciences Industry, 2006-2015 ($m) 27

Table 7: Top 10 Healthcare IPOs in 2015 32

Table 8: Axovant Product Pipeline 33

Table 9: NantKwest Product Pipeline 34

Table 10: Adaptimmune Therapeutics Product Pipeline 35

Table 11: Spark Therapeutics Product Pipeline 36

Table 12: Aimmune Therapeutics Product Pipeline 37

Table 13: Blueprint Medicines Product Pipeline 38

Table 14: RegenxBio Product Pipeline 39

Table 15: ProNAi Product Pipeline 40

Table 16: Seres Therapeutics Product Pipeline 41

Table 17: Global Blood Therapeutics Product Pipeline 42

Table 18: TPG Capital, Healthcare Investment Portfolio, 2016 44

Table 19: The Carlyle Group, Healthcare Investment Portfolio, 2016 46

Table 20: Apax Partners, Healthcare Investment Portfolio, 2016 47

Table 21: KKR & Co, Healthcare Investment Portfolio, 2016 49

Table 22: Warburg Pincus, Healthcare Investment Portfolio, 2016 50

Table 23: Bain Capital Private Equity, Healthcare Investment Portfolio, 2016 51

Table 24: New Enterprise Associates, Healthcare Investment Portfolio, 2016 52

Table 25: OrbiMed Advisors, Selected Healthcare Investments 55

Table 26: Kleiner Perkins Caufield & Byers, Selected Healthcare Investments 58

Table 27: Flagship Ventures, Selected Healthcare Investments 60

Table 28: Third Rock Investments, Selected Healthcare Investments 62

Table 29: Versant Ventures, Selected Healthcare Investments 64

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