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Scaling Innovation: How Benelux Could Become Europe's Leading Biotech

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Scaling Innovation: How Benelux Could Become Europe's Leading Biotech Scaling innovation: How Benelux could become Europe’s leading biotech hub March 2020 Content Benelux is well positioned to become Europe’s leading biotech hub 7 Benelux can take three steps to support its biotech ambitions 13 Scaling biotech innovation in Benelux would create significant benefits for the region 19 Next steps 22 Use of definitions 23 Authors 24 Acknowledgements 25 Scaling innovation: How Benelux could become Europe’s leading biotech hub 3 Benelux Belgium Netherlands Luxemburg Biotechnology has revolutionized medicine. Over which is why we regard the region as a single the past 30 years, techniques have improved hub. In this paper we focus our analyses on rapidly, yielding extraordinary new products and Belgium and the Netherlands—which have the treatments, and growth is accelerating. Biotech largest life science R&D and operations—but our already makes up about 25 percent of the global recommendations are applicable to Luxembourg. pharmaceutical market and is expanding by about We present our view of the region’s strengths and 8 percent a year, faster than any other segment of what it can do to take a leadership position within the pharma industry.1 European biotech. Benelux plays a prominent role in the European Based on our research, we believe that Benelux biotech industry. Galapagos, Argenx, and UniQure can build on its many unique strengths and are three examples of successful biotech firms rapid growth to become the leading biotech with market capitalizations above €2 billion— hub in Europe—and a major player in the global collectively represent a market capitalization of biotech landscape. Scaling biotech innovation some €19 billion at the time of writing and are would create significant benefits for the region, helping Benelux to further develop as a hub for including approximately 100,000 additional jobs innovation. Meanwhile, the European Medicines (an increase of about 75 percent), and a potential Agency’s recent move from London to Amsterdam additional annual GDP impact of some €7 billion is likely to catalyze growth and attract more (a 45 percent increase) by 2030 including direct, biopharma companies to the region. indirect, and induced impact (for definitions see page 23). The Benelux region has a high density of life science activity and with its excellent Alongside quantitative analyses, we have infrastructure and strategic position bordering conducted some 25 interviews with CEOs of major the three largest economies of Europe, Benelux biotech companies in the region, investment is attractive for life science businesses (Exhibit managers at venture capital firms, scientists, and 1). Indeed, many established biotech companies specialists from anchor institutions. conduct activities in countries across Benelux, Exhibit 1 Benelux has many of the resources it needs to become the leading biotech hub Home to top 10 global biopharma companies, and million inhabitants headquarters of medium to 29 1 ~110 large biotech companies ~30 venture funding life science research & medical centers ~€115M raised per year4 and public money 4 Home to 5% ~€300M raised per year of top 100 life sciences universities in the world1 collective market cap of 4,000 ~€19B top 3 life science players5 annual publications2 120 Life sciences contributes annual patent filings2, 3 ~€15B to GDP6 1. 2019 2. Search terms: Service providers; Immunotherapy; Antibody; Vaccines; Cell and gene therapy; Antibiotics; Drug delivery - including multiple search synonyms 3. 2005-18 4. 2012-18 5. November 2019 6. Including direct, indirect, and induced contributions. Data: Luxembourg from 2017; Belgium and Netherlands from 2016 Source: Bloomberg; CBS; Essenscia; EvaluatePharma; Innography (patent submissions 2005-2018); PitchBook; PubMed (articles published 2005–18); SILA; The Netherlands, Europe’s most attractive and innovative biopharmaceutical environments (Health~Holland). 1 EvaluatePharma database, Evaluate Ltd, April 2019, evaluate.com. Scaling innovation: How Benelux could become Europe’s leading biotech hub 5 6 Benelux is well positioned to become Europe’s leading biotech hub Benelux’s biotech hub is one of 2012 to 2018, 13 percent of Europe’s new biotech the best performing in Europe ventures were founded in Benelux, making it the second-most popular place for new biotech Benelux’s biotech hub already ranks among the ventures in Europe after the United Kingdom most robust in Europe, and it has many of the (Exhibit 2).2 resources it needs for clear leadership in the field. It has become a center of knowledge-sharing Moreover, these companies are highly productive: among industry, academia, and government that over the past seven years, 20 percent of FDA attracts many young biotech companies. From approvals for European biotech companies Exhibit 2 Benelux hosted more biotech launches than anywhere else in Europe other than the United Kingdom from 2012 to 2018 2 McKinsey & Company’s Start-up and Investment Landscape Analysis (SILA). Scaling innovation: How Benelux could become Europe’s leading biotech hub 7 originated in Benelux—the same number as Initiatives that stimulate biotech activity and Switzerland and the United Kingdom.3 connectivity to other biotech hubs The governments in Benelux initiate and stimulate Additionally, biotech companies in Benelux are biotech activity in the region, promoting public- particularly active in the industry’s most promising private partnerships and offering tax benefits areas with a growing investment focus, including for R&D work. Regional investment funds in immunotherapy and antibodies, cell and gene the Netherlands, including InnovationQuarter, therapy, oncology, and the central nervous system OostNL, and the Brabant Development Agency (Exhibit 3). Investors are scrambling to participate (BOM), provide seed capital to early-stage in these “hotspots,” where Benelux is in the top companies. Several government initiatives have three in terms of the number of companies active led to a wide range of small (pre-) seed funds, in these areas.4 which stimulates short-term growth. Furthermore, the Benelux region is characterized by initiatives that support global connectivity and partnerships with other biotech hubs. Exhibit 3 European “hotspot” ranking, based on share of In Belgium, there are coherent biotech support companies active in areas that appeal most to and commercialization initiatives. The Flanders Institute for Biotechnology (VIB), for example, investors has created an ecosystem where valorization Share of total number of European biotechs per hotspot experts and researchers collaborate to translate Immunotherapy Cell & gene Oncology Central nervous scientific inventions into viable products quickly and antibodies therapy system and efficiently. While VIB is in essence a research #1 24% - UK 28% - UK 30% - UK 24% - UK institute linked to five Belgian universities, it commercializes its research vigorously. So #2 16% - Benelux 16% - France 15% - Benelux 20% - France far, its efforts have helped create 17 spin-off companies that have raised approximately €2.4 #3 13% - Germany 13% - Benelux 13% - Germany 11% - Benelux* billion in investments or partnerships and made *Shared position with Sweden (11%) acquisitions worth €3.9 billion.6 Source: McKinsey & Company’s SILA database & PitchBook database Following the same model, but with a focus on oncology, the Oncode Institute was launched Benelux’s robust biotech ecosystem in the Netherlands in early 2018. It includes drives innovation members of several leading research groups in Strong science with world-class universities oncology. By combining excellent fundamental and connected medical centers research, relevant expertise and immediate Benelux’s rich ecosystem is driving the proof-of-concept, and seed funds, this institute development of the biotech hub (Exhibit 4). For has the potential to boost the translation of example, the region is home to 5 percent of the cancer research in Benelux. Also RegMed XB (Regenerative Medicine Crossing Borders) top 100 life sciences universities in the world.5 In addition, 14 percent of Benelux universities’ and DCVA (the Dutch CardioVascular Alliance) publications rank among the top 10 percent are setting up a similar specialized valorization of biomedical and health science publications platform, focusing on regenerative and worldwide, a share that rivals that of Europe cardiovascular medicine. overall and approaches that of the United States High density of large VC funds at 16 percent. Benelux is home to major venture capital (VC) funds that represent about 22 percent of all European VC late-stage capital with a focus on life sciences.7 Late-stage funds in Benelux have 3 EvaluatePharma database, Evaluate Ltd, April 2019, evaluate.com. 4 PitchBook database, March 2019, pitchbook.com; McKinsey & Company’s SILA database, March 2019. 5 Top 100 based on The Times Higher Education World University ranking 2019, July 2019, timeshighereducation.com; publications ranking based on CWTS Leiden Ranking 2018 (ranking of University publications—2013–16), July 2019, leidenranking.com. 6 Annual report, VIB, 2018, vib.be. 7 Preqin database, Prequin Ltd, March 2019, prequin.com. 8 Scaling innovation: How Benelux could become Europe’s leading biotech hub Exhibit 4 A wide range of stakeholders support a strong, innovative ecosystem for biotech in Benelux 1. Regional Development Corporations 1. Regional Development Corporations 1. Regional Development Corporations 1. Regional Development Corporations 1. Regional Development
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