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VOLUME 38 NUMBER 02 FEBRUARY 2020 DEAL-MAKING Acquisitions • Alliances • Financing 2020 Could Spell The End The Only Way Is Nasdaq Investors See Medtech Continuing Of Mega-Mergers, For Now To Ride Growth Wave Into 2020 PAGE LEFT BLANK INTENTIONALLY invivo.pharmaintelligence.informa.com STRATEGIC INSIGHTS FOR LIFE SCIENCES DECISION-MAKERS CONTENTS ❚ February 2020 DEAL-MAKING ACQUISITIONS ALLIANCES FINANCING 10 16 22 2020 Could Spell The End Of The Only Way Is Nasdaq Investors And Deal-Makers See Mega-Mergers, For Now MELANIE SENIOR Medtech Continuing To Ride The JOSEPH HAAS More capital, more expertise, more Growth Wave Into 2020 Industry experts expect a continued liquidity: those are the well-known ASHLEY YEO uptick in deals valued between $2bn- advantages of the US Nasdaq exchange The consensus among investors is that $10bn this year as buyers look to add over its European counterparts. Yet until medtech has been the best-performing critical mass in areas like oncology, rare recently, most European biotechs sought part of health care for the past three to disease and cell and gene therapy. a local listing before going to the US. four years, and investment levels remain Divestitures to free up capital and narrow good. Seemingly all-encompassing of late focus should continue too. has been companies’ preoccupation with digital strategies, but there is a lot more to this unique industry than just digital. 26 32 36 Biopharma M&A: Global Biopharma R&D Investing In People: Aligning Lessons From 2019, Productivity And Growth VCs And Today’s Entrepreneurs Trends For 2020 Ranking LUCIE ELLIS ANDREW MCCONAGHIE MARKUS THUNECKE AND In the latest instalment of our VC playbook “Growth gaps” were the driver for a ERIKA KUCHEN series, In Vivo sits down with Roel record-breaking M&A year – but CEOs An analysis of the R&D productivity of the Bulthuis, managing partner at INKEF must remain disciplined when pursuing world’s 30 largest public pharmaceutical Capital, to discuss the group’s approach opportunities, or pay the price down companies reveals an overall drop in R&D to health care investing in Europe, the the line. productivity, but this should not hide the importance of funding a team not just a fact that some companies are still project and how life sciences venture performing extremely well. capital is evolving with the emergence of health tech. ©2016 Informa Business Information, Inc., an Informa company February 2020 | In Vivo | 1 ❚ CONTENTS February 2020 DEPARTMENTS ❚ From The Editor AROUND THE INDUSTRY Welcome to In Vivo’s deal-making and partner- 4 Regular Acceptance Of Simulation ing special issue. Studies More Likely In 2020s WILLIAM MASTERS This month we have analyzed 2019’s deals to learn lessons for 2020. But we have also gone 6 New Business Models Are Needed back even further, exploring two decades of To Support Innovative Payer mega-deals in an infographic (see page 8). Partnerships CHRIS EASLEY The biopharma sector is often accused of a being a slow-moving engine, but a look back over the 7 In Vivo's Deals Of The Year past 20 years reveals that a lot has changed. Our INFOGRAPHIC: DEAL-MAKING infographic timeline explores the history of high-impact M&A transactions in the pharma in- 8 LUCIE ELLIS, GAYLE REMBOLD- LUCIE ELLIS dustry between 1999 and 2019. FURBERT AND JEAN MARIE SMITH Also in this issue, Melanie Senior explores why the US Nasdaq exchange has 40 ON THE MOVE become the only option for ambitious UK and European biotechs, looking Recent executive appointments into case studies such as Genmab’s $582m IPO in 2019. in the life sciences industry As for 2020, it seems a busy year of deal-making is on the cards. Still, bio- REGINA PALESKI pharma might have seen the end of the “mega-merger” for now. Industry experts are predicting that 2020 will be a year in which mid-sized companies 44 DEAL-MAKING will drive most of the deal activity, either acquiring or being acquired. And as Deals Shaping The Medical Industry, big pharma seeks bolt-on acquisitions to build out strategies, deals to ac- January 2019 quire biotechs valued at between $5bn and $10bn will be the sweet spot for THE STRATEGIC TRANSACTIONS TEAM this activity. EXCLUSIVE ONLINE CONTENT Other important notices: In Vivo has launched its refreshed Editorial Advisory Board for 2020. Please invivo.pharmaintelligence.informa.com see the list of all EAB members in the back of this issue. The advisory board ❚ Differentiating In Logistics will be providing guidance and insight as we look to bring you the very best For Regenerative Medicine’s features and analysis. Exploding Universe We also want to hear from our readers. We are conducting a survey to better ASHLEY YEO understand our subscribers’ content and delivery needs. If there are any changes you’d like to see in the format of the content or the method in which ❚ Meindert Boysen On What you receive and access In Vivo, or if you love it how it is, now is the time to Companies Should Expect have your voice heard. Go online to take part: https://bit.ly/2Srv3Y8 From NICE FRANCESCA BRUCE ❚ Analyzing An EU Medtech In Vivo: Always Online First Don’t have an online user account? Quickly and easily create one Regulation Crisis In The Making Relevant and exclusive online-only by clicking on the “Create your ASHLEY YEO content at your fingertips 24/7. account” link at the top of the page. Full access to our 36-year archive. ❚ Creating Stability In A Time Contact: Of Transition Access your subscription by visiting: [email protected] BEN COMER invivo.pharmaintelligence.informa. or call: (888) 670-8900 or +1 (908) com and log in. 748-1221 for additional information. ❚ Biopharma Quarterly Dealmaking Statistics, Q4 2019 AMANDA MICKLUS AND MAUREEN RIORDAN All stock images in this publication courtesy of /invivo @invivo /invivo www.shutterstock.com unless otherwise stated. 2 | | February 2020 invivo.pharmamedtechbi.com In Vivo invivo.pharmaintelligence.informa.com invivo.pharmaintelligence.informa.com CONTENTS ❚ ❚ Up-Front SNAPSHOTS FROM FEBRUARY’S CONTENT EY identified four factors “ The most important fueling last year’s record-breaking activity: theme when we invest in companies is ‘How 1 can I help you translate this unique Readily available capital for deals, or “Firepower” science into a drug that a physician will 2 prescribe, and an insurance company Slowing revenue growth at life sciences incumbents will pay for?’” PAGE 36 3 – Roel Bulthuis A recalibration of the US and European public markets “ Care is going into the home, and hopefully that’s 4 where this industry is going,” says OrbiMed Advisors’ A desire to deepen Anat Naschitz. Patient interaction with devices is a therapy area focus key factor, and devices offering this facility are PAGE 26 setting the pace. PAGE 22 In 2019, there were INFOGRAPHIC: PAGE 8 12 deals in the life sciences (including consumer health, TN . medtech and animal health) valued at Combined value Total number Total number of the last $5bn or more. of deals of deals decadeʼs Of those 12 deals, worth more worth more mega deals than $2bn than $2bn six involved the (>$2bn; (1999-2019) (2009-2019) acquisition of a biotech. 2009-2019) PAGE 10 ©2016 Informa Business Information, Inc., an Informa company February 2020 | In Vivo | 3 ❚ Around The Industry Regular Acceptance Of Simulation Studies More Likely In 2020s Lyon, France-based Novadiscovery is developing a user-facing technology to run in silico the more conventional operations. “We studies, a method it expects to cut development costs and improve trial success rates. aren’t saying in silico trials will at any But acceptance of “new” data types is often a concern for drug developers, despite world- point in time become a full replacement leading regulatory bodies stating their desire for 21st century approaches. to testing drugs on humans,” Boissel noted. “What we’re saying is that this In a recent interview, Novadiscovery technology will help us identify a drug CEO François-Henri Boissel outlined his candidate and certainly improve the company’s ambition to utilize in silico or matching between those drug candidates virtual clinical trials to give a much-needed and the best responder profile, to make efficiency boost to the biopharma industry. the whole process more efficient in more The company aims to use its unusual trial of an engineering mindset.” platform – Jinko – to allow customers to Dowe affirmed this with an analogy first model their drug candidate on a virtual about the aerospace industry. “There is human in a computer simulation before the no way any new plane would fly without drug is tested on humans. first simulating many times. Right now, in “The objective of this platform is to help pharma, we’re not simulating – we have our customers to improve productivity of the knowledge – but we’re not simulat- the R&D process, potentially reducing time “The objective of this ing,” she said. “We’re putting drugs into to market, reducing the cost to those firms humans after preclinical trials” and then and in some instances reducing the size of platform is to help our into human studies. While virtual simula- the trial necessary to demonstrate efficacy; tion studies would add another layer to as well as hopefully improving the prob- customers to improve the drug discovery process, Dowe argued ability of success,” Boissel told In Vivo. that this method should make the entire On January 9, Novadiscovery an- productivity of the R&D process more efficient. Just as computers nounced that the Debiopharm Innovation process, potentially have done for many other industries. Fund was investing €5m in its series A financing round.
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