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Biotech Anglais270 L’INFORMATION STRATÉGIQUE DE L’ESPACE EUROPÉEN DE L’INNOVATION Biotechnologies FINANCES IAL EC & P S TH HALF 2005S N° 270 • December 26th 2005 11 HOUR nd 2 L www.biotech-finances.com A € D E 2005: The European Giant Sommaire Stirs from Slumber 11th hour • 2005: The European Giant Stirs 2004 was a disappointment for the biotech and medtech commu- from Slumber ............................p. 1-3 nity. IPOs failed, new finance proved difficult and complicated to Special €Deals find, and attempts at consolidation were stillborn. This meant that many players and observers in the life sciences industry went into The British Isles 2005 believing that mergers and acquisitions were likely to be the • « Biotech in UK are ready to explore new business models » ..............p. 4 main salvation of biotech and medtech. • « There is a lot of interest on the Irish part in going down the IPO road on AIM » ............................p. 4 And yet, 2005 has produced a remarkably good vintage! An IPO window France opened and a number of impressive financing rounds have been achie- • « Technology Transfer has become one major stake » ......................p. 7 ved. The recovery also saw successful consolidation take place. Opportu- nism and opportunity have been the watchwords of the year. German speaking countries The wounds sustained by the biotech industry after the stock market • « Many companies have products in Phase II or Phase III » ............p. 8 bubble burst seem to be healing. Youthful exuberance has returned. More • « We remain positive about the mature projects are now being presented to investors - who themelves prospects for 2006 »......................p. 8 have evolved as well. Going public is no longer perceived only as a good Scandinavia exit strategy for private investors but also as a real additional financing • « The focus of the companies tool. appearing on the Danish Medicon This added up to a much more favourable climate in 2005 despite a few Valley scene is much more on later stage development projects » ..p. 10 IPOs that were pulled (eg Zealand in December). More than 20 IPOs were • « In Sweden, 2005 has clearly given the successfully concluded this year in Europe, and 14 of these were on regu- signal of an increase again » ..p. 10-11 lated markets. The number could rise to 15 if 4SC succeeds in listing in The Benelux Germany in December. One key factor is that companies and investors • « The pipeline is strong with now have more realistic valuation expectations. The failure of several products close to the market and IPOs in 2004, including Cyclacel, IDM, Microscience or Biovitrum, has a strong shareholder base » ....p. 12 apparently had some effect. This is illustrated by the diminishing gap bet- Southern European countries ween the indicative price range and the price when trading starts. This • « Italy needs a strong biotech cluster to attract public funds » ............p. 13 suggests that companies are aligning their valuation with the expecta- New European members tions of the market operators, even if the price is sometimes lower than • « The greatest problem is the lack of their latest private funding rounds. One exception however stands out. capital as no specialized VC funds Speedel, one of the flagships of Swiss biotechnology, was unable to get are available in Hungary » ......p. 14 the valuation it wanted from institutional investors (between CHF 850 Israel million and CHF 1 billion). But Speedel didn’t give in. Relying on the law •«Israeli companies are turning more of supply and demand, the Swiss company went to venture capitalists to and more towards US VC’s »..p. 14-15 raise € 45 million and IPOed on the Swiss market without trying to raise € DEALS are an exclusivity Biotechnologies more equity. On September 9, at the close of its first day of quotation, & Finances / Zephyr – Bureau Van Dijk Editions Electroniques. Speedel was showing a market capitalization of CHF 950 million! A striking element of IPOs in 2005 is the wide range (continued on p. 2) € DEALS JULY TO DECEMBER 2005 (continuation from p. 1) of coun- build a pipeline with two tries where listings occured. molecules in clinical stage Companies usually IPO in in less than a year. Xytis their country of origin and established a first agree- the map of recent European ment in January with Rot- IPOs clearly shows that there tapharm, followed in June is no single market but that by a deal with Fournier. floatations happened all over Atlas and CDC Entreprises Europe. This tends to show Innovation gave their finan- that this type of investment cial support to the company. now generates general inter- Sofinnova supported two est rather than catering only young and extremely pro- to a syndicate of specialised mising French start-ups: investors. This Europe-wide Cerenis in the field of car- phenomenon seems to be lin- diovascular diseases and ked to investors’ becoming Fovea Pharma for the thera- more mature, particularly peutic treatment of retinal investors focused on small disease. Each of them raised cap companies whose invest- « The venture loans more than €20 million this ments have performed well year. and who are now ready to model seems to be winning While the demand for tradi- diversify their risks. For tional venture capital fun- example, even in France over more and more ding remains very strong, a where the community of ins- few companies have started titutional investors shows enthusiasts in Europe, to look at alternative solu- very little interest in this par- tions more appropriate to ticular sector, the year has especially among their needs. Cyclacel for one been marked with three suc- concluded a financing cessive IPOs by three compa- the earliest agreement with Scottish nies in the life science field: Enterprise via the issue of a ExonHit, Ipsen and BioAl- stage biotechs. » convertible debt. Moreover, liance. the venture loans model as it is proposed by GE Life Pipelines that don’t run dry, projects that Science Finance in the United States seems to be get more mature winning over more and more enthusiasts in Euro- In 2005, unlisted companies went to great lengths pe, especially among the earliest stage biotechs. to achieve a sufficient level of maturity to make These kinds of financing are well worth conside- an IPO feasible. ring if only because they are non-dilutive. Some of them went knocking on the venture capitalists’ door with the result that impressive Mergers and acquisitions as growth dri- financing rounds were concluded in 2005, inclu- vers ding those of Oxagen and Speedel who both The growing pragmatism in European biotech managed to raise more than €40 million. There companies’ attitude to strategic decisions is yet were a large number of financing rounds above another sign of their new maturity. Bringing com- €30 million, thus giving later stage companies panies together is no longer perceived as meaning the chance to pursue their clinical developpe- they are in the last chance saloon but that the ment. These include Biolipox, Neuro3d, Trigen in merger offers significant growth leverage. Phase II and Newron, Wilex, The Genetics Com- For example, the Danish society TopoTarget acqui- pany in Phase III. red G2M Germany just before its IPO in June. Companies at Series A stage have not been neglec- Apart from raising €15 million at the same time, ted, with three nice success stories this year. Swiss the company significantly strengthened its pipeli- company Xytis, focused on the central nervous ne in cancer, and this clearly made it a much more system, wins our congratulations by managing to attractive proposition for the market. Similarly, © Editions Européennes de l’Innovation. The unauthorized reproduction is an offence 2 BIOTECHNOLOGIES & FINANCES • December 26th 2005 • N° 270 € DEALS JULY TO DECEMBER 2005 bringing together TriGen in variety of development the UK and ProCorde in models, maintaining a subtle Germany meant that the balance between their strate- new company was able to gic needs and a financing raise another €30 million environment that is structu- in a new round of finan- rally limited. This new dyna- cing. mic has triggered the emer- Also in the UK, Vernalis has gence of new specialised ope- been particularly active rators who have won increa- with no less than three sed trust not only from inves- operations this year. In tors but also from issuers.The July, it acquired Ionix Phar- acquisition of the merchant maceuticals in the UK, in bank, Code Securities, by November, it obtained the Nomura is another clear sign rights for Apokyn®, a pro- demonstrating the sector’s duct that was already on recovery. the market, from Mylan 2006 is likely to provide Pharmaceuticals and then confirmation of this emerging acquired Canada’s Cita « The growing pro-activity, whether it be Neuropharmaceuticals. As IPOs, the search for financial it stands today, the firm pragmatism in or strategic partnerships, or presents a very attractive mergers and consolidation profile, with two drugs on European biotech operations. European biotech the market and an advan- still has a few cards up its ced pipeline of central ner- companies’ attitude sleeve! Those who could vous system disease thera- come up trumps include pies. to strategic decisions IDEA, Micromet and Paion in Lastly, the Japanese biotech Germany; Newron and company, Sosei, did a quick is a sign of Bioxell in Italy; Cyclacel, change act by buying the Renovo or Trigen in Great UK firm, Arakis, a clear sign their new maturity. » Britain and Diatos, Faust, of the growing interest of Innate Pharma, Neuro3d, Asian biotech for European OPI, Novagali in France and biotech. If once the future seemed to lie in the US, no doubt quite a few more. it is obvious that we now need to make sure we Bionest Partners take into account the potential of the Far East! Catherine Pichereau, Finance Practice Leader Frédéric Desdouits, Managing Partner 2006 : Will this European IPO map 2005 (excluding AIM) (as of 16 Dec 05) mean the industry is finally mature? The opening of the IPO window is for sure a very eloquent symbol of the sector’s maturity in Europe, but the most remar- kable fact this year is probably not so much this as the emerging pragmatism of the players in the market.
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