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2Nd FCF Life Science IPO Report

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2Nd FCF Life Science IPO Report FCF Life Science Research 2nd Life Science IPO Report – Initial Public Offerings in Europe and the US Enterovirus Part of FCF Life Science Research Series FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US 2 FCF Overview FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with ▪ Specialized investment bank and financing specialist financing Private / Venture capital financing Private equity financing ▪ Advising public and private small / midcap companies Pre-IPO Growth capital financing (i) at the lowest cost, ▪ Advisor for structuring and placement of financing transactions: Initial Public Offering (IPO) pursued in tandem) – All instruments: Unbiased approach to all available corporate Equity / Capital increase Private Investment in (ii) with the highest Public Dual-track (IPO and Public Equity (PIPE) flexibility, financing instruments (no product selling approach), allowing alternative transaction Block trade for customized financing structures (iii) in the shortest Receivables financing / Working capital / Revolving – All investors: Close and trusted relationships with senior period of time, Short-term Factoring / ABS credit facility executives of virtually all relevant equity and debt investors Debt Borrowing base / Guarantees / (iv) with the highest – Fast process: Process management skills and direct / personal Inventory financing Letter of Credit closing proba- access to institutional debt and equity investors enable fast Bank loan facility / Promissory note bility, and with transactions Straight debt (Schuldscheindarlehen) Debt Long-term Sale-and-lease back High-yield / PIK bond (v) financing partners ▪ More than 100 transactions with a total placement volume in Debt Corporate bonds (public / (public / private) that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) Second lien financing into their strategy ▪ Approx. 10 professionals with offices in Munich Mezzanine Mezzanine capital Convertible bonds Selected Transactions 3 FCF Facts & Figures More than More than 100 2000 # 1 10 Network Completed Contacts to Family Financing Advisor in Investment Banking Access to more than Transactions Offices and Ultra Germany, purely Professionals 4000 international High Net Worth focusing on corporate financial institutions Individuals financing transactions worldwide More than Close to More than More than 4 bn Leading 100 120 25 Total volume of Advisor for Years of aggregated, Articles and International advised & closed Financing investment banking / research papers conferences transactions since Transactions with financing experience published organized 2005 EIB in the DACH region 4 FCF’s Equity Expertise FCF has successfully Life Science Financing Research IPO / Public Equity Markets Coverage closed numerous equity-related transactions over the past years FCF regularly publishes specialized research, covering industry trends, equity valuations, debt transactions, IPO and M&A activity FCF has hosted / hosts the FCF IPO FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters Conference, addressing going public topics with great relevance to decision makers FCF bi-annually hosts its Family-2- Family Conference, an opportunity for public companies to present themselves to family offices 5 FCF Overview European and US Life Science IPOs C r o s s - border IPOs of European Issuers in the US Life Science IPO Outlook Appendix: European Cross - border Issuances in the US 6 Historic Development of Life Science IPOs in Europe European IPOs EURm # of Deals continued their 3.000 25 steady upward trend since 2013 in the Life 2.706 Science industry in terms of deal 2.500 volumes 20 2.183 2.083 After a significant 2.000 increase in 2014 and 2015, the number of 15 European Life 1.532 Science IPOs 1.500 decreased in 2016 with a renewed 10 uptrend in 2017 1.000 834 865 2017 has seen the 653 second highest 5 number of deals and 500 deal volumes in the 249 156 187 European Life 38 53 112 56 117 Science industry since 2000 -0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average Deal 38 53 - - 50 131 69 193 56 - 39 59 37 37 67 77 160 156 Volume (in EURm) European Deal Volume European Deals Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research 7 Historic Development of Life Science IPOs in the US After a period of a EURm # of Deals relatively low activity 6.000 90 between 2001 and 2012, US Life Science IPOs and 80 5.002 5.044 deal volumes 5.000 significantly 4.539 70 increased during 2013 and 2015, recording record-high 4.000 60 deal volumes tenfold as high as in the 50 previous years 2.960 3.000 40 Subsequently, 2.330 2.260 number and deal volumes of US Life 2.000 30 Science IPOs plummeted, however, 20 recovered again in 904 1.000 754 2017 708 567 499 497 467 10 170 359 54 45 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Average Deal 90 71 54 45 54 79 42 75 - 57 63 45 55 126 66 99 75 80 Volume (in EURm) US Deal Volume US Deals Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research 8 European Life Science IPOs – Overview L5Y Fast Facts European IPOs - Performance Performance** and Issuance by Exchange 0 1 0 6,0% 156% ▪ 63 IPOs over the last 5 years 4,9% IPO 0 6 ▪ EUR 6,775m volume raised 3,3% 129% 2,4% IPOs 0 Brussels ▪ 83% of the IPOs (L5Y) priced within range* 1 90% 0 -1,2% IPO ▪ 2 US companies went public in Europe 1 0 81% (PureTech Health plc, Verseon Corporation) IPO IPO IPO IPO - CY - IPO 0 +1D +1M +3M YTD YTD 1 15% 0 Copenhagen IPO 3 9% IPOs IPOs by Size Segment 3 3% Stockholm IPOs EURm -19% 3 Volume IPOs IPOs -25% 3 3 IPOs 3.512 1.261 7 -26% 3 IPOs Amsterdam -32% 12 6,775m 968 14 63 IPOs 39 -42% 17 IPOs 1.035 Paris Primary / Secondary Split & Price Range Primary Shares Micro Small Medium Large Secondary Shares 11% IPOs over Time 89% EURm Above Range 2500 Below Range 2000 number of IPOs in each country*** (HQ) 13% 1500 5% Within Range 1000 2.083 2.183 1.532 500 865 82% 112 3 13 20 13 14 0 2013 2014 2015 2016 2017 Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, All European IPOs, * where data available, ** IPO – YTD 9 *** European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom Addressed Indication Areas Currently Listed European Life Science Companies* Out of the total number of listed 75 European Life Oncology Science companies (301), the largest Other 45 areas of indication are 1) Oncology (25%), Neurology 36 2) Neurology (12%), 3) Inflammatory diseases (10%), Inflammatory diseases 31 accounting for almost 50% of total listed 30 European Biotech Metabolic diseases companies Autoimmune diseases 27 Infections 23 Cardiovascular diseases 16 Respiratory diseases 12 CatDermatology 6 Source: Biocom AG 10 *Multiple indication areas possible Development of Life Science IPOs in Europe and the US L5Y The US market EURm # of Deals slightly recovered 6.000 80 again from its sharp decrease in IPOs and deal volumes in 2016 5.002 5.044 70 5.000 European IPOs 4.539 60 continued their upward tendency I 4.000 IPO volumes in 2017, 50 while number of IPOs remained constant 2.960 3.000 40 US numbers and volumes of IPOs 2.260 used to be 2.183 2.083 30 significantly higher 2.000 from 2013 to 2015 1.532 than in Europe, 20 however converged towards each other in 1.000 865 2016 and 2017 10 112 0 0 2013 2014 2015 2016 2017 EU Deal Volume US Deal Volume EU Deals US Deals Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, Observation period: 2013 to 2017 (5 years) 11 US Life Sciences IPOs – Overview L5Y Fast Facts IPOs - Performance Performance and Issuance by Exchange IPO – YTD ▪ 229 IPOs over the last 5 years 1 82,5% 71,9% 74,3% 1 17 ▪ EUR 19,760m Volume raised 86% 1 IPOs ▪ 34% of the IPOs over the last five years 1 53,8% 1 priced within range* 207 55% 0 IPOs ▪ 37 companies are headquartered outside 0 the US 0 7,8% 5 -96% 0 IPOs 0 OTC IPO IPO IPO IPO - CY - IPOs by Size Segment +1D +1M +3M YTD YTD EURm Volume IPOs 5 3.827 3.315 42 87 19,760m 229 5.868 6.750 95 Primary / Secondary Split & Price Range Secondary Shares 1% Micro Small Medium Large Primary Shares IPOs over Time 99% EURm 6000 5000 Above Range 4000 37** Within Range 3000 4.493 25% 5.002 5.044 2000 number of IPOs 2.960 in each state (HQ) 1000 2.260 41% 34% 35 76 51 30 37 0 Below Range 2013 2014 2015 2016 2017 Source: S&P Capital IQ as of 02.03.2018, FCF Equity Research, All European IPOs, * where data available, ** 37 IPOs with HQ outside of the US 12 Note: Entellus Medical Inc., Juno Therapeutics Inc. and Enzymotec Ltd. were excluded due to delisting and missing and data European and US Life Science IPOs – Segment Analysis Number of IPOs and Deal Volumes by Size Segment (L5Y) Most deal activity European lPOs - Number of Deals per Segment US IPOs - Number of Deals per Segment was seen in the ‘Micro IPO’ segment in Europe, whereas in 95 87 the US most IPOs were recorded in the 39 ‘Small IPO’ segment 42 14 7 In Europe, the ‘Large 3 5 IPO’ segment with the fewest IPOs Micro Small Medium Large Micro Small Medium Large accounts for the EUR EURm EURm EURm EUR EURm EURm EURm highest aggregated 20m –
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