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Health Care Equity Capital Markets Review

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Health Care Equity Capital Markets Review Minneapolis New York HEALTH CARE EQUITY CAPITAL MARKETS REVIEW Boston Chicago 2007 Year-End Review San Francisco Palo Alto Charlotte Piper Jaffray Equity Capital Markets London January 2008 Shanghai Since 1895. Member SIPC and FINRA THE PIPER JAFFRAY TEAM Chad Abraham Managing Director Head of Equity Capital Markets (612) 303-6274 Equity Capital Markets J. West Riggs Neil Riley Co-Head of Health Care Capital Markets Co-Head of Health Care Capital Markets (212) 284-9578 (612) 303-1601 Jessica Gould Jonathan Jewett Kevin Lander Michael Bassett Associate Analyst Analyst Analyst (212) 284-9346 (612) 303-6365 (612) 303-8432 (612) 303-6865 PIPEs / RDs Dave Stadinski Mark Spiegel Managing Director Principal Head of PIPEs / RDs PIPEs / RDs (212) 284-9572 (212) 284-9502 Chad Huber Jason Charpentier Associate Analyst (212) 284-9573 (212) 284-9501 1 TABLE OF CONTENTS Section I IPO Market Review Section II Healthcare IPO Market Update Section III Follow-On Market Overview Section IV Healthcare Follow-On Market Update Section V Healthcare PIPE and Registered Direct Market Update Section VI Piper Jaffray 2007 Healthcare Review Appendix A Biopharma IPO Market Conditions 2 SECTION III 2007 IPO Market Review IPO Market Review Historical Volume Number IPO by Year IPO Capital Raised by Year 250 $60 IPO activity in 2007 227 $50.7 $50 200 196 was the strongest 188 $44.5 180 $42.5 $39.9 since 2004, both in # $40 150 of deals and $’s raised $30 100 $17.7 76 $20 Capital Raised ($B) Raised Capital Number of IPOs Completed IPOs of Number 50 $10 0 $0 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Quarterly IPO Activity – Number of Deals Quarterly IPO Activity – Capital Raised 80 20 72 $18.0 66 60 53 15 $13.5 $11.6 45 $10.9 $11.4 40 37 37 40 10 $8.0 $8.1 # of IPOs 26 $5.6 20 ($B) Raised Capital 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2006 2006 2006 2007 2007 2007 2007 2006 2006 2006 2006 2007 2007 2007 2007 Source: Dealogic & Piper Jaffray ECM Includes deals greater than $20 million in deal size 4 IPO MARKET REVIEW Historical Volume Median IPO Deal Size and Post Deal Market Value Median IPO Dilution & Deal Size as a % of Market Value Median IPO deal size $400 50% $366 45% 43% and post-deal market $350 40% 37% $300 33% value were $115 MM $265 35% $250 $232 29% and $366 MM, 30% 26% $200 25% 23% respectively in 2007 Percent 20% $ Millions $150 $120 $115 $110 15% $100 10% Primary shares offered $50 5% on IPOs was 23% of $0 0% 2005 2006 2007 2005 2006 2007 the post-deal shares Median IPO Deal Size Median IPO Market Value Dilution (Primary Shares Offered / Post-deal Shares) outstanding in 2007 Deal Size / Post-deal Market Value on average % of IPOs with Selling Shareholders % of Total Shares Offered by Selling Shareholders 60% 50% 45% Selling shareholder 50% 48% 46% 40% 38% 37% 42% participation on IPOs 32% 40% 35% decreased in 2007 30% 30% 25% 20% 20% 15% 10% 10% 5% 0% 0% 2005 2006 2007 2005 2006 2007 Source: Dealogic & Piper Jaffray ECM Includes deals greater than $20 million in deal size 5 Deal sizes and market values exclude the overallotment option IPO MARKET REVIEW Historical Volume Capital Raised ($B) by Issuer Market Value 2007 saw an increase $25.0 in the amount of capital raised by $20.1 $19.6 issuers in the $500 $20.0 $18.9 million - $2 billion $16.6 $16.3 $16.4 $15.5 market cap group $14.9 $15.0 Mid-cap issuers, $11.1 $9.6 raised $20.1 billion $10.0 $9.2 $9.5 2007 (78 IPOs) ($B) Capital Raised $6.7 increasing from $16.6 $5.9 $5.0 billion raised in 2006 $5.0 (53 IPOs) (54)(18) (4) (155)(55) (17) (114)(63) (11) (109)(53) (18) (102)(78) (16) $0.0 2003 2004 2005 2006 2007 Issuer Market Value at IPO Under $500 MM $500 MM - $2 B Over $2 B Source: Dealogic & Piper Jaffray ECM Includes deals greater than $20 million in deal size 6 IPO MARKET REVIEW Performance by Sector 2007 IPO Performance Aftermarket Total Amt % Chg Price % Chg % Chg % Chg performance in 2007 Sector No. Off ($B) File/Offer Offer/1-Day Offer/30-Day Offer/YE'07 Clean Tech 11 $3.0 -6% 16% 17% 79% was modest with the Consumer 10 $2.4 13% 16% 14% 1% Energy 13 $4.1 -5% 6% 9% 13% average IPO gaining Financial 28 $10.3 -1% 9% 6% -3% 13% from its offer Health Care 44 $4.7 -11% 11% 9% 8% Industrials 6 $0.9 -5% 3% 4% -2% price; The S&P gained REIT 1 $0.5 -23% 6% -3% -59% Technology 72 $15.1 5% 20% 17% 16% 2.5% in the same Transportation 5 $0.8 3% 11% 8% 18% Other 6 $2.7 6% 14% 7% -4% period, the Nasdaq Total 196 $44.5 -1% 14% 12% 13% gained roughly 7% and the DJIA returned less than 5% 2006 IPO Performance Total Amt % Chg Price % Chg % Chg % Chg Sector No. Off ($B) File/Offer Offer/1-Day Offer/30-Day Offer/YE'06 Clean Technology was Clean Tech 8 $2.0 9% 11% 4% 2% Consumer 19 $5.8 9% 21% 23% 36% the best performing Energy 9 $3.0 -5% 5% -1% 10% Financial 29 $8.6 -2% 12% 14% 29% sector in 2007 with an Health Care 36 $3.7 -20% 7% 7% 23% Industrials 16 $3.8 -2% 14% 17% 24% average return of 79% REIT 1 $0.2 2% 1% -5% -4% Technology 46 $7.6 2% 16% 19% 33% Transportation 10 $5.5 3% 12% 25% 33% Other 6 $2.3 -11% 8% 13% 2% Total 180 $42.5 -3% 12% 14% 26% Source: Dealogic & Piper Jaffray ECM Includes deals greater than $20 million in deal size 7 IPO MARKET REVIEW IPO Aftermarket Performance Relative to Pricing IPO Aftermarket Performance Relative to Pricing IPOs pricing above 50% 1-Day Return Return to YE '07 their initial filed range 40% 36% 36% showed the strongest 30% aftermarket 20% 14% 13% performance in 2007 % Return 10% 8% 8% 1% 0% -10% -5% Below Range In Range Above Range Overall (57 deals) (83 deals) (56 deals) The best performing IPO Aftermarket Performance by Sector IPO sectors in 2007 160% Overall IPOs Above Range IPOs were Clean 129% 120% Technology and 79% Transportation 80% 47% 40% 33% % Return 40% 30% 18% 16% 22% 20% 13% 8% 8% 11% 1% 0% -2% -3% -24% -40% Clean Tech Transportation Technology Energy Health Care Consumer Industrials Financial Other Source: Dealogic & Piper Jaffray ECM Includes deals greater than $20 million in deal size 8 SECTION IV Healthcare IPO Market Update HEALTH CARE IPO MARKET UPDATE 2007 saw a 22% Healthcare IPO issuance continues to grow significantly, both by the number of deals increase in IPOs, priced and issuance volume: from In 2007, 44 Healthcare IPOs were priced for a total issuance volume of $4.68bn 36 in 2006 to 44 in In 2006, 36 Healthcare IPOs were priced for a total issuance volume of $3.74bn 2007 In 2005, 32 Healthcare IPOs were priced for a total issuance volume of $2.29bn Q4 in 2007 was the $1,200 16 14 nd 2 the busiest 14 $1,000 13 12 12 quarter for 12 11 Healthcare IPOs $800 10 9 10 since 2000. Only Q2 8 $600 8 7 7 2004 had more IPOs # of IPO Proceeds ($MM) Proceeds IPO 6 $400 4 completed 4 Healthcare IPOs (18 4 $200 deals) 2 $0 0 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Biopharmaceuticals Medical Technology Health Care Services # of IPOs From 2006 to 2007 Healthcare IPO issuance volume grew by $94MM, or 25%. The number of Healthcare IPOs grew by 8, or 22% Source: Equidesk, company filings. Data excludes transactions less than $20 million, closed-end funds, and unit offerings 10 HEALTH CARE IPO MARKET UPDATE Health Care Summary IPO Details Biopharmaceuticals Health Care Services Medical Technology All Healthcare by sector Number of IPOs 2671144 Average $81.0 $172.4 $124.7 $106.6 Biopharma continued Amount Offered Median $56.0 $149.0 $125.0 $76.5 to be the most active Average $11.6 $15.4 $12.9 $12.5 sub-sector of Offer Price Median $11.2 $16.0 $15.0 $13.0 Healthcare Average $310.7 $457.7 $420.8 $361.6 Market Value Median $284.5 $533.8 $356.8 $296.6 Although Health Care Average -16% -1% -7% -11% Services saw the least % Chg Price FTO Median -20% 0% -6% -9% deal activity, it was Average 4% 24% 17% 11% 1 Day Return the best performing Median 0% 13% 7% 5% subsector Average -1% 33% 10% 7% 30 Day Return Median -4% 28% 9% 2% Average 2% 35% 13% 10% Current Return Median -9% 28% 0% -1% Return represents pricing data through 12/31/2007 Source: Equidesk, company filings. Data excludes transactions less than $20 million, closed-end funds, and unit offerings 11 HEALTH CARE IPO MARKET UPDATE 2007 Top Health Care Top Health Care IPOs of 2007 ($ in Millions) IPOs across all subsectors In 2007, the largest Healthcare IPO was Accuray Inc, $331MM Masimo Corp has the best current aftermarket performance, up 142.2% since the IPO Gray shading indicates Piper – led or co=managed transaction By Amount Offered By Pricing Performance Amt Off Mkt Value % Chg Return Return Amt Off Mkt Value % Chg Return Return Issuer Subsector ($MM) ($MM) Price FTO 1-Day Current Issuer Subsector ($MM) ($MM) Price FTO 1-Day Current Accuray Inc Med Tech $331.0 $939.8 20.0% 58.2% (14.1%) 3SBio Inc Biopharma $135.0 $343.6 23.1% (7.2%) (6.9%) Skilled Healthcare Group Inc HC Services $297.0 $533.8 3.3% 2.6% 1.5% athenahealth Inc HC Services $130.0 $568.8 20.0% 97.2% 112.5% Simcere Pharmaceutical Group Biopharma $261.0 $906.3 7.4% 5.5% (9.4%) Accuray Inc Med Tech $331.0 $939.8 20.0% 58.2% (14.1%) TomoTherapy Inc Med Tech $257.0 $918.6 18.8% 19.3% 0.4% TomoTherapy Inc Med Tech $257.0 $918.6 18.8% 19.3% 0.4% MedAssets HC Services $245.0 $686.0 6.7% 28.1% 43.8% WuXi PharmaTech Biopharma $212.0 $833.7 16.7% 40.0% 94.6% By 1-Day Aftermarket Performance By Current Aftermarket Performance Amt Off Mkt Value % Chg Return Return Amt Off Mkt Value % Chg Return Return Issuer Subsector ($MM) ($MM) Price FTO 1-Day Current Issuer Subsector ($MM) ($MM) Price FTO 1-Day Current athenahealth Inc HC Services $130.0 $568.8 20.0% 97.2% 112.5% Masimo Corp Med Tech $233.0 $897.9 0.0% 22.9% 142.2% TranS1 Inc Med Tech $95.0 $281.6 15.4% 60.0% 10.0% athenahealth Inc HC Services $130.0 $568.8 20.0% 97.2% 112.5% Accuray Inc Med Tech $331.0 $939.8 20.0% 58.2% (14.1%) WuXi PharmaTech Biopharma $212.0 $833.7 16.7% 40.0% 94.6% Genoptix Inc Biopharma $98.0 $265.5 13.3% 45.3% 77.1% Genoptix Inc Biopharma $98.0 $265.5 13.3% 45.3% 77.1% WuXi PharmaTech Biopharma $212.0 $833.7 16.7% 40.0% 94.6% Insulet Corp Med Tech $125.0 $369.5 0.0% 6.4% 55.9% The five largest IPOs in 2007 have an average current return of 4.44% The five IPOS with the highest current return have an average size of $213MM Source: ECM Analytics, company filings.
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