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FCF Life Science Research 3rd Life Science Venture Capital Report – Financing Trends in Europe and the US Fungi Penicillium Part of FCF Life Science Research Series Executive Summary FCF Overview Funding Development in 2018 Life Sciences: A closer Look C r o s s - border Investment Activity Investor Analysis Life Science Exits 2 Executive Summary The FCF Life Science Venture Capital FCF Life Science Venture Capital Report Recipients Report is a is a comprehensive, standardized analysis for biotechnology, The FCF Life Science Venture Capital Report targets the following standardized report pharmaceutical and medical technology companies, examining recipients: focusing on venture recent venture capital deal trends in the European life science ▪ Corporates / Executives ▪ Venture capital investors capital deal industry ▪ Institutional investors ▪ Family Offices / High- characteristics in the ▪ Private equity investors net-worth individuals biotechnology, ▪ Advisors Selection of Companies pharmaceutical and medical technology The selection of companies is based on the following criteria: Availability segments, and can be used as a quick ▪ Companies operating in the biotechnology, pharmaceutical, The FCF Life Science Venture Capital Report is available on FCF’s reference for medical technology, services or other life science related sectors website at “https://www.fcf.de/de/research/life-science-research“ investors, corporates ▪ Sole focus on transactions involving European life science and professionals companies Data ▪ The therapeutics sector is further divided into the following All input data is provided by Pitchbook, S&P Capital IQ or More advanced, indications: Oncology, Central Nervous System, Infectious GlobalData and is not independently verified by FCF. Ratio and detailed and / or Diseases, Immunology, Ophthalmology, Rare Diseases, multiple calculations are driven based on the input data available. Respiratory, Diversified and Others. customized reports For additional information and disclaimer, please refer to the last page are available upon request To recommend colleagues or fellow investors to be added to the If you have questions, comments or ideas, please do not hesitate mailing list, kindly send an email with the respective contact to contact us information 3 Executive Summary FCF Overview Funding Development in 2018 Life Sciences: A closer Look C r o s s - border Investment Activity Investor Analysis Life Science Exits 4 FCF Overview FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with ▪ Specialized investment bank and financing specialist financing solutions Private / ▪ Venture capital ▪ Private equity ▪ Advising public and private small / midcap companies Pre-IPO ▪ Growth capital (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 Public (ii) with the highest Public ▪ Dual-track (IPO and Equity (PIPE) flexibility, financing instruments (no product selling approach), allowing alternative transaction ▪ Block trade for customized financing structures (iii) in the shortest ▪ Receivables / Factoring / ▪ Working capital / Revolving – All investors: Close and trusted relationships with senior period of time, Short-term 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 Letter of Credit closing proba- access to institutional debt and equity investors enable fast ▪ Bank loan facility / ▪ Promissory note Syndicated loans (Schuldscheindarlehen) bility, and with transactions Debt Long-term ▪ Sale-and-lease back / ▪ High-yield / PIK bond (v) financing partners Debt Leasing ▪ Second lien / Subordinated ▪ More than 100 transactions with a total placement volume in ▪ Corporate bonds (public / loans that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ▪ Unitranches into their strategy ▪ Approx. 10 professionals headquartered in Munich Mezzanine ▪ Mezzanine capital ▪ Convertible bonds Selected Transactions Acquisition Financing Senior Loan & WCF GSE Group Acquisition by Finexx [confidential] December 2018 5 FCF in the Life Science Sector Life Science Overview Advisory Services Life Science Team Focus on Midcap and R&D Companies ✓ ✓ Integrated Management Financial Presentation FCF has traditionally served Small- and Midcap companies in the German speaking Modeling region, providing customized and innovative financing solutions, with mandates in the Pharmaceuticals sector. Arno Dr. Mathias Sebastian Colin FCF has expanded its focus on the Life Science sector, closing 4 Life Science ✓ ✓ Fuchs Schott Sommer Saß Post- CEO Director Analyst Analyst transactions in 2017: Investor Transaction Screening Support ✓ ✓ Due Diligence Investor / IB Dr. Alexandra Prof. Dr. Horst Claus Dr. Holger Support Roadshow Goll Domdey Schalper Bengs Former General Co-Founder of Co-Founder & former Founder & CEO Partner Medigene AG and CFO Pieris Pharma BCNP Consultants TVM Capital board member of ✓ ✓ BioM AG Pipeline Financing Advisory Financing Click picture to Equity & Debt FCF Life Science Research Series view the report Strategy FCF is currently advising companies FCF advises with its dedicated Life Fundraising Advisory in following indications regarding Science team on the following The FCF Life Science VC Report analyses equity and debt transactions: transaction types: the latest Venture Capital funding activities in ✓ ✓ the Life Science sector in Europe and the US. Venture Term Sheet Closing Negotiation Assistance Capital The FCF Life Science IPO Report examines recent IPO trends in the Life Science sector, Oncology Central Nervous Infectious with a strong focus on the comparison of System Diseases ✓ ✓ European and US characteristics. Life Science IPO IPO Venture Advisory Execution The FCF Life Science Monitor is the most Advisory Debt Board Support detailed analysis of European publicly listed Respiratory MedTech HealthTech companies, from the Life Science sectors. (extract from service portfolio) 6 FCF Facts & Figures More than Close to More than More than # 1 10 100 100 4 bn Financing Advisor in Investment Banking Years of aggregated, Completed Total volume of Germany, purely Professionals investment banking / Transactions advised & closed focusing on corporate financing experience transactions since financing transactions 2005 More than More than Network 2000 25 120 Leading Access to more than Contacts to Family International Articles and research Advisor for Financing 4000 international Offices and Ultra High conferences organized papers published Transactions with financial institutions Net Worth Individuals EIB in the DACH worldwide region 7 Executive Summary FCF Overview Funding Development in 2018 Life Sciences: A closer Look C r o s s - border Investment Activity Investor Analysis Life Science Exits 8 European Life Science Venture Capital Volumes over Time Financing volumes EURm # of Deals per year have been 250 steadily increasing EUR 3,011m 3,000 since 2000, reaching a new record high of approximately EUR 213 200 3bn in 2018. 2,500 Funding volumes of the last seven years 2,000 are above the 150 average annual deal volume of Average Annual Deal Volume (2000-2018): EUR 1,150m 1,500 EUR 1,150m (2000 – 2018) 100 The number of transactions per year 1,000 is also increasing steadily 50 500 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 European Deal Volume European Deal Count Source: PitchBook as of 31.12.2018, FCF Equity Research 9 Most Active European Life Science Countries in 2018 In 2018, the Life Top 5 Active Countries – by Deal Volume Top 5 Active Countries - by Deal Volume Science industry in EURm the UK recorded the highest deal volume 95 United Kingdom United Kingdom 1,226 with EUR 1,225m, 8% Deals followed by Germany 11% Germany Germany 10 357 and France with deal Deals volumes of EUR EURm 14% 52% France 17 2,339 France 319 357m and EUR 319m Deals respectively Belgium 15 Belgium 247 15% Deals Ireland The UK’s deal activity 8 Ireland 191 more than doubles Deals that of the other countries in the top 5 by deal volume Top 5 Active Countries – by Number of Deals Top 5 Active Countries – by Average Deal Volume combined EURm 3 Denmark 40.3 Deals Danish Life Science 8% United Kingdom companies received 10% Germany 10 35.7 the highest average Switzerland Deals 11% deal volumes of EUR 157 8 France Ireland 23.9 40.3m, while only Deals Deals recording 3 deals and 60% 11% 17 Belgium France 18.7 is followed by Deals Germany with an Netherlands 15 Belgium 16.4 average deal volume Deals of EUR35.7m and a deal count of 10 Source: PitchBook as of 31.12.2018, FCF Equity Research 10 Top 10 European Life Science Deals in 2018 by Volume The 2nd round of BioNTech SE EUR 222m Artios Pharma Ltd. EUR 73m 2nd round / 2018 3rd round / 2018 BioNTech with EUR Fidelity Management & Research, Invus Group, Janus AbbVie Ventures, Andera Partners, Arix Bioscience, IP Group, Life 222m is leading the 1. Henderson Group, Redmile Group, The Struengmann 6. Sciences Partners, Merck Ventures, Novartis Venture Fund, Pfizer Family Office (5) Ventures, SV Health Investors (9) league table of the Indication: Oncology Indication: Oncology largest Life Science VC rounds in Europe in 2018
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