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Life Sciences Fundraising

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Life Sciences Fundraising Fig. 1: Preqin Research Report - Sept 2009 Aggregate Capital Raised by Life Science Funds Private Equity Life Science Funds (1) 2007-2009 YTD 30 24.2 Life science, also known as Fundraising by Region 25 bioscience, comprises of several 20 branches of science, including Examining pure life science private 15 biology, medicine and ecology. This equity fundraising by regional focus $bn comprehensive scientific division is exposes the dominance of US 10.7 10 emerging as a burgeoning private focused funds in this sector. US 6.4 equity sector with a variety of funds focused life science private equity 5 4.0 2.6 hitting the market looking to invest funds have attracted far more 0.8 in firms that are developing ideas in aggregate capital than their global 0 biotechnology, pharmaceuticals and counterparts for each of the past 2007 2008 2009 YTD biomedical technologies. three years, securing more than $4 Non-Pure Life Science Pure Life Science billion in 2007, $2.4 billion in 2008 This research report contains key and nearly $2.5 billion in 2009. facts and statistics to help you European focused pure life science “ understand more about this growing funds have also had an impact on investment sector. global fundraising, drawing around $1.6 billion in aggregate capital ...The pure life science private equity Aggregate Capital Raised in 2007 and 2008. Fundraising in 2009 year-to-date has proved fundraising market is almost wholly Fig. 1 shows the aggregate capital more of a challenge, with only $70 comprised of venture vehicles... raised by all private equity funds million having been committed to involved with life sciences from life science funds closed so far this “ 2007 to 2009 year-to-date. Preqin year. Pure life science fundraising terms non-pure life science funds in Asia and Rest of World is still in as those which look to invest in the its infancy, with $620 million raised life science sector in addition to in 2007, and $80 million to date in other unrelated industries as part of 2009. No pure life science funds Fig. 2: a wider, more generalist strategy. focused on the region closed in Pure Life Science Funds Achieving a Final Close: Preqin terms pure life science 2008. 2007-2009 YTD funds as those funds concentrated exclusively on life science Fundraising by Fund Type 20 18 investments. Fig. 1 reveals that 18 private equity funds focused either The pure life science private equity 16 15 14 partially or exclusively on life science fundraising market is almost wholly 14 raised almost $17 billion in 2007 and comprised of venture vehicles, with 12 in excess of $28 billion in 2008. The only one buyout fund, one co- 10 8 aggregate capital commitments for investment fund and four funds of 8 6 2009 to date have been markedly funds securing $482 million between 6 smaller however, with market them since 2007. Of the venture 4 3.3 3.0 3.3 2.1 2 conditions clearly affecting fund fund types, most capital is raised 0.6 1 0.5 managers’ ability to attract capital for by general venture funds, without a 0 their vehicles. specific stage focus. Fig. 4 shows 2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2 YTD the breakdown of venture fundraising Number of Funds Raised Aggregate Capital ($ Bn) Fundraising History for pure life science funds, revealing early stage funds to be the second Fig. 2 explores the fundraising most prominent fund type after history of pure life science funds generalist venture vehicles. Data Fig. 3: from 2007 to present. The graph from 2009 year-to-date shows two Aggregate Commitments of Pure Life Sciences confirms that, until the global late stage funds closed with $100 Funds by Regional Focus: 2007-2009 YTD economic crisis took hold, life million in aggregate commitments. science funds consistently raised 5 over $3 billion each six months. Venture Fundraising 4.1 H2 2008 was the first half-year 4 to experience a severe drop in Fig. 6 depicts how life science fundraising, with only six funds venture fundraising has compared 3 managing a final close in this period, with the whole private equity venture $bn 2.4 2.5 securing $600 million in aggregate market from 2007 to the present day. 2 commitments. The first half of 2009 The graph shows that in 2007 pure 1.6 1.6 saw the life science private equity life science venture funds raised 1 sector mount a modest recovery, 9% of the entire aggregate capital 0.6 0.1 0.1 posting over $2 billion from eight secured by all venture funds. This 0 funds. decreased slightly to 7% in 2008, but US Europe Rest of World then doubled to 14% for 2009 year- 2007 2008 2009 YTD Fig. 5: Fig. 4: Top Five Pure Life Science Funds Closed to Date in 2009 Aggregate Capital Raised by Pure Life Sciences Venture Fund Types: 2007-2009 YTD Target GP 7 Firm Fund Fund Type Amount (Mn) Location 6 Essex Woodlands Essex Woodlands 0.8 Venture 900 USD US 5 Health Ventures VIII Health Ventures 4 Aisling Capital III Aisling Capital Venture 650 USD US 0.4 $bn 3 Domain 0.1 Domain Partners VIII Early Stage 500 USD US 5.3 Associates 2 0.8 3.4 Lilly Ventures Lilly BioVentures Early Stage 200 USD US 1 1.7 AM Pappas Life Pappas Ventures Venture 102 USD US 0 Science Ventures IV 2007 2008 2009 YTD Venture© 2009Early Preqin Stage Ltd.Late / www.preqin.com Stage Preqin Research Report - Sept 2009 Private Equity Life Science Funds (2) Fig. 6: to-date. If we include non-pure life Life Science Share of Venture Capital Market science venture funds to compare with the overall venture market 400 then the proportion is even more 357 favourable, measuring 16% in both 350 2007 and 2008, and climbing to 19% 300 for 2009 year-to-date. 300 250 Largest Funds 200 Fig. 8 shows the 10 largest pure life science funds to have reached a 150 106 final close. The table is dominated 100 68.7 by US-based firms, with only one 57 57.6 44 non-US representative, which is the 50 28 10.8 19 9.4 18 6 15 9 3.4 UK-based Abingworth Management 3.9 2.6 with its 2007 vintage Abingworth 0 Bioventures V. As the life science No. of Funds Aggregate No. of Funds Aggregate No. of Funds Aggregate sector is led by venture funds it is Capital ($Bn) Capital ($Bn) Capital ($Bn) perhaps not surprising that no pure life science funds have achieved a 2007 2008 2009 YTD final close with more than USD 1 All Venture Funds All Life Science Venture Funds Pure Life Science Venture Funds billion in committed capital. Essex Woodlands Health Ventures VIII is the largest life science private equity fund to close to-date, raising $900 million. Fig. 7: Breakdown of Type of Investors (Excluding Funds of Funds) with a Known Appetite for Investor Focus Life Science Funds Private equity funds investing in the life science sector attract a Private Equity Funds of Funds broad range of institutional investor Managers types. Preqin’s Investor Intelligence database shows that funds of funds 4% 3% have traditionally been the most 8% Public Pension Funds prominent type of investor in (pure 9% 44% and non-pure) life science funds, representing approximately 18% Private Sector Pension Funds of overall commitments made to vehicles targeting opportunities in 32% the life science sector, and 44% Other Investor Types of commitments made to pure life science funds achieving a final close in the period 2007-2009. Insurance Companies In addition to fund of funds vehicles, a variety of other investor types are committing to life science funds. Sovereign Wealth Funds Endowment plans, family offices and Fig. 8: Top 10 Pure Life Science Funds Closed to Date GP Fund Manager Type Vintage Size (Mn) Preqin provides information, products and services Location to private equity firms, fund of funds, investors, Essex Woodlands Essex Woodlands placement agents, law firms, advisors and other Health Ventures Venture 2009 900 USD US Health Ventures professionals across five main areas: VIII > Fund Performance Clarus Ventures II Clarus Ventures Venture 2008 660 USD US > Fund Raising Aisling Capital III Aisling Capital Venture 2009 650 USD US > Fund Manager Profiles Essex Woodlands Essex Woodlands Venture 2006 600 USD US > Investor Profiles Health Ventures VII Health Ventures > Fund Terms Frazier Healthcare Frazier Healthcare Venture 2008 600 USD US VI Ventures Available as: Abingworth Abingworth Venture 2007 300 GBP UK > Hard Copy Publications Bioventures V Management > Online Database Services SV Life Sciences SV Life Sciences Venture 2007 572 USD US Fund IV > Consultancy and Research Support Aisling Capital II Aisling Capital Venture 2006 550 USD US MPM BioVentures MPM Capital Venture 2007 550 USD US For more information and to register for a free trial, IV please visit: Bay City Capital Bay City Capital Venture 2007 500 USD US Fund V www.preqin.com/privateequity Preqin Research Report - Sept 2009 Private Equity Life Science Funds (3) Fig. 9: Sample Investors in Recently Closed Life Science Funds Investor Investor Sample Life Sciences Fund Investments Location National Pensions Reserve Fund Ireland Abingworth Bioventures V Co-Invest Growth Equity Fund, Frazier Healthcare VI National Technology Enterprises Company Kuwait Burrill Life Sciences Capital Fund III, Wellington Partners III Life Science Fund European Investment Fund Luxembourg Gilde Healthcare II, SHS Fonds III, Wellington Partners III Life Science Fund Skandia Sweden Healthcap V, MPM BioVentures IV Barclays Bank UK Retirement Fund UK Abingworth Bioventures V, Healthcap V Pharmaceutical Product Development US AM Pappas Life Science Ventures IV, Bay City Capital Fund V Abingworth Bioventures V, Abingworth Bioventures V Co-Invest Growth Equity Fund, Adams Street
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