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Biotech in Denmark 2008 Growing Stronger Biotech in Denmark 2008 Growing Stronger

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Biotech in Denmark 2008 Growing Stronger Biotech in Denmark 2008 Growing Stronger Ernst & Young Assurance | Tax | Transactions | Advisory www.ey.com/dk Biotech in Denmark 2008 Biotech Biotech in Growing stronger Growing Denmark 2008 Growing stronger 1108 Appendix Definition of biotech categories Therapeutics Development of drugs and other therapeutic approaches such as gene- or cell-based therapies for the treatment of various diseases. Drug discovery tech­ Early drug discovery technologies (synthesis, optimization, and characterization of drug candidates), nologies and services screening and validation activities, assay development, and drug testing services. Drug delivery Bringing drugs to their site of action by directed, specific, or efficient delivery (advanced materials, liposomes, antibody, viral, or cell-based). Tissue engineering Biological substitutes for the restoration or replacement of tissue or organ function (also called regenerative medicine) based on the application of stem cells and other cell therapies as well as on novel biomaterials and growth factors. Molecular medical DNA-/RNA-based tests and methods for the detection of a disease, the predisposition for a disease, or diagnostics pathomechanisms; paternity testing (classical immuno-diagnostic approaches are not considered). Industrial biotechnology Use of modern biotechnology methods for the processing and production of chemicals, materials, and fuels. Agricultural biotech Use of modern biotech methods for the production of transgenic plants with applications in the food, nology chemical, material or fuel sector; molecular pharming (production of drugs in plants); testing for genetically modified organisms in food. Genomics, proteomics All genomic (investigation of the structure and function of genes) and proteomic (analysis of protein and enabling technologies regulation, expression, structure, post-translational modification, interactions and function) activities; bioinformatics, biochips, and other bio-related tools; biopharmaceutical production, molecular basic research, and further enabling technologies. Disclaimer Ernst & Young Statsautoriseret Revisionsaktieselskab Ernst & Young and DANSK BIOTEK do not warrant that (“Ernst & Young”) and DANSK BIOTEK are responsible the information in the publication is complete, correct for this publication, which addresses specific topics and or at all times updated. issues selected by Ernst & Young and DANSK BIOTEK. Ernst & Young and DANSK BIOTEK assume no liability However, the information contained in the publication for any loss, damage or disappointment resulting from does not aim at being adequate or sufficient for a user to users relying on the information disclosed in the publica- be able to make decisions on specific issues. It should be tion, or otherwise in connection with use of the publica- noted that the information may not be error-free. Also, tion and its contents. This applies even if the loss, etc. laws and regulations, common practice, general custom results from Ernst & Young’s or DANSK BIOTEK’s negli- and views may change over time. gence or omissions. In the event that Ernst & Young or DANSK BIOTEK, irrespective of the above disclaimer, The information presented in the publication thus does is held liable towards the users of the publication, such not constitute advice to the users, and it should not be liability can never be extended to include indirect losses. construed as legal, tax, accounting or any other profes- sional advice or service. The publication is intended to All pages and their contents are Copyright © 2008 furnish users with general information in selected areas. Ernst & Young and DANSK BIOTEK. All rights reserved. No part of the text or the graphics in the publication However, the practical application and significance may thus be reproduced or transmitted in any form of laws and regulations may differ from case to case, by any means without Ernst & Young’s and DANSK depending on the circumstances. Users should not base BIOTEK’s prior, express permission. their decision-making in specific cases on the informa- tion in the publication, and Ernst & Young and DANSK BIOTEK assume no liability whatsoever for any loss or disappointments suffered by users as a result of deci- sions based on the information. Instead, users are urged to consult Ernst & Young and DANSK BIOTEK to seek concrete advice before making any decision. 35 Preface The report you are now holding in your hands is the first Danish The report shows that Danish public drug-developing companies biotech report, supplementing Ernst & Young’s globally recognized have the largest pipeline in clinical development in Europe with an annual publication Beyond Borders. Ernst & Young has prepared average of approx. 10 candidates. this report in cooperation with DANSK BIOTEK, the Danish Associa­ tion of Biotechnology Industries. Considering Danish biotech companies’ booming pipeline, we wish with this report to point to the great potential that is yet to be The purpose of the report is to focus on the evolving Danish unleashed in the Danish biotech industry. biotech industry; to increase global attention to the impressive progress made by Danish biotech companies; and to describe the One of the key challenges for the Danish biotech industry in the industry more thoroughly with specific focus on products, pipeline, coming years is the ability to attract new capital. Obviously, the venture capital and Initial Public Offerings (IPOs). ongoing, worldwide financial crisis has reinforced the issue. This challenge, however, is shared by companies in all other European The report shows that Denmark was among the European “Top 5” countries. Historically, Danish companies have been good at at­ in 2007 - both in terms of the number of drugs in the pipeline and tracting international venture capital, although in comparison with the ability to raise venture capital. With a total pipeline of 185 drug USA, access to new capital is still a major challenge for European candidates in preclinical and clinical development in 2007, Denmark companies. ranked third in Europe for the first time ever - only preceded by the United Kingdom and Germany. We hope that the report will increase potential investors’, indus­ trial partners’ and other relevant stakeholders’ attention to Danish Whereas Beyond Borders takes a global approach, the focus of this biotech companies and the general climate for biotech innovation report is to benchmark Denmark against the other four European in Denmark. countries in Top 5: the United Kingdom, Germany, France, and Switzerland. Benny Lynge Sørensen (center) Partner, Industry Leader Biotechnology Ernst & Young Denmark Lisa Almén (right) Senior Analyst Ernst & Young Denmark Søren Carlsen (left) Chairman of the Board DANSK BIOTEK Contents Preface Contents Scope of the report 1 Introduction to the Danish biotech industry 3 Focus on Danish drug-developing companies 7 Strong pipeline growth in 2007 8 Pipeline breakdown by indication area 9 International benchmark of pipeline development 12 Pipeline growth ­ public versus private 13 Pipeline size and segmentation 14 Pipeline size per company 15 Summary of benchmark study 16 Danish biotech from a financing perspective 17 Danish biotech companies’ IPO history 17 Additional capital injections in public companies 18 Market cap of Danish public companies 20 Development in venture capital funding in Denmark 21 Investor base 22 International benchmark of venture capital 24 Venture capital development on a five­year basis 25 Average deal size and number of deals 25 Average deal sizes in Denmark and USA 27 Summary of benchmark study 28 Overall report findings - Denmark in focus 29 Selected key events 2007/08 30 About Ernst & Young 31 About DANSK BIOTEK 32 Resources 33 Data exhibit index 34 Appendix 35 Scope of the report The point of departure for this report is It should be noted that according to the Ernst & Young’s globally used biotech definition used for purposes of this report, definition: there are 82 biotech companies in Denmark (public as well as private). According to Biotech companies are defined as “compa­ DANSK BIOTEK’s definition, there are 129 nies that use modern biological techniques companies. As the biotech sector is highly to develop products or services for human complex and consists of a broad range of in­ health care or animal health care, agricul­ dustries using biotechnologies for different tural productivity, food processing, renew­ purposes, “biotechnology” can be catego­ able resources, industrial manufacturing, or rized based on various parameters. environmental management”. The data analysis in this report is largely Medical device manufacturers, large phar­ built on data collected until end­December maceuticals, agribusinesses and manu­ 2007. facturing companies focusing on classical biotechnological methods are outside the scope of this report. So are renowned Danish pharmaceutical companies such as Novo Nordisk, Lundbeck, and Leo Pharma and natural ingredients manufacturers such as Chr. Hansen and Danisco. 1 Introduction to the Danish biotech industry The Danish biotech industry has developed Disregarding renowned companies such as Thus, the Danish biotech industry is still at a rapid pace over the past 10 years. Novo Nordisk, Chr. Hansen, Leo Pharma, relatively young compared to more mature In the late 1990s, there were around 30 Lundbeck, ALK­Abelló, and Danisco, all of biotech nations such as USA, where the active biotech companies in Denmark, which are outside the scope of this report, first biotech companies were established
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