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European Life Sciences Start-Ups Maintain Early Investor Allure

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invivo.pharmaintelligence.informa.com FEBRUARY 2018 Invol. 36 ❚ no. 02 Vivopharma intelligence ❚ informa European Life Sciences Start-Ups Maintain Early Investor Allure BY JOHN HODGSON AND MIKE WARD US Medtechs Lag In Global Shift IO Is Making Pharma Step Up GE Healthcare: To Value-Based Care Its Diagnostics Game The Strategic Language Of Software invivo.pharmaintelligence.informa.com ❚ LIFE SCIENCES INVESTING LIFE SCIENCES INVESTING ❚ European Life Sciences Start-Ups Maintain Venture capital investment in life sciences companies continues to rise. In 2017, biopharma and medtech start-ups raised $19.7 billion worldwide. European businesses Early Investor Allure retained a robust share of that global take and investors expect that trend to continue. BY JOHN HODGSON AND MIKE WARD t has never been a better have put similar amounts of money into time for life sciences start- finance ventures or Internet companies ups to raise money from or into consumer enterprise or business venture sources. In 2017, services. Looking across all venture in- according to data compiled vestments, health-related VC is around by Informa Pharma Intel- As if to prove that 20% of the $22 billion total in Europe, ligence, venture capitalists estimated by FinSMEs, a pan-sectoral invested a total of $19.7 bil- author Douglas investment website. Biotech accounts for lion in the sector across the around 14% of the total and medtech for globe – some $15.1 billion Adams was right all about another 3%. Shutterstock: Copyright Info Copyright Shutterstock: allocated to 512 biopharma-focused op- Life sciences companies come out well portunities while $4.6 billion was invested along, the leading B as recipients of big ticket venture back- Iin 107 medtech businesses. Europe’s share ing, attracting seven of the declared 19 of the global take was nearly $4 billion, round in Europe in A, B or C rounds in Europe above $50 more than double what it was in 2013. million in 2017. (See Exhibit 2.) However, With new funds being raised and non- 2017 went to as if to prove that author Douglas Adams European investors looking for bargains, was right all along, the leading B round the prospects for European biopharma, Improbable, a British in Europe in 2017 went to Improbable, medtech and digital health companies a British software company developing going forward looks fairly robust. (See software company huge-scale virtual world simulations. It Exhibit 1.) However, there are some clouds attracted $502 million, just short of the on the horizon. While the opportuni- developing huge- $511 million that the seven big ticket life ties to raise seed and Series A money sciences companies got between them. Data compiled by Informa Pharma Investors continue to raise additional So what? Quality European in Europe remain buoyant, returning to scale virtual world Investment in Improbable was led by Intelligence confirms that European venture money that is being companies with compelling assets, the capital markets – whether private Softbank Vision, the Japanese-Saudi uni- life sciences companies witnessed earmarked for European investments technologies and data will find it or public – for the larger boluses of simulations. corn backer that also was involved in the a year-on-year increase in venture as they seek to tap assets that are easier to attract increasing amounts cash required to accelerate growth into CHF1.1 billion investments into pharma cash put to work in 2017. Indeed, less expensive than those being of venture financing as investors sustainable businesses will continue developer Roivant Sciences GMBH in European life sciences pocketed developed by US companies. While back larger rounds. But accessing to be a challenge. Moreover, European Switzerland and the $360 million late more than twice what they raised much of the venture money raised non-specialist capital from the medical device companies might find venture round into US liquid biopsy just five years ago even though the by European life sciences companies public markets is likely to remain a raising venture capital more difficult as specialist, Guardant Health Inc. number of companies raising that comes from more local sources, the major challenge forcing businesses the regulatory environment becomes money has barely moved over the amount coming from non-European to focus their attention on the more complex. European Venture Capital Patterns same time period. sources continues to rise. deeper pools of capital available to European biotech entrepreneurs need And Exits companies listing on US exchanges. to be aware that the venture capital in- Venture capitalists are opportunists, dustry has other opportunities to get albeit informed ones. Where their money healthy returns. Indeed, European VCs goes depends not only on the qualities of 2 | In Vivo | February 2018 pharmamedtechbi.com ©2017 Informa Business Information, Inc., an Informa company February 2018 | In Vivo | 3 invivo.pharmaintelligence.informa.com ❚ LIFE SCIENCES INVESTING LIFE SCIENCES INVESTING ❚ Exhibit 1 New Money: Funds Raised Since Start Of 2017 That Can Be Deployed In Europe MOST RECENT VALUE INVESTOR FUND NAME CLOSE $M GEOGRAPHIES FOCUS KEY INVESTMENTS MADE TO DATE Edmond de Rothschild 2/3 Therapeutics, 1/3 Medtech; BioDiscovery 5 01/18 428 70% EU, 30% RoW Erytech Pharma SA, Complexa Inc, LogicBio Therapeutics Inc Investment Partners mainly private Athyrium Capital Athyrium Opportunities 50% revenue generating biopharma; Management & Neuberger 12/17 1,200 80% US, 20% RoW OB Hospitalist Group, DuPage Medical Group Fund III 50:50 public:private Berman Seed funding of Benelux & NorthSea Therapeutics BV, Mellon Medical BV, VarmX BV, BioGeneration Ventures BGV III 10/17 95 Early stage therapeutic, medtech & diagnostics German life science firms Escalier Biosciences BV Switzerland, Germany, Austria, Private early- to mid-stage human life Science firms in Allecra Therapeutics GmbH, AMAL Therapeutics SA, Cardior BioMedPartners BioMedInvest III 08/17 105 France, Italy & Benelux therapeutics, medical devices & diagnostics Pharmaceuticals GmbH Bay City Capital & GF Xinde Bay City Capital GF Xinde Global with focus on US, All stages of development for innovative biopharma Investment Management Co. International Life Sciences 07/17 200 Canada, Western Europe & Twist Bioscience Inc, KBP Biosciences, Occulis approaches Ltd Fund China Three undisclosed investments in stealth mode are in Atlas Venture Atlas Venture XI 06/17 350 Global Early stage incubation Growth companies with ideas beyond proof of concept & Medicixi Medicxi Growth 1 (MG1) Fund 06/17 300 80% European, 20% US ObsEva SA robust clinical data 80% later-stage life science firms in drug development Vesalius Biocapital Partners Vesalius Biocapital III 05/17 73 European (50%), medtech, diagnostics & eHealth/mhealth Global specifically in the US, Ping An Insurance Company Ping An Global Voyager Fund 04/17 1,000 the UK & Israel excluding Invests in early-stage fintech & digital health start-ups TytoCare Ltd, StartUp Health Of China Ltd China Mitsubishi UFJ Seed to late stage investments in therapeutics, Mitsubishi UFJ Life Science I LP 03/17 89 None announced as yet Financial Group Inc regenerative medicine, medical devices & diagnostics Mainly Irish (50%), UK & New companies developing drugs Seroba Life Sciences Seroba Life Sciences Fund III 02/17 108 Endotronix lreland, Prexton Therapeutics SA Europe with US an option or medical devices Advent France Biotechnology Advent France Biotechnology 04/17 75 Early French None announced Seed-Fund I Raises money from public Arix Bioscience plc 02/17 117 Late-stage US and European Autolus, Verona Pharma, Artios Pharma market High-Tech Gruenderfounds High-Tech Gruenderfounds III 06/17 280 Mainly early German Wide range of tech and biology Zimmer Biotech, Cysal, Venneos GmbH, Sirion Biotech SOURCE: In Vivo research 4 | | February 2018 pharmamedtechbi.com ©2017 Informa Business Information, Inc., an Informa company February 2018 | | 5 In Vivo In Vivo invivo.pharmaintelligence.informa.com invivo.pharmaintelligence.informa.com ❚ LIFE SCIENCES INVESTING LIFE SCIENCES INVESTING ❚ Exhibit 2 Exhibit 3 European A-C Rounds Worth More Than $50M In 2017 Distribution Of Life Sciences VC (All Segments) Investment In European Territories Unclassied A B C plus Size of VC ROUND SIZE $M ROUND COMPANY BUSINESS COUNTRY I $10-50m I 502 B Improbable Simulations UK France $50m+ I Under $10m 165 B Tricentis Software testing Austria 110 B Orchard Therapeutics Gene therapy UK Nordic 90 B Lilium Electric jet planes Germany 85 C Cell Medica Immunotherapy UK Benelux 80 C Autolus T cell therapy UK 70 C ManoMano DIY marketplace France Germany/Austria 66 B Revolut Banking UK 65 B Iterum Therapeutics Pharmaceuticals Ireland Israel 65 B Innoviz Technologies Automotic sensor Israel 60 B Bicycle Therapeutics Peptide platform UK Switzerland 60 A MessageBird SMS platform Netherlands 59.6 C Hookipa Biotech Biopharmaceuticals Austria UK 56 C AppsFlyer Data collection by apps Israel 51.75 C Xeltis Heart valve restoration Netherlands/Switzerland SOURCES: Strategic Transactions; Scrip | Pharma Intelligence, 2018 51.75 B Simba Mattress maker UK in nine different life science-focused have the European Investment Fund as a these funds, there is a confidence within 50 B Receipt Bank Bookkeeping UK investments. cornerstone investor and this can place boardrooms and among investors that quality companies need not be worried. 50 B Oryx Vision Autonomous vehicle sensing Israel While not exclusively focused on Eu-
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