invivo.pharmaintelligence.informa.com FEBRUARY 2018

Invol. 36 ❚ no. 02 Vivopharma intelligence ❚ informa

European Life Sciences Start-Ups Maintain Early 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 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 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 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

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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 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 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

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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- some geographic restrictions on invest- ropean opportunities, Forbion Capital ment activity. Recent funds to get EIF EIF was one of the cornerstone investors 50 C Graphcore Chip design UK Partners, a Dutch VC currently man- include BGV III the third fund from Bio- in TVM’s TVM LSV, a fund created in 2005. aging more than €700 million across Generation Ventures, which had a final “Conditions at that time were that a ma- SOURCE: FinSMEs six closed-end funds, is targeting EU closing €82 million. BGV III will focus jority of the capital be invested in Europe. companies primarily on EU targets, as on therapeutics, medical devices and We do not see any impact post-Brexit on the supplicant companies but also on the Benelux, venture funding in life sciences but it appears that in some territories, well as Swiss, Norwegian and Canadian diagnostics within Europe, in particular TVM LSV VI. We are currently investing routes for getting exits. In the US, public seems almost to be completely focussed on venture capitalists are keen to pass along opportunities as, according to managing in Benelux and Germany. from Fund VII and preparing to raise market exits mean Nasdaq but in Europe, small pre-A and A rounds, with subsequent early-stage risk to public market investors partner Sander Slootweg, comparable US BGV III, which also had backing from Fund VIII, both without participation of options differ. venture rounds both small and sporadic. (which may include venture funds with companies have become too expensive. Bristol-Myers Squibb Co. and Johnson the EIF,” explains Hubert Birner, PhD, France, the Netherlands and Belgium This may be because there is an option options for public market holdings). “We invest funds of €200 million on & Johnson Innovation, has already a managing partner at the German VC. have a network of related public stock for companies to list early on Euronext, average and our current favorite sectors/ made five investments from the fund “We are looking for innovative compa- exchanges designed for small or medium- Alternext or Nasdaq First North. Funding Local Heroes areas are metabolic disorders, all viral into German immuno-oncology company nies in North America, Europe and Asia sized companies – Euronext and Alternext In contrast, elsewhere in Europe, ven- Much of the early-stage funding of Euro- vector approaches and neurodegenera- CatalYm GMBH, and Dutch companies that have the potential for disruption in – while the companies in the Nordic region ture capital in 2017 not only persisted pean life science companies comes from tive diseases,” he adds. Escalier Biosciences BV (autoimmune their sector; and who are looking for a VC have access to the Nasdaq First North. In beyond A rounds to B and C and beyond, funds that have a more regional, if not Indeed, the most active 13 venture diseases), Scenic Biotech BV (target who can help them accelerate. Which in theory, all appropriately certified com- but the later rounds were often substantial. national focus. The most active European capital groups in European life sciences discovery), Varmx BV (hematology) and our case means provide in-depth global panies have access to these markets, but Rounds in excess of $50 million were not fund in 2017 was High-Tech Gruender- were involved largely in early-stage in- Mellon Medical BV (vascular suturing). industry insight and a closely knit net- practical barriers to a single financial uncommon, particularly in the UK where founds, a public-private VC investment vestments: 60% of their investments There has been some concern that EIF work as well as the necessary, very spe- market persist. $50 million-plus rounds appeared in B firm based in Bonn, Germany. It’s an (37 of 62 rounds) were in A rounds or backing for many European funds could cialized, operational experience in this Nevertheless, the existence of these series financings, too, for two biotech com- early-stage seed investor, focused on high earlier. The 62 investments in European have a negative impact on the ability industry. None of these are impacted by newish and more adventurous public mar- panies, Orchard Therapeutics and Bicycle potential high-tech start-ups that are ei- rounds in 2017 were worth $1,175 million, of UK companies to access such money Brexit,” adds Birner. kets seems to have influenced patterns of Therapeutics Ltd. and for digital health ther German or have an independent sub- representing just over a quarter of the post-Brexit. While it is true that UK firms Interestingly, proximity to investee venture investment, as Exhibit 3 illustrates. play, Babylon Health. (See Exhibit 4.) sidiary domiciled in the country. In 2017, European Life Sciences VC total. will find themselves chasing after smaller companies is a major driver for many ven- In France, the Nordic countries and The pattern might not persist in 2018, High-Tech Gruenderfounds participated In many cases, European venture funds sums allocated to non-EU companies by ture capitalists that are not constrained

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Exhibit 4 Exhibit 5 global investors such as OrbiMed con- Top Venture Capital Rounds In European Life Sciences 2017 Most Active Investors In European Life Sciences By Number Of Rounds firms that quality opportunities in Europe can attract funds. “While the majority of our investments are in the US we see COMPANY LOCATION FOCUS DECLARED INVESTORS ROUND DATE RAISED $M INVESTOR # ROUNDS % EU BASED IN a lot of exciting European companies Roivant Sciences Switzerland Drug Softbank, Dexcel Pharma, previous ND 08/17 1,100 High-Tech Gruenderfonds 12 100% Germany that don’t have as many investor dollars GmbH development undisclosed investors chasing them. Indeed, there can be more OrbiMed 9 27% US ADC Switzerland Oncology Auven Therapeutics, Redmile D 10/17 200 opportunity to work with companies in Therapeutics SA Group, the Wild & Europe than say Boston or Novo AS 9 50% Denmark AstraZeneca where there are lots of investors closing deals,” Carl L. Gordon, PhD, general part- Life Sciences Partners 8 89% Netherlands Insightec Ltd Israel Medical Devices Koch Disruptive Technologies, E 01/18 150 ner and co-head of Global Elbit Imaging, York Capital, Exigent Capital Group, GE Healthcare, Kurma Partners 8 100% France at OrbiMed, tells In Vivo. GEOC, & Meditech Advisors Even though OrbiMed does not have 7 41% France/US an office in Europe nor a specific alloca- Orchard UK Gene therapy Baillie Gifford, ORI Capital, B 110 tion for European businesses, according Therapeutics Ltd Temasek, Cowen Healthcare Boehringer Ingelheim Venture Fund 7 88% Germany to our data, it ranked just below the Investments, Juda Capital, Pavilion largely-German seed funder, High-Tech Capital, RTW Investments, Agent Seventure Partners 7 88% France Capital, 4BIO Capital, F-Prime Gruenderfonds, for investor activity in Capital & UCL Technology Fund Johnson & Johnson Development Corp. 6 40% US the region in 2017. OrbiMed participated in 33 life sciences venture investments Autolus Ltd UK T cell therapies Cormorant Asset Management, C 80 in 2017, nine of which were in European Nextech Invest, Syncona Ltd, Forbion Capital Partners 5 71% Netherland Woodford Investment Management businesses. But OrbiMed is geographical- & Arix Bioscience Ysios Capital 5 71% Spain ly agnostic, so European businesses must compete against US opportunities from CellMedica Ltd UK Immunotherapy Touchstone Innovations, Invesco C 03/17 73 Pontifax 5 83% Israel OrbiMed’s current $1 billion global VC Perpetual, & Woodford Investment fund, OrbiMed Private Investments VII. Management BioMedPartners 5 100% Switzerland “Our main focus is on companies de- Iterum Ireland Antibiotics Arix Bioscience, Pivotal bioVenture C 05/17 65 5 100% France veloping therapies that are truly novel Therapeutics Ltd Partners, Advent Life Sciences, in their approaches at any stage in the Domain Associates, Bay City Capital, SOURCES: Strategic Transactions; Scrip | Pharma Intelligence, 2018 development cycle from preclinical as- Frazier Healthcare Partners, Canaan sets through to ready-for-market drugs. Partners, Sofinnova Ventures & New To a lesser extent, we will look at diag- Leaf Venture Partners by geographic restrictions. SVLS, the UK- Haines remains agnostic to geography. based life sciences fund, is not restricted “We aim to invest in the best opportu- nostics, digital health and medical de- Babylon Health UK AI-powered None disclosed B 04/17 60 to the UK but tends to invest closer to nities in life sciences, whether these are vices but at a later stage,” Carter Neild, doctor app home. “We have no predetermined al- in the US or Europe. We invest primar- a general partner at OrbiMed, adds. location but invest mostly in UK deals ily in therapeutics with an emphasis on OrbiMed has two venture partners Hookipa Austria Immunotherapy Led by undisclosed US institutional C 12/17 60 Biotech AG investor, HBM Partners, Hillhouse because the management is stronger and early-stage deals. However, while there with close ties to Europe – Iain Dukes, Capital, Sirona Capital, Gilead the environment is more conducive,” is no specific allocation between terri- DPhil, who was previously as senior vice Sciences, Sofinnova Partners, notes SV Life Science’s managing partner tories, our portfolios to date have been president, business development and Forbion Capital Partners, Kate Bingham. split roughly 60/40 between the US and licensing at MSD, and Klaus Veitinger, Boehringer Ingelheim Venture Fund, Nevertheless, Bingham will look fur- Europe,” he says. MD, PhD, who was on the executive Takeda Ventures & BioMedPartners ther afield. Last fall, the Dementia Dis- Although immuno-oncology is all the board of Schwarz Pharma AG and CEO Immatics Germany T cell therapies dievini Hopp Biotech holding, E 10/17 58 covery Fund, created in 2015 with support rage, and has attracted the most venture of Schwarz Pharma Inc. These industry Biotechnologies , AT Impf GmbH from the UK government and five pharma dollars, many VCs are looking to other veterans will take board positions on GmbH & Amgen companies to fund novel biology for neu- sectors. Forbion invests funds of €200 European companies that OrbiMed rodegenerative disorders and managed million on average. SVLS’ Bingham adds, invests in as well as provide them op- InflaRx NV Germany Inflammation Life Sciences, D 10/17 55 Cormorant Asset Management & RA by SVLS, led the $29.5 million in a Series “For IO deals, we need to believe we erational decision support. Capital D round in Alector LLC, a San Francisco- can generate persuasive, differentiated Not surprisingly, cancer, neurodegen- based company developing preclinical profiles given how busy the field has erative and rare diseases top OrbiMed’s Xeltis AG Switzerland Medical Devices Ysios Capital, LSP, Kurma Partners, C 11/17 52 immunomodulatory therapies to treat become.” She prefers to focus on im- wish list. VI Partners & private investors neurodegenerative disorders including munology and CNS, especially dementia. Bicycle UK Bicyclic peptides Vertex Ventures HC, Cambridge B 06/17 51 Alzheimer’s disease. Israel Flies The Banner Therapeutics Ltd Innovation Capital, Longwood Fund, While acknowledging the European life Going Global For Medtech Novartis Venture Fund, SR One, sciences sector is an exciting environment While much of the money put to work Medtech investment in the European SVLS & Atlas Venture with many excellent investment opportu- in European life sciences is linked to Union has largely ground to a halt prob- SOURCE: Strategic Transactions | Pharma Intelligence, 2018 nities, Abingworth managing partner Tim regional and local funds, interest from ably because of the substantial tightening

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Exhibit 6 over half of all life sciences venture Most Active Investors In European Life Science A, B And C Rounds capital going into Israel ($285 million out Exhibit 7 By Total Average Investment Contribution* of $495 million). Half of the Israeli total Medtech Investment In 2017: Europe Vs. Israel ($150 million) went to Insightec Ltd., which is developing magnetic resonance Unclassied A B C plus Country I Austria INVESTOR EU $M # ROUNDS EU BASE imaging-guided focused ultrasound I Belgium Life Sciences Partners 48.93 8 Netherlands surgery, in what is believed to be the I Finalnd company’s last pre-IPO venture round. I France Touchstone Innovations 43.31 4 UK To tap into such opportunities, Or- I Germany biMed established a dedicated Israeli Israel I Ireland Woodford Investment I Israel 40.4 3 UK fund although its focus is evolving. Management I Italy Having initially focused on medtech I Spain Sofinnova 40.23 7 France/US opportunities, OrbiMed’s Gordon notes I Sweden that the firm is seeing opportunities in I Switzerland Ysios Capital 39.04 5 Spain emerging biotherapeutics. “We set up I UK the Israeli fund because we identified a Novo AS 36.47 9 Denmark lot of opportunities in the Israeli medtech Other Europe Kurma Partners 34.29 8 France space but biotech is emerging there. However, our investments in the Israeli Boehringer Ingelheim 33.69 7 Germany therapeutics space tend to be much ear- Venture Fund lier than we would do in either the US or OrbiMed 31.44 9 US Europe,” he adds. Medtech, however, is losing some of its SOURCES: Strategic Transactions; Scrip | Pharma Intelligence, 2018 Forbion Capital Partners 30.98 5 Netherlands luster. Forbion Capital, for example, used to put about 30% of its funds into medtech F-Prime Capital Partners 29.47 3 US companies but has now downgraded that managing director at Silicon Valley Bank. tis and the European Investment Fund, nies that are building out commercial allocation to about 15%.“Medtech in our Where to go public is always a challenge established Medicxi Growth 1 – a $300 infrastructures, making acquisitions, Abingworth Management 29.18 2 UK view has become less attractive because for European life sciences companies. million fund focused on investments in or in-licensing products. Investments Invesco Ltd. 28.13 2 UK of a more restrictive regulatory environ- Although there has been an uptick in emerging companies with drug candidates can be substantial, upwards of $150 ment in Europe and more cumbersome European IPOs in recent years, companies in Phase IIb and beyond. million, ideally with commercial-stage TVM Capital 28 2 Germany reimbursement procedures. In addition, listing on European exchanges face a From MG1, Medicxi intends to lead innovative products and strong intel- public markets in general have been less number of challenges. First, the amount syndicates, putting in €10-€25 million lectual property.” Syncona Partners LLP 27.25 2 UK receptive for medtech stories, compared of money that can be raised in Europe is per company, with about 80% ear- One European company to ben- with biopharma and there are fewer nowhere the same level that is achievable marked for European companies and the efit from such support is the Dutch Arix Bioscience 27.22 4 UK buyers in this space left, after massive in the US. Second, analyst coverage in remainder going into US opportunities. biopharma company Pharming BV. consolidation has occurred in the past Europe is both limited in terms of quantity To date, MG1 has anchored the $96.8 “We saw an interesting opportunity in Novartis Venture Fund 24.85 4 Switzerland decade, so acquirers can afford to wait a and quality. Third, and probably most im- million IPO of ObsEva SA, a Switzerland- a rare disease-focused company with an Seventure Partners 24.67 7 France little longer. This forces our companies portant long term, liquidity and access to based women’s health company, and under-appreciated asset that needed a typically into early commercialization ac- substantial follow on financing is a major invested in the Cleveland, OH-based minimally-dilutive financing solution,” Versant Ventures 20.18 2 US tivities, with limited means and typically stumbling block. diabetes company Diasome Pharma- he says. In 2017, OrbiMed provided only one product to sell, this is not very While European companies can raise ceuticals Inc. Pharming with a four-year $100 million 19.69 2 Belgium economical,” notes Forbion’s Slootweg. equivalent sums to US firms in the early OrbiMed is already providing substan- senior secured facility to refinance years, the amount of money available tial through a dedicated debt on more favorable terms to redeem New Enterprise Associates 19.25 2 US Growth Capital Opportunities subsequently is much lower in Europe. $1 billion fund focused on structured a total of €35.9 million of amortizing Getting access to the large boluses of cash This creates opportunities for investment finance and royalty-based financing, Or- convertible bonds and refinance $40 High-Tech Gruenderfonds 18.1 12 Germany companies need to build their businesses firms to create specific growth vehicles. biMed Royalty Opportunities II, explains million of senior debt. Matthew Rizzo, a partner in OrbiMed’s *Average investment contribution is obtained by dividing each investment by the num- remains a challenge for European com- Medicxi Ventures last year, with support IV005289 ber of investors involved. Adding together all the average contributions from a given panies but there are a growing number of from Verily Life Sciences, a subsidiary of credit business. “We focus on later-stage Comments: investor yields the total average investment size. options. “Funding always remains a con- Google parent company Alphabet, Novar- opportunities, for example in compa- Email the author: [email protected] cern. Anecdotally we know that compared SOURCES: Strategic Transactions; Scrip | Pharma Intelligence, 2018 with US CEOs, European CEOs spend more time raising their rounds –which means of regulatory constraints, but continues venture investment - $285 million - at all they must be distracted to some extent apace in Israel. stages in the financing process as compa- from other tasks. The funding challenge Exhibit 7 illustrates that in 2017, nies across the whole of the rest of Europe is specifically at the B round when choice medtech companies from Israel (~8.5 ($348 million; ~525 million people). of public, M&A, large B round, etc. is be- ©2018 by Informa Business Intelligence, Inc., an Informa company. All rights reserved. No part of this publication may be reproduced in any form or million people) attracted almost as much Medtech investments accounted for ing made,” explains Nooman Haque, a incorporated into any information retrieval system without the written permission of the copyright owner.

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Legal and Compliance Disclosures

Particular investments referenced herein may not be representative of current or future portfolio investments of any investment fund or ac- count managed and/or sponsored by OrbiMed Advisors LLC (“OrbiMed”) or its affiliates (together, “OrbiMed Funds”).

Commentary contained herein represents the thoughts and opinions of the specified commentator as of the date of this article and is subject to change based on market and other conditions. The opinions expressed are not necessarily those of OrbiMed or its affiliates. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice, and OrbiMed does not war- rant or guarantee the accuracy or completeness of the information presented herein. The information provided is not to be construed as a recommendation or an offer to buy, or sell or the solicitation of an offer to purchase, any security or interests in any investment fund. This document is provided for informational purposes only.

OrbiMed is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) that specializes in the invest- ment of clients’ assets in healthcare companies across a number of products and strategies. This document contains information which may not be applicable to other OrbiMed Funds. The information contained in this article is not intended to supplement or replace disclosures made in Part 2 of OrbiMed’s Form ADV or in the prospectus or other offering document of any OrbiMed Fund. SEC registration does not imply a certain level of skill or training.

Article reprinted with permission. The original article has been modified with bolded text.

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