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2Nd Life Science Venture Capital Report – Financing Trends in Europe and the US Fungi Penicillium

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2Nd Life Science Venture Capital Report – Financing Trends in Europe and the US Fungi Penicillium FCF Life Science Research 2nd Life Science Venture Capital Report – Financing Trends in Europe and the US Fungi Penicillium Part of FCF Life Science Research Series FCF Overview Recent Funding Development Life Sciences: A closer Look C r o s s - border Investment Activity Investor Analysis Life Science Exits 2 FCF Overview FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with ▪ Specialized investment bank and financing specialist financing Private / Venture capital financing Private equity financing ▪ Advising public and private small / midcap companies Pre-IPO Growth capital financing (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 (ii) with the highest Public Dual-track (IPO and Public Equity (PIPE) flexibility, financing instruments (no product selling approach), allowing alternative transaction Block trade for customized financing structures (iii) in the shortest Receivables financing / Working capital / Revolving – All investors: Close and trusted relationships with senior period of time, Short-term Factoring / 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 financing Letter of Credit closing proba- access to institutional debt and equity investors enable fast Bank loan facility / Promissory note bility, and with transactions Straight debt (Schuldscheindarlehen) Debt Long-term Sale-and-lease back High-yield / PIK bond (v) financing partners ▪ More than 100 transactions with a total placement volume in Debt Corporate bonds (public / (public / private) that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) Second lien financing into their strategy ▪ Approx. 10 professionals with offices in Munich Mezzanine Mezzanine capital Convertible bonds Selected Transactions 3 FCF Facts & Figures More than More than 100 2000 # 1 10 Network Completed Contacts to Family Financing Advisor in Investment Banking Access to more than Transactions Offices and Ultra Germany, purely Professionals 4000 international High Net Worth focusing on corporate financial institutions Individuals financing transactions worldwide More than Close to More than More than 4 bn Leading 100 120 25 Total volume of Advisor for Years of aggregated, Articles and International advised & closed Financing investment banking / research papers conferences transactions since Transactions with financing experience published organized 2005 EIB in the DACH region 4 FCF’s Equity Expertise FCF has successfully Life Science Financing Research IPO / Public Equity Markets Coverage closed numerous equity-related transactions over the past years FCF regularly publishes specialized research, covering industry trends, equity valuations, debt transactions, IPO and M&A activity FCF has hosted / hosts the FCF IPO FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters Conference, addressing going public topics with great relevance to decision makers FCF bi-annually hosts its Family-2- Family Conference, an opportunity for public companies to present themselves to family offices 5 FCF Overview Recent Funding Development Life Sciences: A closer Look C r o s s - border Investment Activity Investor Analysis Life Science Exits 6 European Life Science Venture Capital Volumes over Time After a record high in EURm # of Deals 2016, funding 3,000 400 volumes experienced a significant decrease in 2017, however, still 350 recorded the 2nd 2,500 highest annual volume of all times 300 2,000 Funding volumes of 250 the last six years find Average Annual Deal themselves above Volume (2000-2017): EUR 1,126m the average annual deal volume of 1,500 200 EUR 1,126m (2000 – 2017) 150 1,000 The annual number of European venture 100 rounds in the Life Science sector has 500 been steadily 50 increasing since the year 2000, despite a setback in 2016 and 0 0 2017 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 European Deal Volume European Deal Count Source: PitchBook as of 09.02.2018, FCF Equity Research 7 Most Developed European Life Science Countries (L5Y) Among the Top 5 Top 5 Targeted Countries – by Deal Volume Top 5 Targeted Countries – by Number of Deals targeted countries, EURm # of Deals the Life Science 2,500 140 industry in the UK 164 Deals 194 Deals 211Deals 187 Deals 180 Deals 2,054 120 recorded the most 2,000 1,648 100 deals and received 1,477 1,500 by far the largest 1,260 80 financing volumes 1,000 922 60 over the last five 40 500 years, followed by 20 Switzerland and 0 0 Germany 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 France Netherlands Germany Switzerland United Kingdom United Kingdom France Switzerland Germany Ireland German and Swiss Life Science companies tend to Top 5 Targeted Countries – by Average Deal Volume receive the highest EURm average deal 21.1 volumes 15.6 15.4 12.7 13.2 11.7 10.6 10.7 8.2 8.0 8.4 7.7 7.8 6.9 6.2 5.4 5.7 5.1 5.0 3.9 4.1 4.7 2.0 2.6 2.4 2013 2014 2015 2016 2017 Ireland Germany Switzerland France United Kingdom Source: PitchBook as of 09.02.2018, FCF Equity Research 8 Top 10 European Life Science Deals (L3Y) by Volume The 2nd round of Acerta Pharma B.V. EUR 336m Orchard Therapeutics Ltd EUR 96m 2nd round / 2015 3rd round / 2017 Dutch Acerta Pharma American Funds Insurance Series, Franklin Templeton 4BIO Capital Partners, Agent Capital, Baillie Gifford, Cowen with EUR 336m is Investments, Janus Capital Group, T. Rowe Price, Group, F-Prime Capital Partners, Juda Capital, ORI Capital, 1. Variable Annuity Life Insurance Company (5) 6. Pavilion Capital, RTW Investments, Temasek Holdings, UCL Business (11) leading the league Indication: Oncology table of the largest Indication: Rare diseases Life Science VC rounds in Europe Immunocore Ltd. EUR 264m ADC Therapeutics SA EUR 95m 3rd round / 2016 4th round / 2016 over the last 3 years AstraZeneca, Eli Lilly and Company Foundation, Fidelity Astrazeneca, Auven Therapeutics, EG Capital Advisors, Investments, Genentech, GlaxoSmithKline Pharmaceuticals, Wild Family Office (4) 2. Malin Corporation, NeoMed Management, RTW 7. Investments, Woodford Investment Management (9) Indication: Oncology 50% of the Indications: Oncology, infectious diseases and companies in the Top autoimmune diseases 10 have a UK and ADC Therapeutics SA EUR 170m 5 Cambridge Kymab Ltd. EUR 93m 30% a Swiss origin 5th round / 2017 Oxford 3rd round / 2016 AstraZeneca, Auven Therapeutics, Redmile Group, 1 Bill & Melinda Gates Foundation, Malin Corporation, ORI Capital, 3. Wild Family Office (4) 8. Shenzhen Hepalink Pharmaceutical, Wellcome Trust, Woodford London Oss Investment Management (6) The German(-origin) Indication: Oncology Indication: Autoimmunity JenaValve 1 Technology’s 4th round of EUR 90m Oxford Nanopore Tech. Ltd. EUR 118m JenaValve Technology, Inc. EUR 90m th th ranks on 9th place 11 round / 2016 4 round / 2015 7-Main, GT Healthcare Capital Partners, IP Group UK, Atlas Ventures, Edmond de Rothschild Investment Partners, Woodford Investment Management (4) Munich Gimv, Legend Capital, NeoMed Management, Omega Fund 4. 9. Management, Rudi Marien, Sunstone Capital, Valiance, VI Sector: Medical Technology Basel Companies solely Partners (10) Sector: Medical Technology focusing on oncology Epalinges 3 represent the majority Oxford Nanopore Tech. Ltd. EUR 98m CRISPR Therapeutics AG EUR 89m in the Top 10 Life 10th round / 2015 2nd round / 2015 Science deals (40%) Undisclosed Abingworth Management, Bayer, Celgene, CLI Ventures, Clough Capital Partners, Franklin Templeton Investments, New Enterprise 5. Sector: Medical Technology 10. Associates, New Leaf Venture Partners, Novo Holdings, SR One, others* (14) Indication: Immuno-oncology Source: PitchBook as of 09.02.2018, FCF Equity Research, Biotechgate 9 *others: Versant Venture Management, Vertex Pharmaceuticals, Vivo Capital, Wellington Capital Management Top 10 German Life Science Deals (L3Y) by Volume JenaValve JenaValve Technology, Inc. EUR 90m Immunic AG EUR 32m Munich / 4th Round / 2015 Planegg-Martinsried / 1st Round / 2017 Technology’s 4th Atlas Ventures, Edmond de Rothschild Investment RMM, Atlas Venture, Edmond de Rothschild, Gimv, NeoMed, financing round (EUR 1. Partners, Gimv, Legend Capital, NeoMed Management, 6. VI Partners, Valiance (8) Omega Fund Management, Rudi Marien, Sunstone Indication: Immunology 90m) leads the Top Capital, Valiance, VI Partners (10) 10 ranking of German Sector: Medical Technology Life Science deals Rostock 1 over the last 3 years Immatics Biotech. GmbH EUR 49m InflaRx GmbH EUR 31m Tübingen / 5th Round / 2017 Jena / 4th Round / 2016 Amgen, AT Impf, dievini Hopp BioTech, Staidson Hongkong Investment (1) Wellington Partners (4) 70% of the 2. 7. Indication: Inflammatory diseases Indication: Oncology companies are based in Southern Germany (Bavaria, Baden- InflaRx GmbH EUR 47m Rigontec GmbH EUR 29m Wuerttemberg) Jena / 5th Round / 2017 Munich / 1st Round / 2016 Bain Capital, Cormorant Asset Management, 2 Boehringer Ingelheim Venture Fund, Forbion Capital 3. RA Capital Management (3) 8. Partners, High-Tech Gründerfonds, MP Healthcare Venture Indication: Inflammatory diseases Jena Management, NRW.Bank, Sunstone Capital, Wellington InflaRx ranks with Partners
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