FCF Fox Corporate Finance GmbH - FCF Life Science Venture Capital Monitor May 2019 05/2019
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
FCF Fox Corporate Finance GmbH FCF Life Science Venture Capital Monitor May 2019 Antibody Part of FCF Life Science Research Series „Thinking Strategic Finance in Life Science”
Agenda
F C F L i f e S c i e nc e O v e r v i ew
2FCF Life Sciences
Life Science Overview Advisory Services Facts and Figures
Focus on Biotechnology, MedTech and HealthTech Over Over
Life Science Life Science
Management Team of 100 years EUR 2bn
FCF advises innovative companies on arranging, structuring and placing Advisory in aggregated Life Science
Presentation ~10
equity and debt transactions in a holistic financing strategy approach. Board Life Science transaction
Integrated based in Munich
Together with its FCF Life Science Advisory Board, FCF Life Science experience volume1
Financial
provides valuable support on the strategic positioning of its clients Modeling
Post- Over 4
Access to
Strategic Financing Advisory Transaction 80 Leading regularly
Support > 1000
completed Life EIB advisor published Life
international
FCF advises with its dedicated Life Science team on the following Investor Science in Europe Science
investors
transaction types: Screening transactions1 reports
1 comprising Professionals and Advisory Board
Investor / IB
Venture Venture Roadshow Life Science Research Series
Capital Debt Due
Diligence FCF Life Science FCF Life Science
Support Venture Capital Monitor Public Equity Monitor
Equity & Debt is a monthly is the most detailed
Life Science Team Fundraising
published overview analysis of
Financing of venture capital European publicly
Strategy listed companies,
transactions of Life
Advisory
Science companies from the Life
Closing Science sectors
Assistance
Arno Fuchs Dr. Mathias Schott Sebastian Sommer Colin Saß
CEO Director Analyst Analyst Term Sheet
FCF Life Science FCF Life Science
Negotiation Venture Capital Report IPO Report
analyses the latest examines recent
IPO
Execution Venture Capital IPO trends in the
Support funding activities in Life Science sector,
Life
Science the Life Science with a strong focus
Dr. Alexandra Goll Prof. Dr. Claus Schalper Dr. Holger Bengs Advisory
Former Horst Domdey Co-Founder & former Founder & CEO sector in Europe on the comparison
Board (extract from
General Partner Co-Founder of Medigene AG CFO Pieris Pharma BCNP Consultants and the US of European and US
TVM Capital
service portfolio)
board member of BioM AG
characteristics
3Executive Summary
The FCF Life Science
Venture Capital FCF Life Science Venture Capital Monitor Recipients
Monitor is a monthly is a monthly published overview of biotechnology, pharmaceutical, The FCF Life Science Venture Capital Monitor targets the following
published overview medical technology and healthcare technology companies, recipients:
focusing on the displaying venture capital financing trends in the European life ▪ Corporates / Executives ▪ Venture capital investors
venture capital science industry ▪ Institutional investors ▪ Family Offices / High-
financing environment ▪ Private equity investors net-worth individuals
in the biotechnology, ▪ Advisors
Scope
pharmaceutical,
medical technology The selection of companies is based on the following criteria: Availability
and healthcare
technology segments, ▪ Sole focus on transactions with obtainable deal volume and The FCF Life Science Venture Capital Monitor is available on FCF’s
and can be used as a involving European headquartered life science companies website at “https://www.fcf.de/de/research/life-science-research“
quick reference for ▪ Companies operating in the biotechnology, pharmaceutical,
investors, corporates medical technology, healthcare technology, services or other life Data
and professionals science related sectors
All input data is provided by Pitchbook or GlobalData and is not
▪ The therapeutics sector is further divided into the following independently verified by FCF. Ratio and multiple calculations are
indications: Oncology, Cardiovascular, Central Nervous System,
More advanced, driven based on the input data available. For additional information
Gastrointestinal, Hematological, Infectious Diseases, and disclaimer, please refer to the last page
detailed and / or Immunology, Metabolic, Ophthalmology, Rare Diseases,
customized reports Respiratory, Diversified and Others.
are available upon
request
To recommend colleagues or fellow investors to be added to the If you have questions, comments or ideas, please do not hesitate
mailing list, kindly send an email with the respective contact to contact us
information
4Agenda
V e n t ur e C a p i t a l T r a n s a c t i ons
May 2019
5European Venture Capital Transactions in Life Sciences
May 2019
Vertical - Deal Total
Indication / Volume Raised
Overview (YTD) # Date Company HQ Subsector Stage Company Description Series (EURm) (EURm) Investors Deal Synopsis
Cumulative Financing Volume (EURm) Central Developer of medical therapeutics
The company raised $3.9 million of venture funding from Seventure
5,000 Nervous intended for the treatment of
4,156 1 28/05/2019 Biotech - 3 35 Seventure Partners Partners on May 28, 2019. The funds will be used to accelerate the
System / Central Nervous System (CNS)
4,000 company's next growth phase.
Phase II diseases and cancer.
3,000
1,737
2,000
The company raised GBP 500,000 of venture funding in a deal led by
1,000 Manufacturer of medical devices Maven Capital Partners on May 28, 2019. GMC Fund and Chinese
2019 Back Care / GMC Fund, Maven Capital
2018 2 28/05/2019 MedTech designed to offer back care -European Venture Capital Transactions in Life Sciences
May 2019
Vertical - Deal Total
Indication / Volume Raised
Overview (YTD) # Date Company HQ Subsector Stage Company Description Series (EURm) (EURm) Investors Deal Synopsis
Cumulative Financing Volume (EURm) Developer a fish-skin
Wound The company raised $1.61 million of venture funding from undisclosed
5,000 transplantation technology
4,156 9 17/05/2019 MedTech Treatment / - 1 4 na investors on May 23, 2018. The amount was originally raised in the form
designed to facilitate healing
4,000 On market of convertible debt and subsequently converted to equity.
through tissue regeneration.
3,000
1,737 Bpifrance, Idinvest The company raised $38.5 million of Series B venture funding in a deal
2,000
Partners, Illumina led by Life Sciences Partners on May 16, 2019. Merck Ventures,
1,000 Developer of enzymatic DNA Ventures, Kurma Partners, Idinvest Partners, Sofinnova Partners, Kurma Partners, Illumina
2019 Immunology /
2018 10 16/05/2019 Biotech synthesis platform intended to B 33 47 Life Sciences Partners, Ventures, M Ventures and Bpifrance also participated in the round. The
On market
0 facilitate genome scale synthesis. Merck Ventures, funds will be used to accelerate the development of the company's first
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MVentures, Sofinnova products based on its industry-leading enzymatic technology for de novo
Financing Volume (May 2019): EUR 357m Partners synthesis of nucleic acids.
Subsectors Indications1 The company raised $4.5 million of Series B venture funding from
Innovation Fund, SambrInvest and Jean-Pierre Delwart on May 16,
Healthcare Patient Developer of patient Innovation Fund, Jean
2019. Jean Stephenne also participated in the round. The company
Services Central Nervous 11 16/05/2019 HealthTech Analysis / characterization tools intended to B 4 4 Stephenne, Jean-Pierre
Pharmaceuticals Systems intends to use the funds to advance commercialization of Placebell©™,
Developing improve patients condition. Delwart, SambrInvest
its product that limits the effect of the placebo response on clinical trials,
3%
Biotechnology Others and to expand its product portfolio.
12% 20%
EUR 42% 40% EUR
17%
1,737m 1,067m 16% Oncology
Developer of coupling fluid
Cofounders Capital, Sarsia
The company raised NOK 10 million of venture funding from Sintef
MedTech Diagnostic / Seed, Sintef
12 16/05/2019 MedTech technology designed to identify - 1 2 Energiforskning, Cofounders Capital and Sarsia Seed on May 16, 2019.
4% 7% 13% Developing Energiforskning,
26% tumor remnants. Sparebank 1 Smn Invest also participated in the round.
Sparebank 1 Smn Invest
HealthTech Metabolic Immunology
Disorders Infectious
Diseases
The company raised EUR 80 million of Series E venture funding in a
Developer of an medical
Enern, Goldman Sachs deal led by One Peak Partners and Goldman Sachs Private Capital
appointment scheduling platform
Top Company Origins Top Investor Origins 13 14/05/2019 HealthTech
Platform /
designed to improve patient flow E 80 128
Private Capital Investing Investing Group on May 14, 2019. Piton Capital, Enern and other
On market Group, One Peak Partners, undisclosed investors also participated in the round. The funds will be
and help digitise healthcare
Piton Capital used continue the company's push in core European and Latin
Others practices.
Others American markets, purse R&D activities and expand their team.
24% 23% 22%
27%
EUR EUR
The company raised $18 million of Series B venture funding in a deal
5% 1,737m 6%
1,737m Imaging /
Provider of imaging software Capricorn Venture
led by Forestay Capital on May 14, 2019. Optum Ventures and
7% 21% 14 14/05/2019 HealthTech platform intended to be used for B 15 18 Partners, Forestay Capital,
23% 6% On market Capricorn Venture Partners also participated in the round. The funds will
multiple sclerosis (MS). Optum Ventures
18% 18% be used by the company to continue to develop its technology.
The company raised EUR 7.1 million of Series A venture funding on
Top 5 Deals Top 5 Investors Developer of stem cells intended Aquitaine Science
Central May 13, 2019. The funds will be used by the company to proceeds its
to secure cell production and Transfert, AQUITI Gestion,
Deal Deal # of Nervous transition for their technology to cGMP standards by 2021 and to
# Company HQ Volume Series # Investor HQ Volume2 Deals 15 13/05/2019 Biotech quality, fasten clinical A 7 8 Galia Gestion, Irdi Soridec
System / develop proprietary and collaborative cell therapy research programs in
Arvelle development and facilitate market Gestion, XAnge Private
1 155 A 1 Bpifrance 63 9 Pre-clinic a wide array of indications with the objective of a first-in-man clinical trial
Therapeutics access. Equity
in 2024.
Life Sciences
2 Doctolib 150 - 2 50 4
Partners
The company raised GBP 2.4 million of Series A venture funding from
Andera
3 Ynsect 110 C 3 48 4 Care Developer of an integrated Cambridge Angels, IQ IQ Capital Partners, Longwall Ventures and Cambridge Angels on May
Partners
Tracking healthcare technology intended to Capital Partners, Longwall 9, 2019, putting the pre-money valuation at GBP 2.8 million. Martlet,
Idinvest 16 09/05/2019 HealthTech A 3 4
4 ZnanyLekarz 80 E 4 39 4 platform / improve patient outcomes and Ventures, Martlet, Peter Sherry Coutu and Peter Cowley also participated in the round. The
Partners Developing health system performance. Cowley, Sherry Coutu funds will be used by the company to support the development of a drug
Sophia BRV Capital + digital approach and to treat and manage major health conditions.
5 66 E 5 31 1
Genetics Management
Source: PitchBook as of 04.06.2019; FCF Equity Research; GlobalData 7
Note: All volumes in EURm; financing rounds without deal values are excluded
1Only includes biotechnology and pharmaceutical deals; 2 Proportional attribution of deal values to investors participating in a transaction (transaction volume / # investors by financing round)European Venture Capital Transactions in Life Sciences
May 2019
Vertical - Deal Total
Indication / Volume Raised
Overview (YTD) # Date Company HQ Subsector Stage Company Description Series (EURm) (EURm) Investors Deal Synopsis
Cumulative Financing Volume (EURm) Provider of e-medicine platform The company raised EUR 2 million of venture funding in a deal led by
Communicati
5,000 intended to serve medico-social Crédit Mutuel Arkéa on May 9, 2019. Other undisclosed investors also
4,156 17 09/05/2019 HealthTech on / - 2 2 Crédit Mutuel Arkéa
establishments and home care participated in this round. The funds will be used by the company to
4,000 On market
services. expand its business.
3,000
1,737
2,000 The company raised $12 million of Series A venture funding in a deal
Provider of a medical health
led by Optum Ventures and Qiming Venture Partners on March 28,
1,000 testing platform designed to
2019 Diagnostic / Optum Ventures, Qiming 2018. Other undisclosed investors also participated in the round. The
2018 18 08/05/2019 HealthTech connect customers and global A 10 11
On market Venture Partners funds will be used to continue expanding to the U.S., grow the full
0 laboratories for personal health
clinical support team and further invest in the company's technology
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec testing.
platform that links customers to laboratories.
Financing Volume (May 2019): EUR 357m
Beyond Next Ventures, CI:Z
Subsectors Indications1 Holdings, CMBCC Co-High Medical
Investment Fund, Cyril Janssen, The company raised EUR 39.7 million of Series D venture funding on
Healthcare Genetic Developer of stem cell therapy Itochu, Korea Investment Partners,
May 7, 2019. The funds will be used by the company for its
Services Central Nervous 19 07/05/2019 Biotech Disorders / intended to treat liver diseases D 40 104 Marc Speeckaert, Medipal Holdings,
Pharmaceuticals Systems Mirae Asset Capital, Mitsui Global manufacturing scale-up, preclinical programs and overall operations of
Phase II easily.
Investment, Olivier van der Rest, the company and the group.
3% Shibuya, Shinsei Capital Partners,
12% Biotechnology Others 20% Six Snow, Sosei
EUR 42% 40% EUR BioGeneration Ventures,
17% Capricorn Venture Partners, The company raised EUR 30 million of Series A venture funding on May
1,737m 1,067m 16% Oncology
Musculoskele Developer of a drug discovery Fund+, Perceptive Advisors, 7, 2019. The funds will be used by the company to accelerate its
MedTech
20 07/05/2019 Biotech tal Disorders / technology designed to address A 30 37 PMV, Qbic Fund, University ConfoBodyTM-enabled drug discovery activities and to develop its
26% 4% 7% 13% Discovery unmet medical needs. of Michigan Endowment, V- pipeline of GPCR modulating compounds to produce drug candidates
Bio Ventures, VIB, for clinical trials.
HealthTech Metabolic Immunology Wellington Partners
Disorders Infectious
Diseases The company raised EUR 8 million of venture funding in a deal led by
Banco de Sabadell, Caixa Caixa Capital Risc and Sabadell Asabys Health Innovation Investments
Developer of a virtual reality Capital Risc, Carlos on May 7, 2019. Banco de Sabadell and Carlos Gallardo also
Top Company Origins Top Investor Origins 21 07/05/2019 HealthTech
VR /
platform designed to bring value - 8 9 Gallardo, Sabadell Asabys participated in the round. The funds will be used to complete the VR
On market
to mental health treatment. Health Innovation platform that can be used to treat anxiety disorders, stress management,
Others Investments depression, attention problems such as ADHD, autistic spectrum and
Others
psychotic disorders.
24% 23% 22%
27% The company raised CHF 9.5 million of Series A venture funding in a
EUR EUR deal led by Panakes Partners on May 6, 2019. btov Partners, Brabantse
Brabantse Ontwikkelings
5% 1,737m 6%
1,737m Imaging /
Developer of medical imaging
Maatschappij, btov
Ontwikkelings Maatschappij, Sioux Group and other undisclosed
7% 21% 22 06/05/2019 MedTech devices intended to improve A 8 13 existing investors also participated in the round. The funds will be used
23% 6% On market Partners, Panakes
cancer treatment care. to commercialize the patented Histolog system, notably the recently CE
18% 18% Partners, Sioux Group
mark Histolog Scanner v2, for enabling precise tumor removal at first
surgery.
Top 5 Deals Top 5 Investors Manufacturer of high quality
growth factors designed to use in The company graduated from Babraham Bioscience Technologies on
Deal Deal # of Immunology / Babraham Bioscience
# Company HQ Volume Series # Investor HQ Volume2 Deals 23 01/05/2019 Biotech stem cell science and -Contact Details & Disclaimer
DISCLAIMER
This document does not constitute an offer or invitation to purchase or subscribe for any
securities, and neither this document nor anything contained herein shall form the basis of
or may be relied upon in connection with any contract or commitment whatsoever. No
representation or warranty (express or implied) is made as to, and no reliance should be
FCF Fox Corporate Finance GmbH
placed on, any information, including projections, estimates, targets and opinions, contained
herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements
Maximilianstrasse 12-14 ▪ 80539 Munich ▪ Germany
contained herein, and, accordingly, neither FCF nor any of its officers, directors or
Telephone +49 (89) 206 0409-0 ▪ Facsimile +49 (89) 206 0409-299
employees accepts any liability whatsoever arising directly or indirectly from the use of this
info@fcf.de ▪ www.fcf.de
document. By accepting this document you acknowledge that you will be solely responsible
for your own assessment of the market and the market position of the Company and that
you will conduct your own analysis and be solely responsible for forming your own view of
the potential future performance of the Company's business. This document contains certain
Arno Fuchs Dr. Mathias Schott forward-looking statements, including assumptions, opinions and views cited from third party
Chief Executive Officer Director
sources. Various known and unknown risks, uncertainties and other factors could cause the
P: +49 (89) 206 0409-100 P: +49 (89) 206 0409-123 actual results, financial position, development or performance of the Company to differ
M: +49 (172) 863 6777 M: +49 (174) 301 1846
materially from the estimations expressed or implied herein. FCF does not guarantee that
arno.fuchs@fcf.de mathias.schott@fcf.de
the figures, assumptions and calculations underlying such historical and forward looking
statements are free from errors nor does FCF accept any responsibility for the future
Sebastian Sommer accuracy of the opinions expressed in this document or the actual occurrence of the
Analyst forecasted developments.
P: +49 (89) 206 0409-130
© FCF Fox Corporate Finance GmbH 2019
M: +49 (172) 839 5738
sebastian.sommer@fcf.de
9THE FINANCING SPECIALIST
You can also read
