2016国际医药投资前瞻.pdfVIP

Trends in Healthcare Investments and Exits 2016 Investor Confidence and Innovation Drive Healthcare Venture to New Heights Written by Jonathan Norris Paul Schuber Caitlin Tolman Managing Director Valuations Associate Senior Associate Silicon Valley Bank SVB Analytics Silicon Valley Bank M 650.575.1377 jnorris@ @jonnysvb Table of Contents 3 Overview 4 Healthcare Venture Fundraising and Investment: A Year of Record Highs 16 Crossover Activity Peaks in Q3, Slows in Q4 19 Healthcare Venture Exits: MA Climate Improves as IPOs Slow 34 2016 Outlook 35 Glossary 36 Authors 2 2015: Another Banner Year for Healthcare At the start of 2015, it was hard to imagine that we would have another year as successful as 2014. And yet, by most measures, 2015 came very close . • Led by a blockbuster MA deal at the end of the year, potential returns to investors in 2015 rocketed to a new high. By SVB estimates, three years of strong performance has generated more than $55 billion in potential value back to investors. • With record investments in biopharma, 2015 saw more capital invested in healthcare VC-backed companies than in any other year. • Non-traditional “crossover investors” increased activity, participating in large mezzanine rounds to take advantage of the biopharma IPO market. • While IPOs dipped versus 2014, the public markets continued to be receptive to healthcare companies. Also, many companies going public in the past two years had very successful public follow-on fundings. • Biopharma MA activity increased, culminating in AstraZeneca’s $4 billion payment to Acerta in December 2015. • Higher returns, greater investor confidence and faster investment cycles led some funds to raise again within two