硅谷银行-2021年上半年医疗投资和退出加速（英）-2021-37页_8mb

Healthcare Investments and Exits Summary

Core Content

This document provides an overview of the healthcare investment and exit landscape in the first half of 2021, highlighting the significant growth in funding and the evolving dynamics of the sector across different subsectors such as Biopharma, HealthTech, Dx/Tools, and Device. It also discusses the role of venture capital (VC), private equity (PE), and hedge funds in driving these investments and the performance of companies post-IPO and in M&A activity.

Main Points

1. Healthcare Investment Trends

• Funding Growth: Healthcare investment in 1H 2021 reached $47B, more than double the 2020 first-half pace and close to the 2020 full-year record.
• Biopharma: Series A investment dollars almost doubled compared to 1H 2020, with a significant increase in platform deals.
• HealthTech: Saw a surge in invested capital, driven by hedge funds and growth PE firms. Large round sizes and valuations were notable, with 28 private financings having $1B+ valuations.
• Dx/Tools: Investment in 1H 2021 was on pace for another record year, with R&D tools dominating both deals and funding.
• Device: Reversing a three-year decline, device investment in 1H 2021 was significantly ahead of 2020 mid-year numbers, led by non-invasive monitoring, neurology, and imaging.

2. Key Sectors and Subsectors

• Biopharma: Oncology and platform technologies were the top areas for investment. Series A rounds saw a rise in pre-money valuations, with some companies achieving valuations over $1B.
• HealthTech: Alternative care and provider operations were the leading subsectors. Series A investment activity in healthtech reached a new high, with notable deals in these areas.
• Dx/Tools: R&D tools and dx analytics were the most active subsectors. European investment played a significant role, with several high-value deals.
• Device: Non-invasive monitoring, neurology, and imaging were the top areas. European activity contributed to the growth, with smaller deals but high valuations.

3. Investor Activity

• Venture Capital: Several VC firms raised opportunity funds to double down on later-stage investments. Notable firms include Bessemer, Foresite, Lux, and Venrock.
• Private Equity and Hedge Funds: Large PE and hedge funds such as Tiger Global, Perceptive Advisors, and The Rise Fund allocated capital to venture healthcare.
• Corporate Investors: Major pharmaceutical companies like Novartis, Novo Holdings, and Johnson & Johnson continued to invest in early-stage healthcare companies.

4. Exit Activity

• IPOs: The number of venture-backed healthcare IPOs in 1H 2021 (81) was close to 2020's full-year pace. Post-IPO performance varied across sectors, with dx/tools and device performing well.
• M&A: Private M&A activity was robust, with notable deals such as the $2.1B acquisition of Iora Health. European and US companies both saw increased M&A activity.
• De-SPACs: 12 completed de-SPACs involved venture-backed healthcare companies, with significant step-ups in valuation from the last venture round.

5. SVB and Market Performance

• SVB's Role: SVB had a significant presence in healthcare investments, with 52% of all VC-backed US healthcare companies that raised rounds since 2020 having a banking relationship with SVB.
• IPO Performance: The IPO market remained strong, with companies like Tessera and Atai achieving high valuations and strong post-IPO performance.

Key Information

• Total Investment in 1H 2021: $47B, more than double the 2020 first-half pace.
• Top Series A Deals: Treeline Biosciences ($735M), Centessa Pharmaceuticals ($250M), AmplifyBio ($200M), and Eikon Therapeutics ($148M) were among the largest.
• High-Valued Companies: Companies like Benchling, Optical Nanopore Technologies, and Exscientia achieved valuations over $1B.
• IPO Trends: 83 LIPO deals closed in 1H 2021, with a median venture/mezz step-up of 1.8x and strong post-IPO performance.
• M&A Trends: The $2.1B acquisition of Iora Health and several large non-invasive monitoring deals highlighted the active M&A environment.

Outlook

• Investment Trends: The strong first-half performance suggests continued momentum, though the pace may slow in the second half of 2021 as investors focus on managing M&A exit opportunities.
• Sector Visibility: Healthtech and alternative care are gaining broader visibility and acceptance from institutional public equity investors.
• Consolidation: Increased competition and consolidation are expected in the alternative care and provider operations space.